Central Bank Car Loan Rate, Eligibility Calculator, Apply Online
Central Bank of India Car Loan Offer Aug 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
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|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|
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)|
|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.
Frequently Asked Questions on Central Bank Car Loan
Central Bank car loan interest rates today are 8.90% .What is the lowest EMI per lakh on Central Bank of India car loan?
If you apply for a car loan from Central Bank of India, your lowest EMI per lakh will be Rs. 1,604.What is the maximum tenure of Central Bank of India car loan?
You can repay your car loan from Central Bank of India in a flexible period of 7 years.How much car loan I can borrow from Central Bank of India?
Central Bank of India offers you 90.00% of on-road price of car as loan.How much processing fee is charged by Central Bank of India on car loan?
Central Bank of India charges a processing fee of of 0.50% of loan amount Min. Rs. 2,000 and Max. Rs.20,000 with applicable service tax.Is age an eligibility factor to get car loan from Central Bank of India?
Yes, age is an important eligibility factor to get Central Bank of India 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 of India car loan?
You can take car loan from Central Bank of India 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 of India?
You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.