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Cent Go Green Vehicle Scheme

Purpose: Purchase of new electric two/ four wheeler for personal use (i.e. not for hiring/ferrying passengers)

Facility: Term Loan

Target Group: All individuals of age 18 years and above and up to the age of 65 yrs.

Minimum Income Criteria (Gross Annual Income):

Salaried/ Non-Salaried

4 Wheeler

2 Wheeler



Maximum Loan Amount:

  • Two Wheeler – Rs.10.00 lakh.
  • New Four Wheeler - Rs.100 Lakh (Indian/Foreign made Vehicle)


  • Loan Amount up toRs.25 lakh - Minimum 10%
  • Loan Amount more than Rs.25 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 shall not be financed by bank.

Repayment Period in Months


Repayment Period

2- Wheeler

72 Month

4-Wheeler (New)

96 Month


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

  1. Permanent salaried employees of Central / State government / Local self-government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
  2. Self-Employed Persons / Independent Entrepreneurs who have regular source of income
  3. 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 green vehicle loans up to Rs.5 lakh
  4. Non-resident Indians in India jointly with a resident of India who is a close relative
    1. (Mother, Father, Spouse, Brother, Sisters, Son, Daughter) of the NRI. The vehicle is for use in India only
  5. All Staff members of our bank including probationers, whether singly or jointly with spouse or children.
  6. Close relatives (Mother, Father, Spouse, Brother, Sisters, Son, Daughter) can be accepted as co-borrower who has regular source of income i.e. income of the co-borrower may be clubbed to calculate eligible loan amount.
  7. Friends and distant relatives like Uncle, Aunts Nephew and Niece etc. are not eligible to join as co-borrower
  8. Maximum no. of applicants are restricted to two (2).

Co-borrowers must be taken in case of borrowers above the age of 60 years.Quantum of Finance

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

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

iii. However, the Maximum Loan amount is:
       Two Wheeler – Rs.10.00 lakh.
       New Four Wheeler - Rs.100 Lakh for Indian/ Foreign made Vehicle.

Security: Hypothecation of vehicle purchased


No Personal Guarantee to be obtained in following cases:

  1. Loans up to Rs.25.00 lakh.
  2. Central Govt / State Govt/PSU employees /staff of Bank / Ex Staff of Bank
  3. CIC score above 750
  4. However for Loan above Rs.25.00 lakh, no personal guarantee, is to be obtained if the borrower is our bank borrower with no default and for individuals in following cases:
  • Salaried account with the Bank
  • Employer undertaking for deduction of EMI and terminal benefit.
  • Any collateral security offered, the market 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. Delegatee in the rank of Chief Manager and above can take a decision in such case to waive the condition of personal guarantee.

   (For others with loan amount above Rs.25.00 lacs, Personal Guarantee is required.)

EMI/NMI Ratio for Salaried and Non-salaried Borrower

Net Annual Income-wise graded ratio is as

Net Annual Income

EMI/NMI not to exceed

Up to 5


>5- 10




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: permissible loan amount will be assessed on the basis of the lower value arrived at from undernoted eligible criteria:

Maximum permissible as per Income Criteria, Cost of vehicle (LTV) or EMI/NMI Ratio whichever is lower

CIC Score:

Minimum CIC Score of the applicant is as under:

Name of CIC

Minimum Threshold Limit

Transunion CIBIL






Rate of Interest:

ROI is based on CIC score:

  • Four Wheeler: Ranging from 8.70% to 10.15% 
  • Two Wheeler: Ranging from 8.70% to 10.10%


Four Wheeler:

0.50% of Loan Amount +GST; Subject to Minimum: Rs.2,000/-& Maximum: Rs.20,000/- (Completely waived till 31.03.2024)

Two Wheeler:

0.50% of Loan Amount +GST; Subject to Minimum: Rs.500/-&Maximum: Rs.2,000/- (Completely waived till 31.03.2024)