Note: Updated on 19 Nov 2021, for latest interest rates, please visit bank website.
|INTEREST RATE||8.80% to 8.90%|
|LOAN TENURE||Max. 84 EMI|
|PROCESSING FEE||As decided by the bank from time to time|
|PRE CLOSURE CHARGES||As decided by the bank from time to time|
About Central Bank Of India
Central Bank Of India is a public sector bank in india with total assets
5004 crore. It has headquarter in Mumbai. Central Bank Of India was founded on Dec. 21, 1911. It has 4695 branches and total assets 50044835 ATMs across India.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Central Bank Of India which includes Central Bank Of India Official Website, Central Bank Of India ATMs accross the India, Central Bank Of India Branches accross the India, Central Bank Of India Contact Numbers, Central Bank Of India official EmailID, Central Bank Of India Headquarter and Central Bank Of India Headquarter Address. Find Central Bank Of India Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.
Other Products of Central Bank Of India:
Central Bank Of India Car Loan Purpose
Purchase of four Wheeler ( New/ old car) for Personal use. (i.e. not for hiring/ferrying passengers).
Central Bank Of India Car Loan Eligibility
- Age: 21 to 60 years.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Central Bank Of India Car Loan Documents Required
- Applicant's latest photograph.
- Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- KYC (Know Your Customer) Documents.
- Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
- Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
- Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
- Bank Statement or Bank Pass Book of having entries of last 6 months
Central Bank Of India Car Loan Amount
New Four Wheeler- max. upto Rs.75.00 lakhs of Road Price (Cost Of vehicle + Registration Charges+ Insurance + Road Tax).
Old|Second Four Wheeler Vehicle - max. Upto Rs.10.00 lakh
10% to 25% of the total value
Central Bank Of India Car Loan Repayment
New Car - Maximum 84 Months
Used Car - Maximum 48 months (if car is more than 3 Years old) to 60 months (if car is less than 3 Years old)
Hypothecation of vehicle purchased.
Tips to Manage Car Loan in a Better Way
(1) Make Proper Schedule for EMIs to be paid
You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.
(2) Never Skip any Payment
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
(3) Keep Loan Tenure Small
You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.
(4) Make one Extra Payment Every Year
You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.
(5) Refinance your Car Loan
You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.
Benefits of Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
- No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.
Contact details of Central Bank Of India, Central Bank Of India SMS balance check number, Central Bank Of India SMS banking, Central Bank Of India mobile banking, Central Bank Of India toll free number,Central Bank Of India toll free number 24*7, Central Bank Of India miss call number.
- MISSED CALL NUMBERS - 9222250000
- CUSTOMER CARE NUMBERS - 1800-222-396, 1800-222-368
- CONTACT NUMBERS - 18002001911, 022-27574214, 022-67123529
Central Bank Of India Contact Details
Central Bank Of India EMI Calculator Central Bank Of India Branches Central Bank Of India Car Loan FAQsCar Loan Document Required
- BANK OFFICIAL WEBSITE - www.centralbankofindia.co.in
- CONTACT NUMBERS - 18002001911, 022-27574214, 022-67123529
- EMAIL ID - email@example.com, firstname.lastname@example.org
- MISSED CALL NO. - 9222250000
- CUSTOMER CARE NO. - 1800-222-396, 1800-222-368
- TOTAL BRANCHES - 4695
- TOTAL ATMS - 4835
- HEADQUARTER - Mumbai
- BANK ADDRESS - Head Office, Chandramukhi, Nariman Point,Mumbai-400 021.
Other Banks Car Loan Interest Rates