Central Bank of India Personal Loan Review: Interest Rate, Eligibility

Central Bank of India Personal Loan Review: Interest Rate, Eligibility

Central Bank of India charges some of the lowest interest rates in India, but is best suited for salaried borrowers who hold a Central Bank salary account.

Good for

  • Pensioners
  • Salaried borrowers with a branch account
  • Borrowers seeking a small personal loan

Bad for

  • Self-Employed borrowers
  • Online personal loan applications
  • Borrowers seeking a long loan tenure

Editor's Rating

3.5/5.0

With rates starting from 9.85 and a flat processing fee of Rs. 500, the Central Bank personal loan is good for borrowers who want to minimise their total cost of borrowing. However, Central Bank's eligibility criteria is strict. The CBI personal loan is only available to salaried borrowers who hold a salary account with the bank. Additionally, Central Bank has a very short loan tenure of 4 years, which is not optimal for most borrowers who are seeking low equated monthly instalments over a longer period of time. In the case that Central Bank of India does not match your specific qualifications and needs, ValueChampion recommends you consider the following lenders for a personal loan.

Other Personal Loan Lenders We Recommend

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Button\" data-eventlabel=\"Citibank Personal Loan for Self-Employed\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Citibank Personal Loan for Self-Employed\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.online.citibank.co.in%252Fproducts-services%252Floans%252Fready-cash-personal-loan.htm\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EGood Online Application\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Image\" data-eventlabel=\"Tata Capital Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.tatacapital.com%252Fpersonal-loans.htm\"\u003E\u003Cimg alt=\"Tata Capital Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Button\" data-eventlabel=\"Tata Capital Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.tatacapital.com%252Fpersonal-loans.htm\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Image\" data-eventlabel=\"Tata Capital Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.tatacapital.com%252Fpersonal-loans.htm\"\u003E\u003Cimg alt=\"Tata Capital Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/tata-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: Tata Capital Personal Loan - Button\" data-eventlabel=\"Tata Capital Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Tata Capital Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.tatacapital.com%252Fpersonal-loans.htm\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n","\n\u003Cstrong\u003EBest Large Personal Loan\u003C\/strong\u003E\n\u003Cdiv class=\"AffiliateBannerMobile--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: HDFC Personal Loan - Image\" data-eventlabel=\"HDFC Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfcbank.com%252Fpersonal%252Fborrow%252Fpopular-loans%252Fpersonal-loan%252Feligibility\"\u003E\u003Cimg alt=\"HDFC Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: HDFC Personal Loan - Button\" data-eventlabel=\"HDFC Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfcbank.com%252Fpersonal%252Fborrow%252Fpopular-loans%252Fpersonal-loan%252Feligibility\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003Cdiv class=\"AffiliateBannerDesktop--root\"\u003E\n \u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Ca class=\"js-event-click\" data-eventcategory=\"Affiliate personal_loans: HDFC Personal Loan - Image\" data-eventlabel=\"HDFC Personal Loan\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfcbank.com%252Fpersonal%252Fborrow%252Fpopular-loans%252Fpersonal-loan%252Feligibility\"\u003E\u003Cimg alt=\"HDFC Personal Loan\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/in\/loans\/hdfcbank-1 2x\"\u003E\u003C\/a\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003Cdiv class=\"AffiliateBanner--link\"\u003E\n \u003Cdiv class=\"AffiliateButton--root \"\u003E\n \u003Ca data-eventcategory=\"Affiliate personal_loans: HDFC Personal Loan - Button\" data-eventlabel=\"HDFC Personal Loan\" class=\"ShortcodeLink--root AffiliateButton--button js-event-click\" rel=\"nofollow noopener\" target=\"_blank\" title=\"HDFC Personal Loan\" href=\"\/redirect?link=https%3A%2F%2Faffiliate.valuechampion.in%2Fredirect%3Flink%3Dhttps%253A%252F%252Fwww.hdfcbank.com%252Fpersonal%252Fborrow%252Fpopular-loans%252Fpersonal-loan%252Feligibility\"\u003ECheck Eligibility \u003C\/a\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}
Summary of Central Bank of India Personal Loans
Low personal loan interest rates starting at 9.85%
Low processing fee of Rs. 500
Loan amounts up to Rs. 20 lakhs
4 year personal loan tenures
Secured personal loans available

What Makes Central Bank of India Personal Loans Stand Out to Borrowers

Central Bank offers low interest rates starting at 9.85% for its most basic personal loan option, as well as a very low processing fee of Rs. 500. Pensioners, in particular, can avail even lower personal loan interest rates from 8.45%. If you are seeking the cheapest personal loan in India, consider Central Bank of India for your personal financing needs.

Below, you will find the different loan schemes offered by Central Bank of India, as well as the features that make them stand out amongst the rest.

Central Bank Personal LoanFeatures
Central Bank Cent Personal LoanFor personal and domestic expenses up to Rs. 10 lakhs.
Central Bank Gold LoanLoan amount up to 30% value of your gold with a Rs. 20 lakhs maximum.
Central Bank Loan Against SharesLoan amount up to 50% value of your shares with a Rs. 20 lakhs maximum.
Central Bank Personal Loan for PensionersFor pensioners seeking up to Rs. 10 lakhs.

Central Bank of India Personal Loan Interest Rates

Central Bank of India description
Central Bank of India description

Central Bank of India offers some of the lowest personal loan interest rates in the country. Depending on your personal loan eligibility, you can avail rates as low as 9.85%. However, your final interest rate will be determined by the Central Bank personal loan scheme you choose, as well as your risk group.

Below, you will find Central Bank of India personal loan interest rates per loan scheme and risk group.

Central Bank of India Personal LoanMinimum Interest Rate
Central Bank Cent Personal Loan9.85%
Central Bank Gold Loan9.05%
Central Bank Loan Against Shares
  • Low / Medium Risk: 11.15%
  • High Risk: 11.35%
Central Bank Personal Loan for Pensioners8.45%

Pensioners can avail the cheapest personal loans at Central Bank, with interest rates starting at 8.45%. This is the lowest interest rate for pensioners amongst the banks that our financial analysts reviewed, therefore you should consider Central Bank if you receive your pension through the bank.

Central Bank's secured personal loans also have relatively low interest rates. The Central Bank of India Gold Loan has interest rates starting at 9.05% for both low and medium risk borrowers, while the Central Bank Loan Against Shares charges rates from 11.15%, which is still below the market average of 11.88%.

Central Bank of India Personal Loan Eligibility Criteria

Consider this if you are a Central Bank of India salary account holder

Max. Loan Amount Rs. 10 lakh
Processing Fee Rs. 500 + GST
Interest Rate Type Floating
Loan Tenure 48 months

Central Bank of India's eligibility criteria is comparably stricter than other banks we analysed. In fact, the Central Bank personal loan is only available to salaried borrowers that hold a salary account with the bank. Self employed borrowers should consider UCO Bank or IndusInd Bank instead.

Below, you will find a list of eligible borrowers for the Central Bank Cent Personal Loan:

  • Permanent employees with one year of service from: railways, government institutions, central and state Government, schools, hospitals and municipal bodies.
  • Permanent employees with 3 years of service from: Indian and multinational companies.

You can avail a small personal loan up to Rs. 10 lakhs under the Central Bank Cent Personal Loan and Pensioner Loan. If you are a borrower seeking a large personal loan, you should consider HDFC Bank or Yes Bank for loan amounts up to Rs. 40 lakhs. Conversely, you can opt for a secured personal loan from Central Bank, which requires you to offer collateral, such as gold, against a larger loan amount up to Rs. 20 lakhs.

In addition to strict eligibility criteria, Central Bank of India also has a short loan tenure of 4 years. If you are seeking to pay low equated monthly instalments over a longer period of time, then you should consider Indian Overseas Bank or ICICI Bank for your personal financing needs.

Unfortunately, Central Bank does not advertise its age or income requirements, so you will have to contact customer service with any inquiries.

Central Bank Personal Loan Processing Fee and Other Charges

Central Bank's processing fees are one of the lowest amongst the banks that our financial analysts reviewed. For the Central Bank of India Cent Personal Loan, there is a flat processing fee of Rs. 500. The Cent Personal Gold Loan processing fee, on the other hand, is 0.50% of the total loan amount, which is still much cheaper than other banks who can charge up to 4.00%.

Central Bank of India's website does not advertise other charges and fees, but it's important to speak to a customer representative in order to understand your total cost of borrowing.

Read More: How to Find the Best Loan

Central Bank of India Personal Loan: Apply

You can download your Central Bank personal loan application form online, but you will have to call or visit a branch to continue the application process.

Much like its eligibility criteria and other loan charges, Central Bank of India does not advertise the documents required for a personal loan application.

Read More: Personal Loan Basics

Central Bank of India Personal Loan Customer Care

Below, you can find the Central Bank of India customer care number so that you can reach out for more information.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in home loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.