Other Central Bank useful links
- Documents Required for Central Bank Business Loan
- Eligibility Criteria for Central Bank Business Loan
- EMI Calculator for Central Bank Business Loan
- Interest Rates Central Bank Business Loan
- Factors impacting Central Bank Business Loan
Central Bank business loan Application Process in India :
Central Bank business loan Application Process Online
If the Central Bank business loan applicant has an existing relationship with the financial lender, he/she can apply for aCentral Bank business loan via his/her net banking account and could possibly be eligible for a pre-approval. For other customers, they can apply for a Central Bank business loan online by following the steps mentioned below:
- Visit the website of the financial lender.
- Under the loan section, choose Central Bank business loans.
- Click on the ‘apply now’ option.
- Enter the details in the Central Bank business loan application form and submit it to the bank.
- The bank will assess the eligibility of the applicant and request for the submission of the required KYC documents and income documents.
- If the applicant is found eligible, the bank will disburse the loan amount to the bank account of the applicant, as mentioned in the application form.
Central Bank business loan application offline
Listed below is the process of applying for a Central Bank business loan at the branch of the financial lender:
- Visit the branch of the financial lender
- Procure the Central Bank business loan application form and enter all the required details.
- Submit relevant documents that prove one’s income, age, address and identity.
- The lender will then verify the documents and check the eligibility of the applicant.
- The loan amount will be transferred to the bank account of the applicant if he/she is found eligible.
Email and phone banking requests for Central Bank business loan:
You can leave a request for Central Bank business loan with the bank through an email or at the customer service centre of the bank. The bank will review your eligibility and contact you to take the process further.
How Central Bank business loan Applications are processed :
The process of sanctioning of a Central Bank business loan is simpler than property loans such as home loan and car loan. This is because, in case of property loans, the bank has to verify not just your financial information, but also the credibility and eligibility of the asset that you are purchasing with the loan amount. For Business Loan, you are the collateral security yourself, so the bank has to do a background verification only on you.
- Once the bank receives your loan application, it will check the information provided by you against the data available with them, such as bank balance, salary deposits made into your account, EMIs being deducted from your account, etc.
- The bank will cross-check and confirm your identity and address details through your Know Your Customer (KYC) documents. Banks may visit you at home to confirm your place of residence and check with your office on your employment tenure.
- The copy of your Income Tax Return or salary pays lips will help the bank gauge your repayment capacity. This will help determine how much loan amount the bank is willing to sanction to you.
- Some banks might ascertain your credit-worthiness by finding out your CIBIL score. The higher the CIBIL rating, the more your chances of getting the loan approved.
- The bank will also review your age, number of years of employment left, and salary growth prospects, to decide how much loan it can approve for you and what the repayment period should be.
Step by step Central Bank business loan Application Process in India :
Step 1 : Check Central Bank business loan EMI and calculate eligibility
As you decide to take a Central Bank business loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take personal salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your house loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you maximum loan amount to meet your requirements.
Step 2 : Check loan approval status and legal documents for Central Bank business loan
If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.
Step 3 : Decide on type of Central Bank business loan interest rate offers
As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on Central Bank business loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:
Choice between fixed and floating rates – Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of Central Bank business loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of banks or NBFCs. Majority of housing loans in India today are floating rate loans as it allows the borrowers to get Central Bank business loan interest rate in line with the current interest rates.
Decide if you need a personal saver loan – This is a loan with overdraft facility which allows you to deposit surplus amount in your Central Bank business loan overdraft account as and when available, allowing you to reduce your overall interest amount. This loan is highly recommended for salaried individuals with high bonuses and self employed business which is seasonal and has fluctuating cash flows. The interest rates on overdraft loan is slightly higher than that of a regular housing loan interest rate.
You can also evaluate a mortgage guarantee house loan as it covers any default risk and allows the lender to give you loan at low rate of interest. You will however need to pay a mortgage guarantee fee to the bank.
Check and compare the current Central Bank business loan interest rates of the banks on various types of loan products and take an informed decision.
Step 4 : Compare shortlisted banks for Central Bank business loan
In addition to interest rates, banks also charge many other fees on Central Bank business loans. Along with interest rates, you should check other associated costs with a your loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all inclusive costs on Central Bank business loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.
Step 5 : Select the bank based on other service related parameters for Central Bank business loan
Finally as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period of time. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.
- Allahabad Bank
- Andhra Bank
- Au Small Finance Bank
- Axis Home
- Bandhan Bank
- Bank of baroda
- Bank of Maharasthra
- Bharatiya Mahila Bank ( BMB)
- BOI- Bank of India
- Canara Bank
- Capital Small Finance Bank
- Catholic Syrian Bank
- Central Bank
- Citi Bank
- City Union Bank
- Corporation Bank
- DBS Bank
- DCB Bank
- Dena Bank
- Dhanlaxmi Bank
- Equitas Small Finance Bank
- Esaf Small Finance Bank
- Federal Bank
- Fincare Small Finance Bank
- HDFC Bank
- HSBC Bank
- IDBI Bank
- IDFC Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- ING Vysya Bank
- Jammu And Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Bank
- Laxmi Vilas Bank
- North East Small Finance Bank
- Oriental Bank
- Punjab And Sind Bank
- Punjab National Bank
- RBL Bank
- South India Bank
- Standard Chartered
- State Bank Of Bikaner And Jaipur
- State Bank Of Hyderabad
- State Bank Of Mysore
- State Bank Of Patiala
- State Bank Of Travancore
- Suryoday Small Finance Bank
- Syndicate Bank
- Tamilnad Mercantile Bank
- Uco Bank
- Union Bank
- Vijaya Banjk
- Yes Bank
- Aditya Birla Finance
- Bajaj Finance
- Capital First
- Clix Capital
- Credila Finance
- Dhani Loans
- DHFL Loans
- Edelweiss Finance
- Fullerton India
- HDB Financial Services
- Hero Fincorp
- Hinduja Finance
- IIFL Loans
- India Bulls
- India First
- IVL Finance Ltd
- L & T Finance
- LIC Loans
- Magma Fincorp
- Mahindra Finance
- Muthoot Finance
- Reliance Capital
- Sundaram Finance
- Tata Capital
- Tata Finance
- Wishfin loans
- Auto Loan
- Bike Loan
- Business Loan
- Car Loan
- Credit card Loan
- Education Loan
- Home Loan
- Personal Loan
- Pre-Owned car Loan
- Second hand bike Loan
- Second hand car Loan
- Student Loan
- Two wheeler Loan
- Used bike Loan
- Used car Loan