sbi.co.in Fleet Finance Scheme : State Bank of India

Organization : State Bank of India
Service Name : Fleet Finance Scheme

Details : https://www.sbi.co.in/
Website : https://www.sbi.co.in/

Fleet Finance Scheme :

Transport operators owning fleet of commercial vehicles like Trucks, Trailers, Tankers and buses etc

Related : SBI Capgains Plus Capital Gain Scheme : www.statusin.in/19849.html

Eligibility :
** Existing Fleet Operators (Goods or Passenger) having experience of 5 years or more in the same line.
** Fleet operator having existing fleet of minimum 10 vehicles.
** SRTOs will not be eligible.
** 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.
** Satisfactory track record with existing banks/FIs.
** Income Tax Assesse (personal & Business).
** Eligibility is linked to the scores obtained under scoring model.

Purpose :
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

Facility : Term Loan

Quantum of Finance : Upto Loan amount is Rs 10.00 Cr

Margin : Low margin

Interest Rate
Very attractive interest rate

Repayment Period : Repayment period upto maximum 66 months.

Special Features :
** Loan facility valid for 6 months from the date of sanction.
** Nil collateral security option is also available.

Faqs :
Q. Can a First Time User apply for SBI Fleet Finance Scheme?
Ans. No. Only existing fleet operators can apply for SBi Fleet Finance Scheme.

Q. What are the centres where the SBI Fleet Finance scheme is launched? What if my location is not in the selected centres?
Ans. This scheme has been launched initially in selected Centres: Rajkot, Surat, Bangalore, Hubli, Indore, Ludhiana, Chennai, Nammakal, Delhi, Jaipur, Hyderabad, Vijaywada, Mumbai, Pune, Kanpur, Dhanbad, Begusarai, Jamshedpur, Surat, Guntur, Kolhapur, Moradabad. Borrowers from other areas may contact nearest SME Specialized Branches.

Q. What type of vehicles can be financed under SBI Fleet Finance Scheme?
Ans. Small, Light, Medium, Heavy Commercial Vehicles, Passenger Vehicle). E.g. trucks/tankers/ trailers/ tippers/buses/ luxury buses.

Q. How much experience is needed to be eligible under SBI Fleet Finance Scheme?
Ans. Minimum 5 years of experience in transport industry is required.

Q. I have an existing fleet of less than 10 commercial vehicles? Can I apply for the scheme?
Ans. No. You need to have existing fleet of minimum 10 vehicles.

Q. What is the minimum number of vehicles financed?
Ans. 10. Or In case of your need is for less than 10 vehicles, then loan required by you should be more than Rs.50 Lacs.

Q. Are SRTOs eligible?
Ans. No.

Q. What is maximum limit for the loan under SBI Fleet Finance Scheme?
Ans. Rs.10 Cr

Q. What Margins are required in the scheme?
Ans. Margins are linked to scores under the scoring model.

Q. What is the repayment period?
Ans. Up to maximum 66 Months based on scores under scoring model

Q. Is it possible to get the loan under SBI Fleet Finance Scheme without any collateral?
Ans. Yes

Q. Can the loan be covered under CGTMSE?
Ans. CGTMSE cover is applicable only for SRTOs. Since SRTOs are not eligible in the scheme, CGTMSE cover is not applicable.

Q. Are the unencumbered vehicles in the existing fleet considered as collateral?
Ans. Unencumbered vehicles in the existing fleet (at current resale value) can be considered as collateral.

Q. Is Guarantor required?
Ans. Personal Guarantee from the Promoters/Partners /Directors of the Unit will be mandatory. For proprietary concerns, third party guarantee is mandatory.

Q. Is takeover allowed under the scheme?
Ans. No. Takeover cases are not allowed.

Q. Can Bank finance cost of body, Insurance and Road tax?
Ans. Yes, SBI finances cost of body, Insurance, Registration and Road Tax.

Q. Is it mandatory to have the vehicle tracking device in the vehicles financed by the Bank?
Ans. No. It is not mandatory. However if one opts for the same, the capital cost of the tracking device and recurring cost of service providers for entire loan tenure can be financed under the scheme by incorporating this component in project cost. Also, there will be additional concessions of 0.25% in processing fees for opting to the tracking mechanism as per Bank’s requirements.

Q. Can bank finance old vehicles?
Ans. No, only new vehicles are financed.