Central Bank of India Car Loan

Note: The interest rates are effective from 19 May 2026. 

Why Choose Central Bank of India Car Loans

Based in Mumbai, Central Bank of India is one of the largest commercial banks in the country. When it comes to car loans, the bank provides financing for new as well as old cars. The flexible terms offered by the bank makes it a great choice for customers who look for car loans at competitive interest rates. Some of the reasons why you need to choose the Central Bank of India car loans are listed as follows:

• The bank offers loan quantum up to Rs.2 crore for four-wheelers. This amount is adequate for buying most of the top models
• Central Bank of India offers financing for up to 90% of the on-road price for loans up to Rs.25 lakh, and up to 80% for higher loan amounts, which includes insurance, road tax, and registration charges.
• For new cars, the bank offers flexible loan tenure options for up to 84 months. You can choose the loan tenure based on your repayment ability and monthly budget.
• Central Bank of India is also one of the very few banks in the market that offers car loans for individuals who have completed just 18 years of age.
• Central Bank of India does not require a personal guarantee for car loans up to Rs.25 lakh, which simplifies the approval process for eligible borrowers. 

Eligibility for Central Bank of India Car Loans

The eligibility criteria set forth by the bank for approving car loans are listed as follows:

• Anyone between the age of 18 years and 65 years can avail a car loan from Central Bank of India.
• The minimum income of the borrower must be at least Rs.3 lakh per year.
• The bank offers car loans for salaried individuals, self-employed individuals, and independent entrepreneurs as long as they have a steady income.
• Non-Resident Indians can also apply for car loans from Central Bank of India subject to the terms and conditions outlined by the bank.
• Individuals engaged in farming, agricultural, and allied activities can also apply for car loans if they meet the minimum income criteria set by the bank.
• Companies and societies can also apply for car loans under this scheme.
• Applicants also need a minimum credit score of 700 from major credit bureaus such as CIBIL, Equifax or CRIF to qualify for a Central Bank of India car loan. 
• The EMI on a Central Bank of India car loan is generally capped between 55% and 65% of the borrower's gross monthly income, depending on the income slab.

Documents Required for Central Bank of India Car Loans

The following documents must be submitted to the bank when you apply for car loans:

• Duly-filled loan application form
• Identity proof
• Residential proof
• Photographs
• Bank statement for at least 6 months
• Salary slips for 3 to 6 months
• IT returns (for self-employed people)

Central Bank of India Car Loan EMI Calculator

Summary 

Central Bank of India's Cent Vehicle scheme finances new and used cars with tenures of up to 84 months and is open to salaried, self-employed, agricultural and NRI applicants aged 18 to 65. The loan covers most of the vehicle's on-road price, requires hypothecation of the vehicle, and is subject to the bank's income and credit score requirements. Compare current Central Bank of India car loan rates and apply through BankBazaar.

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