About the Bank
Central Bank of India is a government-owned bank and keeps launching a number of unique and innovative banking activities from time to time. One of the largest commercial banks and the oldest in India, Central Bank is based in Mumbai. Since its inception, the bank has now spread all over India, with numerous extension counters and 4700 branches, present to provide a plethora of services to the people.
Established back in the year 1911, the Central Bank is the first commercial bank to be wholly owned and managed by Indians and is aptly renowned as the first ‘Swadeshi Bank’ of India. Of the number of innovative and unique banking services attributed to the bank, it also has made for itself a prime position among banks that disburse car loans. Well known for the numerous financial services and loans offered to the customers, Central Bank’s car finance plans are considered as one of the best car loans in India, owing to their all-encompassing, affordable, and lucrative features. Customers can avail a Central Bank car loan for a new car, as well as a used car loan, based on their individual needs. The car finance plans by Central Bank can help you in realizing your dream of owning your own car. Central Bank car loans are easy to apply and have a hassle free process.
The comprehensive Central Bank car loans offer customers with the required financial assistance, with the flexibility to select a convenient tenure for a car loan that suits their needs and capabilities. The accumulated interest as well as the principal amount can be paid back in easy monthly car loan payments. Central Bank car loans also offer affordable car loan interest rates to make sure that the loan does not affect the customers’ financial capabilities by much. The Central Bank is also well known for its quick car loan disbursals and easy documentation process.
Features of Central Bank Car Loan
- Car loans offered by Central Bank are available for new as well as pre-used/old cars.
- The car loan from Central Bank can be availed for buying cars for personal use and not for use as passenger vehicles.
- The car loan provided by Central Bank for buying new cars can go up to 90% of the on road price and up to 75% of the market value for second hand/pre-used cars.
- The car loan provided by Central Bank is approved only for the on road price of the car. Costs incurred above this (for accessories, etc.) are not financed by the bank.
- Hypothecation of the vehicle has to be done to Central Bank of India, and registered with Regional Transport Office Authorities.
- The loan margin is as follows
- For new cars
- Loans up to 20 Lakh: 10%
- Loans over 20 Lakh: 20%
- For used cars: 25%
- Maximum loan tenure
- For a new car: 84 months
- For an old car
- Less than 3 years old : 60 months
- Older than 3 years: 48 months