Central Bank of India Car Loan
Central Bank of India provides car loans with interest rates starting from 8.60% p.a. with repayment tenure ranging up to 84 months.
You can use BankBazaar to know more about car loans offered by Central Bank of India and drive home your dream car.
Central Bank of India is one of the renowned banks in the Indian public sector. The bank offers loans for all kinds of automobiles including two-wheelers and four-wheelers.
The car loan offered by the bank comes with attractive interest rates and minimal charges. Customers can use the loan offered by the bank to buy new or used cars. The application process for car loans is really simple and customers can walk into the bank anytime to apply for a car loan. Let's check out the different aspects of car loans offered by the Central Bank of India.
Compare Central Bank of India Car Loans
Central Bank of India charges different interest rates for new and used cars. The features of these loans are listed as follows:
Loan Type | Interest Rate | Loan Amount | Processing Fee |
4 wheelers new | 8.60 p.a. | Rs. 2 Crore | Contact the bank for details |
Why Choose Central Bank of India Car Loans
Based in Mumbai, Central Bank of India is one of the largest commercial banks in the country. When it comes to car loans, the bank provides financing for new as well as old cars. The flexible terms offered by the bank makes it a great choice for customers who look for car loans at competitive interest rates. Some of the reasons why you need to choose the Central Bank of India car loans are listed as follows:
- The bank offers loan quantum up to Rs.75 lakh for new cars and Rs.10 lakh for used cars. This amount is adequate for buying most of the top models available in the market.
- Central Bank of India offers financing for up to 90% of the on-road price, which includes insurance, road tax, and registration charges.
- For new cars, the bank offers flexible loan tenure options for up to 84 months. You can choose the loan tenure based on your repayment ability and monthly budget.
- Central Bank of India is also one of the very few banks in the market that offers car loans for individuals who have completed just 18 years of age.
Eligibility for Central Bank of India Car Loans
The eligibility criteria set forth by the bank for approving car loans are listed as follows:
- Anyone between the age of 18 years and 65 years can avail a car loan from Central Bank of India.
- The minimum income of the borrower must be at least Rs.2.40 lakh per year.
- The bank offers car loans for salaried individuals, self-employed individuals, and independent entrepreneurs as long as they have a steady income.
- Non-Resident Indians can also apply for car loans from Central Bank of India subject to the terms and conditions outlined by the bank.
- Individuals engaged in farming, agricultural, and allied activities can also apply for car loans if they meet the minimum income criteria set by the bank.
- Companies and societies can also apply for car loans under this scheme.
Documents Required for Central Bank of India Car Loans
The following documents must be submitted to the bank when you apply for car loans:
- Duly-filled loan application form
- Identity proof
- Residential proof
- Photographs
- Bank statement for at least 6 months
- Salary slips for 3 to 6 months
- IT returns (for self-employed people)
Central Bank of India Car Loan EMI Calculator
FAQs on Central Bank of India Car Loan
- What costs of the vehicle are covered by this loan?
The loan amount is determined based on the on-road price of the car. Here, the on-road price of the vehicle = ex-showroom price + registration charges + road tax + insurance. The bank will not provide any financial assistance for other expenses like the price of additional gadgets, charges for fancy number, etc.
- What types of vehicles are financed under the Cent Vehicle loan scheme?
The bank provides financing for any two and four wheelers intended for personal use. Commercial vehicles that are used for the transportation of goods and ferrying passengers are not financed under this scheme.
- How can I repay the EMI amount to the bank?
The bank offers different repayment modes for its customers to repay the loan amount. You can use post-dated cheques for repayment. The best mode is to provide a standing instruction for auto-debit of the car laon EMI amount from your bank account.
- Is hypothecation mandatory with Central Bank of India?
Yes. Hypothecation of the vehicle is mandatory when you get a loan from Central Bank of India. The hypothecation charge associated with the loan must be registered with the Road Transport Office Authorities.
- Is it possible to prepay the loan amount before the completion of the loan tenure?
Yes. Prepayment is possible with Central Bank of India. You must pay the necessary prepayment charges to proceed with this. You can contact the bank to know about the prepayment policies and the associated charges.
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