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'Cent Vehicle' Scheme for IDA members

Sl No Parameter Details
1 Purpose: To purchase two wheeler i.e. Scooters, Mopeds, Motor Bikes, electronic bikes (e-bikes) and four Wheeler i.e. Car, Jeep, Utility Vehicles, SUV, electric cars like Reva, battery operated vehicles etc. for personal use. (i.e. not for hiring/ferrying passengers)
To purchase of old / second hand cars which should not be older than 3 years and with expected residual life of minimum 10 years.
2 Eligibility:
  • Applicant/Dentist should be member of IDA. Original of IDA membership certificate and photocopy to be submitted. Original will be returned after verification.
  • Minimum Monthly Income Criteria (Gross Income)
  • Salaried Persons:
    1. For Four wheelers - Rs.15,000/- p.m.
    2. For Two wheelers - Rs.5,000/- p.m.

    Other than salaried persons:

    1. For Four wheelers - Rs.1,80,000/- p.a.
    2. For Two wheelers - Rs.60,000/- p.a.
3 Quantum of Finance:
  1. Salaried Persons: 24 months gross monthly salary on the basis of last salary drawn
  2. Other individuals: 2 times average annual income as per Income Tax Return of last two years.
  3. However, the maximum loan amount will be

  4. for Indian made vehicles : Rs.20.00 lakh
    for Imported Vehicles : Rs.40.00 lakh
    for Old Vehicles : Rs.10.00 lakh
4 Margin /Contribution by the applicant New Vehicles:
Upto Rs.20 lakh: 15%
More than Rs.20 lakh: 25%

Old Cars:
40% irrespective of loan amount.

Valuation of old cars to be done by Bank's approved valuer.
5 Security
  • Hypothecation of vehicle to be purchased.
  • Bank's Hypothecation charge to be registered with Regional Transport Office Authorities.
  • Copy of RC Book to be submitted to Bank.
6 Insurance The vehicle to be comprehensively insured for full value with Bank's Clause preferably through Bank's Corporate Agency.
7 Repayment Loan is repayable in Equated Monthly Installments commencing from subsequent month of disbursement as below.
  1. In case of New Vehicle:
           For four wheelers = Maximum 84 months
           For two wheelers = Maximum 48 months
  2. In case of Old Vehicle:
           Up to 2 years old = Maximum 36 months
           More than two years old = Maximum 24 months
  3. However, in case of salaried Dentists, the entire loan is to be fully repaid before their date of retirement.

  4. At ECS centres, ECS mandate will be obtained along with at least 8 post dated cheques. At other centres, 20 Post dated cheques will be obtained at the time of disbursement of loan and an undertaking from the borrower will be obtained to replenish the stock of PDCs at appropriate interval.
  5. In case of permanent salaried Dentists of Govt/Local Self Govt /PSUs/Defence the condition of post dated cheques/ECS mandate may be waived in case:-
    1. hey produce an irrevocable undertaking from their employer to deduct the monthly installments from their salary and remit the same to the Bank,
    2. OR

    3. Whose salary is regularly routed through the account with the Branch and authority is obtained to debit the account for monthly installments.
8 Processing Charges: Rs.500/- per proposal
9 Rate of Interest: (floating) (A)

New Vehicles:

  1. If loan is repayable within 36 months :MCLR +1.75%(floating)
  2. If loan repayable beyond 36 months: MCLR+2.75%(floating)
(B) In case of old / second hand cars : MCLR+3.75% (floating)
10 Guarantee
  1. No Personal Guarantee will be obtained in case of loan up to Rs.5 lakh.
  2. If loan is above Rs.5.00 lakh, no personal guarantee will be obtained in following cases;
    1. Any collateral security offered, the market value of which is not less than loan amount.
    2. Liquid security is offered at least to the extent of 50% of loan amount.
    3. The borrower has contributed to the extent of at least twice the prescribed margin.
    4. The borrower has satisfactory banking relationship with Central Bank of India for at least 5 years.
  1. In other cases, personal guarantee of person acceptable to Bank and having sufficient worth to be provided.
11 Net Take Home Pay Criteria: The applicant should comply with Net Take Home Pay criteria of 40% i.e. Net Take Home Pay after accounting for all deductions including present loan EMI should be minimum 40% of gross monthly salary. However the Net Take Home Pay criteria can be relaxed by appropriate authority up to 30% of gross monthly salary on case to case basis taking in to account income and repaying capacity of the borrower.
12 Prepayment Charges No prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. However, if loan is taken over by other Banks/Financial Institutes, Prepayment Penalty is charged @ 1.00 % on outstanding balance on the date of such take over.
Loan type Forms
Application Form 1 for Loan of Rs.5 Crore to Rs.15 Crore Download Word Document Format
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Application Form 2 for Loan of Rs.15 Crore to Rs.40 Crore Download Word Document Format
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Application Form 3 for Loan of Rs.40 Crore and above Download Word Document Format
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Standardised Common Loan Application Form for Agriculture Credit Download PDF Document Form
Common Application Form (Required for all loan schemes). Download Word Document Format
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Cent Buy Download Word Document Format
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Cent Computer Download Word Document Format
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Cent Liquid Download Word Document Format
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Cent Mortgage Download Word Document Format
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Cent Trade Download Word Document Format
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Cent Vyapari Download Word Document Format
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Housing Loan Application Download Word Document Format
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Cent Home Loan Plus Download Word Document Format
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Cent Suvidha Download Word Document Format
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Cent Vehicle Download Word Document Format
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Cent Vidyarthi Download Word Document Format
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Cent School Download Word Document Format
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Teacher's Loan Download Word Document Format
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Cent Rental Download Word Document Format
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Cent Doctor Download Word Document Format
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Cent Swabhiman Download Word Document Format
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Personal Loan for Pensioners Download Word Document Format
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Personal Loan to Employees of Corporate Sector Download Word Document Format
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Personal Loan to Employees of Non-Corporate Sector Download Word Document Format
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Loan to LIC Agents Download Word Document Format
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Loan to MSEs Download PDF Format
Cent Sahyog (form for upto 10 lakhs) Download PDF Format
Cent Sahyog (form for above 10 lakhs) Download PDF Format
Application for Agricultural Loans Download PDF Format

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