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Cent Go Green Vehicle Scheme


Purchase of New Electric Two/ Four Wheeler for Personal use (i.e. not for hiring/ferrying passengers)


Term Loan


All individuals of age 18 years and above and up to 65 years for:

  • Permanent salaried employees of Central/ State government /Local self-government/ Defence staff/ employees of PSU/ Large Corporates/ Banks/MNCs/PSE/FII/reputed establishments etc.
  • Self-Employed Persons/ Professional/ Independent Entrepreneur/Business Entrepreneurs who have regular source of income.
  • Farmers irrespective of land holding engaged in production oriented agricultural activities and in other allied activities. In case of agriculturists not filing income tax returns, income certificate issued by Tahsildar/Mandal Revenue officer/Revenue Department Officer having State Level Gazetted Rank can be accepted for sanction of vehicle loans up to to Rs. 5.00 Lakh
  • Non-resident Indians in India jointly with a resident of India who is a close relative of the NRI. The vehicle is for use in India only.
  • Blood relatives like Mother, Father, Spouse, Brother, Sisters, Son, Daughter, can be accepted as co-borrower who has regular source of income. The income of the co-borrower may be clubbed to calculate eligible loan amount.
  • Friends and distant relatives like Uncle, Aunts Nephew and Niece etc. are not eligible to join as co-borrower
  • Maximum no. of applicants is restricted to two (2)
  • Co-borrowers must be taken in case of borrowers above the age of 60 years


Minimum Income Criteria (Gross Annual Income)



Salaried/ Non-Salaried

4 Wheeler

2 Wheeler




Quantum of Loan Amount

  • For Salaried Persons: 24 Times the gross monthly salary on the basis of last drawn salary


  • For Other Individuals: Two times the average annual income of last two years.


  • However, the Maximum Loan amount is

New Two Wheeler – Rs.10 lakh

New Four Wheeler – Rs.100 Lakh (Indian/Foreign made Vehicle)



  • Loan Amount up to Rs.20 lakh           -  Minimum 10%
  • Loan Amount more than Rs.20 lakh -  Minimum 20%
  • Loan may be sanctioned on “On Road Price” (cost of vehicle+ Registration Charges+ Road Tax+ Cost of Insurance). Additional cost for fancy numbers and any accessories shall not be financed by bank


Rate of Interest

ROI= RBLR (Repo Rate+ Spread) based on CIC score

New Four Wheeler: Ranging from   8.70% to 10.15%

New Two Wheeler: Ranging from 11.35% to 12.15%

Processing Charges

Two Wheeler – 0.50% of Loan Amount; Subject to Minimum: ₹500/- &Maximum: ₹2,000/-

Four Wheeler– 0.50% of Loan Amount; Subject to Minimum: ₹2,000/- & Maximum: ₹20,000/-

Documentation Charges



Hypothecation of vehicle purchased registered on VAHAN portal




Repayment Period

2- Wheeler   

72 Month


96 Month



No Personal Guarantee to be obtained in following cases:

  • Loan up to Rs.25.00 lakh.
  • Central Govt/State Govt/PSU employees/staff of bank/Ex-Staff of Bank
  • CIC Score above 750
  • However for loan above Rs 25.00 lakh, no personal guarantee, is to be obtained if the applicant is our existing borrower with no default and for individuals in following cases:
  • Salary account with the Bank.
  • Employer undertaking for deduction of EMI and terminal benefits.
  • Any collateral security offered, the realisable value of which is not less than loan amount.
  • Liquid security is offered at least to the extent of 50% of loan amount.
  • The borrower has contributed to the extent of at least twice the prescribed margin.
  • The borrower has satisfactory banking relationship with us for at least five years.

For others, with loan amount above Rs. 25 lakh, Personal Guarantee is required.


Net Annual Income-wise graded ratio is as



Net Annual Income

EMI/NMI not to exceed

Up to 5 Lakh


>5- 10 Lakh


>10 Lakh








NMI (Net Monthly Income) = Gross Monthly Income (GMI) – all statutory deductions & taxes (Excluding all existing and proposed EMI).


EMI for the purpose of computing the EMI/NMI ratio will include all EMI towards existing loans and the proposed loan, Therefore existing EMIs should not be deducted from Gross Monthly Income (GMI) for the purpose of computation of NMI.


Note: Max. Permissible loan amount will be as per Income Criteria, Cost of vehicle (LTV), EMI/NMI Ratio or Loan Applied whichever is lower.

Min. CIC Score

Name of CIC

Minimum Threshold Limit

Transunion CIBIL









*Subject to conditions and changes. Please contact our nearest branch for more details and updates.