Central Bank of India has rolled out two new retail products, called the Cent Aspire and Cent Home Double Plus scheme, that provide liquidity in a fixed deposit scheme.
Cent Aspire is a deposit scheme with a free credit card bundled with it, which aims to ensure that customers living in rural and semi urban areas get access to a credit card facility.
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Under this scheme, a customer will get a free credit card against fixed deposit of INR 20,000 and above with the bank, with the maximum credit limit availed through the credit card set at INR 4,00,000.
The credit card comes with a personal accident cover of INR 1,00,000 (against death), and up to 80% of the deposit amount could be availed as credit limit.
At the same time, the interest rate on the amount outstanding beyond the credit period is lower than the prevailing interest rates on card receivables.
The Cent Home Double Plus scheme is a housing loan in the shape of overdraft facility, which allows the borrower to deposit any amount in excess to home loan EMI and withdraw the excess deposited amount according to one’s requirement.
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By GlobalDataThe scheme allows prepayment without any penalty or charges, and helps customers save interest on their housing loan.
Moreover, the borrower can also avail loans for a variety of reasons such as purchase of vehicle, holidays, tours and travel, education and medical expenses at an attractive interest rate within their repayment capabilities.
