Fleet Finance

Business Current AccountsSME LoansSME Collection Products
Show More
SME Fixed DepositsSME Government SchemesApply OnlineExternal Benchmark based Lending Rate(EBLR) for MSME LoansOnline Lead StatusContact Details of AGM SMEsList of SME Intensive Branches
Fleet Finance
Apply Now

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).


Apply Now

Last Updated On : Thursday, 14-07-2022

Interest Rates

8.40%* p.a.

w.e.f. 04.10.2022

*T&C Apply.

 

View All
SEE PRODUCTS APPLY NOW
Quick Links