Fleet Finance

Business Current AccountsSME LoansSME Collection Products
Show More
SME Fixed DepositsSME Government SchemesApply OnlineAmazon PartnershipExternal Benchmark based Lending Rate(EBLR) for MSME LoansSBI Exporters’ Gold Card SchemeOnline Lead Status
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.

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

Apply Now
Interest Rates

6.95% p.a.

w.e.f. 01.07.2020

*T&C Apply.

 

View All
SEE PRODUCTS APPLY NOW
Quick Links