Central Bank of India Car Loan Interest Rate

The Central Bank of India is an Indian public sector bank. It is one of our country's oldest banks, with its headquarters in Mumbai. The bank has a presence in all of India's states and union territories, and its reach goes to the most remote places in the country.

The bank offers several products and services to its national and international customers that are tailored to their specific needs and requirements.

Car loans are among the credit products offered by the Central Bank of India (vehicle loans). These loans are among the most popular lending options on the market and are well-liked by consumers. The Central Bank of India's car loan details, as well as the Central Bank of India car loan interest rates charged, are shown below.

Central Bank of India Car Loan

The Central Bank of India gives car loans with low car loan interest rates to the Central Bank of India ranging from 8.9% to 10%. The 'Cent Vehicle' automobile loan scheme is appropriate for self-employed individuals, salaried employees, independent entrepreneurs, agriculturists, NRIs, Companies, and firms with a solid source of income.

Characteristics of the Central Bank of India Car Loan

Here are the features of the Central Bank of India car loan-

  • Financing is available for both 2-wheeler and 4-wheeler vehicles, regardless of whether they are new or used.
  • For 2-wheeler and 4-wheeler loans, the lending margin is a minimum of 10% and a maximum of 20% up to Rs.20 lakh.
  • Financing is available for both domestic and imported vehicles.
  • Financing is available with repayment terms of up to 84 months.

Central Bank of India Car Loan Interest Rate 2022

Here is the table to show the Central Bank of India car loan rate of interest:

Central Bank Car Loan Interest Rate 

8.90% - 10%

Who is Eligible for the Central Bank of India?

  • Non-resident Indians (NRIs) in India in collaboration with India, a near relative of the NRI. The vehicle is only for use in India.
  • Friends and distant relatives, such as uncles, aunts, nephews, and nieces, are not permitted to participate as co-borrowers.
  • The number of candidates is limited to two.
  • Age range: 18 to 65 years.
  • Permanent salaried employees of the central/state governments/local self-governments/defense personnel/public sector employees/large corporations/reputable establishments.
  • Self-employed/independent entrepreneurs with a steady source of income.
  • Farmers, regardless of landholding, engaged in agricultural production and other connected occupations.

Required Documents

To complete the application for a car loan, applicants must provide specific papers along with the application form. These documents are in the form of basic KYC paperwork, certifying the applicant's identity and residence.

Along with these documents, the applicant must also present documentation proving his or her income eligibility. The applicant's documents must be presented in the order listed below-

1) ID Proof

In this regard, the applicant may submit any of the following documents as Proof of identification.

  • Voter Id
  • Driving License
  • Passport
  • Aadhaar Card
  • Pan

2) Bank Statement

As part of the paperwork process, the applicant must also present a bank statement.

3) Address Proof

Any of the following documents could be utilized as address proof when applying for a loan.

  • Leave and License Agreement
  • Aadhaar Card
  • Rental Agreement
  • Latest Utility Bills
  • Passport
  • Title Deed of the Residence

4) Income Proof

The documentation connected to the applicant's income proof differs depending on whether the applicant is salaried or self-employed. The documentation required in each case is listed below.

  • Six months of payslips
  • Two years Form 16. 
  • Proof of Business Address
  • Company Profile
  • Financial Statements Have Been Audited (Profit and Loss Account and Balance Sheets certified by CA).
  • Six months bank statement demonstrating salary credit and any EMI debit.'
  • Proof of business (VAT/Service Tax Registration/GST Registration).
  • Certificate of Incorporation (for companies).
  • Evidence of Business Existence
  • Copies of the Partnership Agreement

Charges with the Central Bank of India Car Loan

  • Foreclosure Charges - 1%
  • Processing Fees - 0.50%

How to Get a Car Loan from the Central Bank of India?

There are two easy ways in which you can apply for a car loan from the Central Bank of India-

1) You can visit the closest Central Bank of India branch and get the help of a representative.

2) You can also visit the official portal, fill out the application online and submit it with the required documents.

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