Cent Personal Loan Scheme

Purpose

To meet personal / domestic expenses & Takeover

Eligibility

Permanent Employees of Railways, Government institutions, Central and State Government, Schools, Hospitals, Municipal Bodies etc. having completed ONE year of service and having salary account with our Bank

OR

Confirmed/ Permanent employees of Indian/ Multinational Companies having completed minimum THREE years of service and having salary account with our Bank.

Minimum Gross Salary- Rs.1.80 Lakh p.a.

Note: Loan to be sanctioned to all permanent employees only

Facility

Term Loan

Quantum of Finance

24 times of gross salary subject to Maximum Rs.20 Lakh and Min. net take home pay 50% of gross salary after taking into consideration payment of statutory dues, repayment of various loans including the instalment of proposed loan.

*40% net take home pay is permitted only where employer’s undertaking is available.

Guarantee/ Employer’s undertaking

Employer’s irrevocable undertaking in Bank’s Prescribed format to be obtained

                                           OR    

Guarantee to be obtained from at least one guarantor acceptable to Bank with minimum net worth equal to loan amount.

• Personal guarantee for the loan to Class I Government employees to be waived if CIC score is above 750
• If Salary credited in account with our Bank is below 6 Months and/or Employer’s undertaking is not provided:

• If CIC score is 800 and above, No guarantor required
• If CIC score is 750 and above, At least one guarantor covering the loan amount is required

Repayment period

84 Equated Monthly Installments (In multiples of 12)

Rate of Interest

RBLR + CRP (2.65%/3.40%) i.e. 11.75%/ 12.50% at present

Processing charges

• Waived up to 31.03.2025
• For Defence personnel: NIL

Documentation charges

• Up to Rs.2 lakh- Rs.270/- + GST
• Above Rs.2 lakh- Rs.450/- + GST
• For Defence Personnel: NIL

Min. CIC Score