Central Bank Car Loan Rate, Eligibility Calculator, Apply Online

Central Bank of India Car Loan Offer Feb 2017

Last Updated 27th Feb 2017
Features and Eligibility Central Bank of India New Car Loan Scheme Central Bank of India Used Car Loan Scheme
Interest Rates 8.90% Floating Check Special Offer 10.00% Floating
Maximum Loan Amount Eligibility 90.00% of on-road price 75.00% of market value
Maximum Loan Tenure (years) 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,604 Rs. 2,071
Processing Fee 0.50% Min Rs. 2000 Max Rs. 20000 0.50% Min Rs. 2000 Max Rs. 20000
Prepayment Charges Nil from own sources; 1% in case of loan takeover Nil from own sources; 1% in case of loan takeover
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 18 years and 65 years Between 18 years and 65 years
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Eligibility Condition for Central Bank of India Car Loan

Central Bank of India New Car Loan Scheme Central Bank of India Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
--Salaried 1.8 1.8
--Self employed professionals 1.8 1.8
--Self employed businessmen 1.8 1.8
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Central Bank Car Loan

How much interest is charged by Central Bank on car loan?

Central Bank offers an interest of 8.90% on car loan.

What is the lowest EMI per lakh on Central Bank car loan?

If you apply for a car loan from Central Bank, your lowest EMI per lakh will be Rs. 1,604.

What is the maximum tenure of Central Bank car loan?

You can repay your car loan from Central Bank in a flexible period of maximum 7 years.

How much car loan I can borrow from Central Bank?

Central Bank offers you 90.00% of of on-road price of car as loan.

How much processing fee is charged by Central Bank on car loan?

Central Bank charge a processing fee of 0.50% with applicable service tax.

Is age an eligibility factor to get car loan from Central Bank?

Yes, age is an important eligibility factor to get Central Bank car loan as you should be at least 18 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Central Bank car loan?

You can take car loan from Central Bank with Nil from own sources; 1% in case of loan takeover prepayment charges.

Can I add my spouse's income while applying for car loan from Central Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Central Bank Car Loan Calculator News - Feb 2017
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