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Fleet Finance
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Purpose

To finance new vehicles (Small, Light, Medium, Heavy Commercial Vehicles, Passenger Vehicle). E.g. trucks/tankers/ trailers/ tippers/ buses/ luxury buses and passenger vehicles etc. Electric/ Hybrid commercial vehicles can also be financed.

Features

  • Target Group: Existing Fleet Operators & Captive Users, Business Enterprises, contractors, Mine owners, Port owners/ operators/ aggregators etc.
  • Quantum of loan (Min/Max)
    • Minimum: Rs.50.00 lakhs.
    • Maximum: Rs.50.00 Crs.
  • Margin (%) : Margins are linked to the scores under scoring model.
      Scores between 50% to 60% Scores above 60%

    For cost of chassis

    5%

    0%

    For cost of body

    30%

    30%

    For fully built model

    10%

    5%

    Other expense (Road tax +Insurance+ Registration)

    Minimum 50%

    Minimum 50%
  • Pricing : Competitive pricing linked to EBLR / 6 Months MCLR
  • Repayment Period:
    • Scores between 50% to less than 60%: Max 60 months.
    • Scores 60% and above: Max 66 months Repayment in EMI basis.
    • Negotiated repayment can be done depending on cash accruals.
  • Upfront Fee: 1% of the loan amount

Eligibility Criteria

  • Minimum 3 years of experience in transport industry and other businesses. Fleet operator having existing fleet of minimum 10 vehicles.
  • Requirement of minimum 10 new vehicles or minimum loan amount Rs.50 Lakhs
  • Transport operators holding national/ state route permit and other necessary permits/license/approval.
  • Satisfactory track record with existing banks/FIs.
  • Income Tax Assessee (personal & Business).
  • Eligibility is linked to the scores obtained under scoring model. Borrower has to get min 50% score under scoring model to be eligible for SBI Fleet Finance Scheme.

Collateral Security

  • Up to Rs.2 Cr: No collateral security. Loans will be covered under CGTMSE. Guarantee fee to be borne by the borrower.
  • Above Rs.2 Cr: Min 20% tangible collateral including unencumbered vehicles in the existing fleet (current resale value to be taken)

(In case, the borrower has scored minimum 60% and above under the scoring model, Collateral Security is not required).


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Last Updated On : Thursday, 14-07-2022

Interest Rates

8.40%* p.a.

w.e.f. 01.09.2023

*T&C Apply.

 

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