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
1. Existing Fleet Operators (For Goods or Passenger transport)
2. Existing Individuals/ firms/companies/ trusts/Society/Institutions/Associations
Quantum of loan (Min/Max)
1. Min: Rs. 50 lacs
2. Max: Rs. 10 Cr (higher limit allowed as per Bank’s discretion)
Margin (%)
1. For Cost of Chasis : 5% (score b/w 35-60%) & 0% (above 60% score)
2. For Cost of Body : 45% (score b/w 35-60%) & 40% (above 60% score)
3. For fully buile model : 10% (score b/w 35-60%) & 5% (above 60% score)
4. Other expenses : Min. 50%
Pricing : Competitive Pricing linked to MCLR
Repayment Period
1. Upto 66 months.
2. Repayment in EMI basis . Customized repayment is possible depending on cash accruals.
3. 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.
Credits – SBI ( State Bank of India )