Central Bank of India Car Loan Interest Rate November 2026: 4 Schemes
The Central Bank of India car loan interest rate is 7.90% to 9.55% p.a. on a new car under Cent Vehicle, floating on the bank's RBLR of 8.50%. Your place in the band depends on your CIC score, though the bank prints no cut-offs. Electric cars get 7.85% to 9.50% under Cent Go Green, and the 0.50% processing fee is off until 31 December 2026.
Central Bank of India car loan interest rate and the Cent Vehicle scheme
Central Bank of India's new car loan is Cent Vehicle. Its rates table, updated 8 October 2026, prints four four-wheeler rows: Cent Vehicle at 7.90% to 9.55%, Cent Go Green Vehicle for electric cars at 7.85% to 9.50%, and two Combo rows at 7.80% to 9.20% and 7.75% to 9.20%. Who qualifies for Combo isn't stated; ask the branch.
Every row floats on RBLR. Funding is 90% of on-road price up to ₹25 lakh, the cap is ₹2 crore, and the term runs 84 months, or 96 under Go Green. No used-car scheme, no fixed option.
Two cautions. The bank prices by CIC score yet prints no score bands, so you learn your rate only after the branch pulls your report. And its Digital Vehicle Loan page quotes 7.51% to 9.20%, a lower band; we go by the rates table. Ten of the 30 lenders our car loan section tracks start below 7.90%, PNB matches it, and the median is 8.50%.
Central Bank of India car loan EMI
Loan amount: ₹8,00,000 at Central Bank of India's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,183
for 60 months
₹9,70,971
Total payable
₹8,00,000
₹1,70,971
Interest is 17.6% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
How Central Bank of India sets your car loan rate
RBLR is the repo rate of 5.50% plus a 3.00% spread, so 8.50%. Cent Vehicle sits at RBLR minus 0.60% to RBLR plus 1.05%: 8.50% minus 0.60% is 7.90%, and 8.50% plus 1.05% is 9.55%. The footnote says only "based on CIC score".
Floating, with no fixed option
A floating rate resets at least quarterly under the RBI's external benchmark rule; a rise means a bigger EMI or more months, your choice. In return, the RBI's pre-payment charges directions of July 2025 mean a floating personal car loan sanctioned since 1 January 2026 can be closed or part-paid at no charge.
Electric and used cars
Cent Go Green Vehicle prices an electric car 0.05% under Cent Vehicle, 7.85% to 9.50%, over up to 96 months (see our electric car loan guide). Used cars aren't covered; the Cent Vehicle page lists new cars for personal use only.
What ₹15 lakh costs
At the 7.90% floor over 7 years, ₹15 lakh means an EMI of ₹23,305 and interest of ₹4,57,591. Over 5 years the EMI is ₹30,343 and the interest ₹3,20,571; ₹4,57,591 minus ₹3,20,571 is ₹1,37,020 saved by the shorter term. At the 9.55% ceiling over 7 years the EMI is ₹24,554, so ₹24,554 minus ₹23,305 is ₹1,249 a month more. Run your numbers on the car loan EMI calculator; every bank's band is on our car loan interest rates page.
Central Bank of India car loan rates as published
| New car | 7.9% to 9.55% p.a. |
|---|---|
| Who gets the lowest rate | Based on CIC Score (score bands not printed) |
| Rate basis | Floating (RBLR 8.50%) |
| Used car | No |
| Electric car | 7.85% to 9.5% p.a. |
| Read on | 9 November 2026 |
Central Bank of India's published rate table
Vehicle rows of the Retail Schemes table: rate range by scheme
| S N | Scheme Name | Rate of Interest (Range) | Present Range^ |
|---|---|---|---|
| 8 | Cent Vehicle (4-Wheeler)* | RBLR - 0.60% TO RBLR + 1.05% | 7.90% to 9.55% |
| 10 | Cent Go Green Vehicle (4-Wheeler)* | RBLR - 0.65% TO RBLR + 1.00% | 7.85% to 9.50% |
| 13 | Cent Combo Vehicle (4-Wheeler)* | RBLR - 0.70% TO RBLR + 0.70% | 7.80% to 9.20% |
| 14 | Cent Combo Go Green Vehicle (4-W)* | RBLR - 0.75% TO RBLR + 0.70% | 7.75% to 9.20% |
'Presently, RBLR = 8.50% [Repo (5.50%) + Spread (3.00%)]'. 'Last Updated on 08.10.2026'. Footnotes: * Based on CIC Score; @ Based of CIC Score and Internal Risk Rating; # Based on Internal Risk Rating; ^ Subject to T & C.
EMI at Central Bank of India's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,114 interest ₹1,06,840 | ₹7,768 interest ₹1,52,512 |
| ₹10 lakh | ₹20,229 interest ₹2,13,740 | ₹15,536 interest ₹3,05,024 |
| ₹15 lakh | ₹30,343 interest ₹3,20,580 | ₹23,305 interest ₹4,57,620 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,513 interest ₹1,30,780 | ₹8,185 interest ₹1,87,540 |
| ₹10 lakh | ₹21,026 interest ₹2,61,560 | ₹16,370 interest ₹3,75,080 |
| ₹15 lakh | ₹31,539 interest ₹3,92,340 | ₹24,554 interest ₹5,62,536 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Central Bank of India car loan processing fee, waiver and charges
Cent Vehicle charges 0.50% of the loan, minimum ₹2,000 and maximum ₹20,000; on ₹10 lakh that's ₹5,000. The product page adds "plus GST" where the fee schedule doesn't, so budget for it. Until 31 December 2026 the fee is waived in full.
Closing early
Individuals on a floating rate prepay free, part or full, from any source, under the bank's own exemption and the RBI's directions. The schedule's 4% charge hits only companies and firms shifting the loan to another lender.
On ₹10 lakh
| Charge | Printed | On ₹10 lakh |
|---|---|---|
| Processing fee | 0.50%, minimum ₹2,000, maximum ₹20,000, plus GST | ₹5,000 plus GST; nil to 31 December 2026 |
| Credit report | ₹50 per CIC | ₹50 per bureau |
| API integration charge | ₹81 plus GST, fresh retail proposal | ₹81 plus GST |
| Penal charge | 2.00% of the amount in default, above ₹30,000 | Nil while EMIs are on time |
Penal charges are a separate fee, never a higher interest rate, under the RBI's rule in force since 1 April 2024; documentation charges aren't printed. Our processing fee and charges guide goes line by line.
Central Bank of India car loan fees and charges
| Processing fee | Cent Vehicle, Four Wheeler: 0.50% of Loan Amount; Subject to Minimum: Rs. 2,000/- & Maximum: Rs. 20,000/- (product page adds '+ GST'); product page: 'Full Waiver of Processing charges till 31.12.2026' |
|---|---|
| Prepayment and foreclosure | No prepayment charge on floating-rate non-business term loans to individuals (exempt under section 10.16); 4% of the pre-paid outstanding amount for non-individual borrowers prepaying to shift the loan to another bank/FI |
| API Integration Charges (fresh retail loan proposal) | Rs. 81 + GST |
| Penal charges on default | 2.00% on the amount of default (defaults above Rs. 30,000) |
| Consumer CIC report | Rs. 50 per CIC |
| Note | Fees page vehicle row carries no GST wording; the Cent Vehicle product page states the same fee '+ GST' and the waiver to 31.12.2026. |
Central Bank of India car loan eligibility and documents
Anyone from 18 to 65 can apply: permanent staff of central and state government, defence, PSUs and large companies; self-employed professionals and business owners with regular income; farmers; and NRIs with a resident co-borrower. Past 60 a co-borrower is required. Gross annual income must be at least ₹3,00,000, or ₹25,000 a month.
How much you can borrow
Salaried borrowers get up to 24 times gross monthly salary: ₹50,000 times 24 is ₹12 lakh. Others get 2 times the average annual income of the last 2 years; the cap is ₹2 crore. The margin is at least 10% of on-road price (the car's cost plus registration, road tax and insurance) up to ₹25 lakh and 20% above, so a ₹30 lakh car gets at most ₹24 lakh (80% of ₹30 lakh).
Published or not
| Item | Printed? |
|---|---|
| Minimum CIC score | No |
| Minimum loan | Not on the Cent Vehicle page; the Digital Vehicle Loan page says ₹1 lakh |
| Document checklist | No |
Without a checklist, carry the dealer's proforma invoice, PAN and Aadhaar, salary slips or ITRs, and recent bank statements.
Central Bank of India car loan eligibility and limits
| Who can apply | All individuals of age 18 years and above and up to 65 years: permanent salaried employees of Central/State Govt, Defence, PSUs, large corporates; self-employed professionals and business entrepreneurs with regular income; farmers; NRIs with a resident co-borrower; co-borrower required for borrowers above 60 |
|---|---|
| Age | 18 to 65 years |
| Income | Minimum gross annual income Rs.3,00,000 for four-wheeler |
| Loan amount | New Four Wheeler - Rs.200 Lakh (Indian/Foreign made Vehicle); salaried: 24 times gross monthly salary; others: 2 times average annual income of last 2 years |
| Tenure | 84 months (four-wheeler); Cent Go Green Vehicle four-wheeler 96 months |
| Funding | Margin: minimum 10% for loans up to Rs.25 lakh; minimum 20% for loans above Rs.25 lakh, on on-road price (cost of vehicle + Registration Charges + Road Tax + Cost of Insurance); fancy number and accessories not financed |
How to apply for a Central Bank of India car loan
Two doors: online through the bank's Digital Vehicle Loan route, with the apply button on this page taking you to the bank's site; or any branch with your KYC, income papers and the dealer's quotation. No sanction timeline or pre-approved variant is printed, so get dates in writing before you book the car.
Before you sign
The Key Facts Statement, compulsory since 1 October 2024, comes before you sign and holds for at least three working days. Check the APR, every fee folded into one rate; the rate type, floating; the pre-payment line, nil; the reset clause, on whether a repo rise means a bigger EMI or more months; and that the sanction letter names the scheme and the exact spread on RBLR.
How to choose the right car loan
Don't pick on the floor alone when you can't know your row in advance. Compare ceilings, your worst case: 9.55% here against 10.95% at PNB. Then weigh funding share, fees after the waiver, and whether you'll prepay.
Common mistakes
Stretching to 96 months for a lower EMI, as the ₹15 lakh example warns. Assuming the waiver covers the CIC report and API charge. Signing without asking which band you were placed in.
Apply on Central Bank of India's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who the Central Bank of India car loan suits, and how it compares
Best fit: a buyer with a clean credit history who wants a PSU bank, a long tenure and a low worst case; only six of 30 lenders on our table print a ceiling under 9.55%. Electric car buyers get 96 months and a 7.85% start under Cent Go Green.
Look elsewhere if you're buying used, want a fixed EMI, need over 90% funding, or want your rate before you walk in.
Against PNB, Indian Overseas Bank and Union Bank of India
PNB shares the 7.90% floor and spells out who gets it: women at any score, others at a CIBIL score of 750 or more. Its band runs higher, to 9.95% floating and 10.95% fixed, it funds 85% as standard, and it lends on used cars from 9.70%.
Indian Overseas Bank has the narrowest band here, 7.85% to 8.85%, with the floor at a score of 800 and above, 90% funding and a minimum income of ₹8,000 a month. Its 8.85% ceiling beats 9.55% by 0.70 points.
Union Bank of India opens at 7.85% for a CIC score of 825 or more, runs to 10.25%, charges a flat ₹2,000 plus GST with no waiver printed, shows its full score grid and sets no rupee ceiling. Used cars cost 11.85% to 11.95% there, steep but available.
Pros
- A 9.55% ceiling; only six of 30 lenders print a lower one.
- Fee waived to 31 December 2026; otherwise 0.50%, capped at ₹20,000.
- Free prepayment for individuals, part or full, any source.
- Up to ₹2 crore over 84 months; 96 under Cent Go Green.
Cons
- Score bands behind 7.90% to 9.55% aren't printed.
- No used-car scheme, no fixed-rate option.
- Only 80% funding above ₹25 lakh; accessories excluded.
- Digital Vehicle Loan page quotes a different band, 7.51% to 9.20%.
Central Bank of India against PNB and Indian Overseas Bank and Union Bank of India
| What | Central Bank of India | PNB | Indian Overseas Bank | Union Bank of India |
|---|---|---|---|---|
| New car rate | 7.9% to 9.55% p.a. | 7.9% to 10.95% p.a. | 7.85% to 8.85% p.a. | 7.85% to 10.25% p.a. |
| Who gets the lowest rate | Based on CIC Score (score bands not printed) | Women (Irrespective of CICs Score), PNB PRIDE, Corporate, Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only), Others Individual with CIBIL TU or equivalent 750 & above: RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently), floating, other than e-vehicle | CIC-1 (CIBIL score 800 and above), individuals, non-electric four-wheeler: RLLR - 0.50 | New 4-Wheeler, CIC score 825 & above (salaried and non-salaried) and 800 to 824 salaried: EBLR - 0.40% = 7.85% |
| Used car rate | Not offered | 9.7% to 11.8% p.a. | Offered, rate on request | 11.85% to 11.95% p.a. |
| Electric car rate | 7.85% to 9.5% p.a. | 7.85% to 10.9% p.a. | 7.8% to 8.8% p.a. | 7.75% to 10.15% p.a. |
| Rate basis | Floating | Fixed or floating | Fixed or floating | Floating |
| Maximum tenure | Up to 7 years | Up to 7 years | Up to 7 years | Up to 7 years |
| Funding | Up to 90% of on-road price | Up to 85% of on-road price | Up to 90% of on-road price | Up to 90% of on-road price |
| Processing fee | 0.50% | By loan amount | 0.50 % | Flat Rs.2000 Plus GST |
| Prepayment | No prepayment charge on floating-rate non-business term loans to individuals (exempt under section 10.16) | Floating Rate: NO pre-payment charges | No Prepayment Charges for all loans granted for purposes other than business to individuals on floating rate... | There is NO prepayment penalty if loan adjusted from own verifiable source. |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the Central Bank of India car loan interest rate today?
Is there a Central Bank of India car loan EMI calculator?
What is the Central Bank of India car loan eligibility?
What is the Central Bank of India car loan processing fee?
How do I apply for a Central Bank of India car loan?
Does Central Bank of India give a used car loan?
What is the Cent Go Green electric car loan interest rate?
Why does the Central Bank of India Digital Vehicle Loan page show a different rate?
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- Indian Overseas Bank Car Loan Interest Rate November 2026: From 7.85% Indian Overseas Bank car loan: 7.85% to 8.85% p.a
- Union Bank of India Car Loan Interest Rate November 2026: From 7.85% Union Bank of India car loan interest rate is 7.85% to 10.25% p.a., floating and set by your CIC score
Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- Central Bank of India: Central Bank of India, Rate of Interest for Retail Schemes
- PNB: Punjab National Bank, Interest Rates - Retail Advances (A. Retail Loans), 2.1 Car Loan (New Car) / 2.2 Car Loan (Old Car)
- Indian Overseas Bank: Indian Overseas Bank, Lending Interest Rates (Retail Credit Interest Rates)
- Union Bank of India: Union Bank of India, Rate of Interest for Retail Lending Schemes w.e.f. 08.10.2026 (Retail Asset Vertical) - 2. Union Vehicle Loan / Union Green Vehicle Loan
Last verified: 9 November 2026
Written by Abhishek Kumar, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.