SBI Fleet Finance Scheme for Transport Operators

SBI for SME provides Term loan upto 10 crore for existing transport operators owning fleet of commercial vehicles (minimum 10 nos) like Trucks, Trailers, Tankers and buses etc. This scheme cannot be availed by first time users to start a new venture. Loan amount includes cost of body, Insurance, Registration and Road Tax. Optional collateral free security is available in select cases.

Eligibility for SBI Fleet Finance Scheme for Transport Operators

  1. Existing Fleet Operators (Goods or Passenger) having experience of 5 years or more in the same line.
  2. Fleet operator having existing fleet of minimum 10 vehicles.
  3. SRTO will not be eligible.
  4. Requirement of minimum 10 new vehicles or minimum loan amount Rs. 50 Lakhs.
  5. Transport operators holding national / state route permit and other necessary permits / license / approval.
  6. Satisfactory track record with existing banks / Financial Institutions.
  7. Income Tax Assessee (personal & Business).
  8. Eligibility is linked to the scores obtained under scoring model.

Purpose of SBI Fleet Finance Scheme for Transport Operators

To finance new four-wheelers viz. trucks / tankers/ trailers / tippers / luxury buses and car etc. Finance for fully built vehicles, chassis, body building, Road Tax, Registration & Insurance.

Other Features of SBI Fleet Finance Scheme for Transport Operators

  1. Facility: Term Loan.
  2. Quantum of Finance: Upto Loan amount is Rs. 10 Crore.
  3. Margin: Low margin - linked to scores under the scoring model.
  4. Interest Rate: Attractive interest rate.
  5. Repayment Period: Upto maximum 66 months.
  6. Special Features: Loan facility valid for 6 months from the date of sanction. Nil collateral security option is also available.
  7. Types of vehicles: Small, Light, Medium, Heavy Commercial Vehicles, and Passenger Vehicles.
  8. CGTMSE Cover: The scheme doesn't cover CGTMSE.
  9. Guarantor Requirement: Personal Guarantee from the Promoters / Partners / Directors of the Unit will be mandatory. For proprietary concerns, third party guarantee is mandatory.
  10. Benefits of vehicle tracking device: Concessions of 0.25% in processing fees available for opting to the tracking mechanism as per Bank’s requirements.

Preliminary Eligibility Questions for SBI Fleet Finance Scheme for Transport Operators

  1. Whether the promoters have satisfactory record of dealing with Banks and have never defaulted to any Bank / Financial Institution?
  2. Whether the fleet possesses more than 10 well-maintained vehicles, including the proposed vehicles?
  3. Whether the registered / administrative office is situated at metro / urban /semi-urban centre?
  4. Whether the unit is earning profit?

If all the answers are "Yes", proceed to apply for the loan scheme.