Central Bank of India Cent Gold Loan Details

Overview

The Cent Gold Loan Scheme by the Central Bank of India offers financial assistance to individuals and farmers to meet urgent personal and agricultural expenses by leveraging gold assets. The loan is available in various forms, including Demand Loan, Term Loan, Overdraft, and others, with flexible repayment options.

Key Features

  • Loan Amount: Minimum of ₹10,000, with a maximum of ₹40 lakh per borrower.
  • Margin: 18% to 40%, varying as per product code.
  • Loan-to-Value (LTV) Ratio: 70% to 75% for Retail/MSME and 60% to 82% for Agriculture loans. :contentReference[oaicite:5]{index=5}
  • Repayment Tenure: Ranges from 3 months to 36 months for Retail/MSME loans and 3 months to 60 months for Agriculture loans.
  • Interest Rates: Competitive rates linked to the bank’s internal benchmarks. For example, a 6-month loan may have an interest rate of RBLR – 0.95%.
  • Processing Fee: Varies based on loan amount and tenure. For a 3-month loan, it’s 0.125% of the loan amount, with a minimum of ₹62.50 plus GST and a maximum of ₹1,250 plus GST.
  • Security: Pledge of gold ornaments (22 Karat purity) or gold coins (up to 50 grams per person) sold by banks.

Eligibility Criteria

  • Age: Applicants must be 18 years or older.
  • Ownership: Applicants must own the gold being pledged.
  • Gold Purity: Acceptable purity levels as per bank norms; typically 22 Karat for ornaments.

Required Documents

  • Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
  • Address Proof: Aadhaar Card, Utility Bills, or Passport.
  • Photographs: Recent passport-size photographs.

Application Process

  1. Visit the nearest Central Bank of India branch with your gold ornaments and required documents.
  2. The bank will appraise the gold to determine its value and purity.
  3. Complete the loan application form and submit the necessary documents.
  4. Upon verification, the loan amount will be sanctioned and disbursed promptly.

Contact Information

For more details or to apply for a Gold Loan: