Established in December 1911, Central Bank of India was the first commercial bank of the country which was wholly owned and managed by Indians. The founder of the bank, Sir Sorabji Pochkhanawala, realized his dream through the establishment of this bank. The first Chairman of this truly ‘Swadeshi Bank’ was Sir Pherozesha Mehta. In fact, Pochkhanawala felt such immense pride for the bank that he proclaimed it as the ‘Property of the nation and the country’s asset’. This government-owned bank is based in Mumbai.
About Central Bank of India
Central Bank of India banking services is spread across 4709 branches, 5000 ATMs, and 4 extension counters across 27 Indian states and three Union Territories. Presently, Central Bank of India financial serviceshas overseas offices in Nairobi, Hong Kong, and a joint venture with Bank of India, Bank of Baroda, and the Zambian government.
Central Bank of India has approached the Reserve Bank of India for permission to open representative offices in Singapore, Dubai, Doha, and London. During the past104 years of its being, the Bank has braved many odds and overcome many hardships. However, it managed to successfully turn each of its challenges into opportunities, utilizing them optimally and scaling new heights in the Banking industry. There have been several innovative and unique banking activities launched by Central Bank of India, including Central Bank of India loan interest rates. Following its nationalization in 1969, it continued to introduce a number of one-of-its-kind banking services. The bank’s list of major corporate clients encompasses prestigious names such as ICICI, IDBI, UTI, LIC, HDFC, and almost all leading corporate houses in the country. This itself speaks volumes about the customers’ confidence in the Bank’s wide ranging services. What’s more, Central Bank has also been playing a crucial role in promoting the key areas of agriculture, small scale industries, as also medium and large scale industries, in line with the guidelines laid down by the Reserve Bank of India. A number of Self Employment Schemes have also been introduced by the bank, as a measure for the promotion of employment amongst the educated youth.
Vision and Mission
The vision for the bank is to emerge as a strong, vibrant, and proactive Bank/Financial Super Market and to make a positive contribution to the emerging needs of the economy through consistently harmonizing its resources – be it human, financial, or technological, and effective risk control systems. The corporate mission of Central Bank of India is – to transform the baking experience for customers into a satisfactory and smooth one, to leverage technology for delivery of banking services in an efficient and effective manner, to have a wide range of custom-made products and services to meet the individual aspirations of different customers. Also, the bank intends to utilize the pan-India spread of branches across various states to further the socio-economic objective of the Government of India, emphasizing on Financial Inclusion.
Central Bank of India Loans:
Central Bank of India Home Loan: Individuals or groups of individuals who have attained 18 years of age as on the date of application and having a legal identified and regular source of income, can apply for home loans, with the purpose of construction/acquiring of new home/flat. Borrowers may also apply for the loan for repairs/renovation/alteration of existing home/flat. The quantum of loan depends on repayment capacity of the borrower and value of property. The repayment period is of 30 years, or the borrower reaching the age of 70 years, whichever is earlier. According to the Home Loan Plus Scheme, any existing housing loan borrower who has repaid his/her housing loan EMIs regularly for at least 3 years, can apply for this loan with the quantum of loan being a maximum of Rs. 10 lakh. The repayment period is 10 years in equal Monthly Installments. Further, Central Bank of India also has a Home Loan Scheme to employees of central/state government/PSUs. The biggest Central Bank of India loan advantage is that the loan margins have different ranges, from up to Rs. 20 lakhs, above Rs. 20 lakhs and up to Rs. 75 lakhs, and those above Rs. 75 lakhs.
Central Bank of India Personal Loan : Under the Personal Loan Scheme for Corporates, Central Bank of India offers a loan amount twenty times of gross salary, subject to a maximum of Rs. 500,000 and minimum net take home pay of 40% of gross salary. The target group of this Central Bank of India loan scheme includes all employees of corporate clients who enjoy credit facility with the Bank and employees of other Corporates also. The repayment period is of 36 months.
Non corporate can also apply for a Personal Loan from Central Bank of India, with the quantum of loan being the same as above. All permanent employees of railways, government institutions –Central and Statement, schools, hospitals, etc. having completed 5 years of service and drawing salary through the branches of Central Bank of India. The repayment period in this case is 48 months EMI, or within the leftover service, whichever is lesser.
Central Bank of India also offers personal loan to pensioners, with the scheme made available in term loan and overdraft facility. For pensioners aged up to 75 years, the maximum loan amount is Rs. 500,000, while for those above 75 years of age, it is Rs. 2,00,000. Any pensioner/family pensioners drawing pension through Central Bank of India’s branches can apply for this loan for any genuine personal credit requirement.
Central Bank of India Loan Against Property : The purpose of this loan is to meet the financial needs of any personal or business situation, barring any speculative activity, real estate or capital market activity. This loan is offered against mortgage of immovable property located in metro/urban/semi-urban/rural centres. Individuals between the age of 21 to 65 years, as well as business concerns (corporate or non-corporate) are eligible for this loan. The age limit is a maximum of 60 years for salaried class. Central Bank of India Loan Against Property EMI covers a maximum of 120 months, within which the loan is to be repaid, commencing from the month after disbursement. For salaried individuals, the quantum of finance is 36 times of gross monthly income while for companies, proprietorships, partnership firms or societies, it is 5 times the average annual cash accrual as per audited Financial Statements of the last 3 years.