#1
18th March 2016, 06:12 PM
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Central Bank of India Overdraft Interest Rate
How much is the rate of interest on Cent Mortgage loan offered by Central Bank of India in case of Overdraft?
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#2
18th March 2016, 06:13 PM
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Re: Central Bank of India Overdraft Interest Rate
Hey , rate of interest on Cent Mortgage loan offered by Central Bank of India is Base Rate + 3.50 % irrespective of TL/OD/Tenor. Cent Mortgage Loan: Nature of Facility Term Loan and Overdraft facility available. Overdraft facility will be for one year and to be reviewed annually Quantum of finance Individual/ Jointly (Priority/ Non Priority) For salaried persons, 36 times of gross monthly income of applicant and for other than salaried persons. 3 times of gross annual income as per latest IT returns. Maximum Rs.50.00 lakh for property located in rural area . Maximum Rs.200.00 lakh for property located in other areas. For Companies, Proprietorship/ Partnership Firms, Societies In case of Firms/ Companies, five times average annual cash accrual (PAT+Depreceiation) as audited Financial Statements of last three years. Maximum Rs.50.00 lakh for property located in rural area . Maximum Rs. 500.00 lakh for property located in other areas. Processing Charges In case of term loans and overdraft: 0.50 % of Loan Amount subject to maximum of Rs.40,000/- and Rs.20,000/- respectively at the time of sanction. In case of OD, renewal charges to be levied @ 0.50%, Maximum Rs.5000/- per annum. Documents Required : For Salaried/ Individuals KYC documents like: Identity proof and address proof, Original Salary Slips for two months and Post Dated Cheques Letter of Hypothecation of vehicle and Articles of Agreement Letter of undertaking from the borrower for Comprehensive Insurance of the vehicle with bank clause and Blank Transfer forms duly signed by the borrower For Companies, Proprietorship/ Partnership Firms, Societies Audited Balance Sheet, Profit and Loss Account for latest two years and the latest IT return |