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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.

Features

  • Type of Facility : Term Loan
  • Target Group
    • Existing Fleet Operators (For Goods or Passenger transport)
    • Existing Individuals/ firms/companies/ trusts/Society/Institutions/Associations
  • Quantum of loan (Min/Max)
    • Min: Rs. 50 lacs
    • Max: Rs. 10 Cr (higher limit allowed as per Bank’s discretion)
  • Margin (%)
    • For Cost of Chasis : 5% (score b/w 35-60%) & 0% (above 60% score)
    • For Cost of Body : 45% (score b/w 35-60%) & 40% (above 60% score)
    • For fully buile model : 10% (score b/w 35-60%) & 5% (above 60% score
    • Other expenses : Min. 50%
  • Pricing : Competitive Pricing linked to MCLR
  • Repayment Period
    • Upto 66 months.
    • Repayment in EMI basis . Customized repayment is possible depending on cash accruals.
    • Upfront Fee : 1% of the limit

Eligibility Criteria

  • Existing Fleet Operators (Goods or Passenger) having experience of 2 years or more in the same line.
  • Fleet operator having existing fleet of minimum 10 vehicles
  • Requirement of minimum 10 new vehicles or minimum loan amount Rs.50 Lacs
  • Transport operators holding national/ state route permit and other necessary permits/license/approval.

Collateral Security

  • Up to Rs. 1 Cr : No collateral security. Loans will be covered under CGTMSE.
  • Above Rs. 1 Cr : Min 20% tangible

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Last Updated On : Thursday, 02-01-2020

Interest Rates

6.70%* p.a.

w.e.f. 01.05.2021

*T&C Apply.

 

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