State Bank of India Fleet Finance Scheme, SBI Fleet Finance Scheme

State Bank of India Fleet Finance Scheme: State bank of India has been providing various loan services specially designed for Small and Medium Enterprises (SME). One of such products offered by India’s largest bank is SBI Fleet Finance Scheme, which is aimed at providing loan for transport operators owing fleet of commercial vehicles like trucks, trailers, tankers and buses. check more details for SBI Fleet Finance Scheme from below….

Objective of the loan:

To finance new four-wheelers such as trucks/ tankers/ trailers/ tippers/ luxury buses and car etc. Finance for fully built vehicles, chassis, body building, Road Tax, Registration & Insurance is provided under this term loan.

Target group:

This scheme has been designed to target Transport operators owning fleet of commercial vehicles like Trucks, Trailers, Tankers and buses etc

Eligibility for SBI Fleet Finance Scheme:

S.no Criteria
1 Fleet operator having existing fleet of minimum 10 vehicles.
2 In case of existing Fleet Operators (Goods or Passenger), those having experience of 5 years or more in the same line.
3 Small road transport operators (SRTO) are not eligible to apply for this scheme
4 Loan will be provided for a minimum of 10 new vehicles or minimum loan amount of Rs.50 lakhs
5 Transport operators should hold national/ state route permit and other necessary permits/license/approval.
6 In case of the applicant has already availed loans from anay banks/Financial institutions, he should have Satisfactory track record with them
7 Should be a Income tax assessee

Loan Features:

S.no Feature Details
1 Minimum loan amount Rs.50 lakhs
2 Maximum loan Rs.10 crores
3 Repayment Period Repayment period up to maximum 66 months
4 Interest Rate Very attractive interest rate
5 Type of loan Term loan
6 Nil collateral option Available but subject to excellent credit record and other terms
7 Application form Can be downloaded here  (Upload in our site & link here)

Following are the details to be provided while applying for the loan:

1 Application Application
Bio Data form
DD for Processing fee / Advocate fee / Valuation fee
2 Proprietor /Partners /Guarantors Brief Profile
Photo
Passport/EC ID Card/Driving License
Telephone Bill / Ration Card
PAN Card
IT Return for 2 years
Assets & Liabilities Statement
3 Unit Partnership Deed & Partnership Letter
Memorandum & Articles of Association
Certificate of Incorporation/Commencement
Board Resolution
Search Report from Registrar of Companies
SSI Registration
Panchayat Licence
PAN Card
IT Return for 2 years
ST Return for 2 years
Project Report
Power Allocation
Plan / Estimate / Invoices
Pollution Control Clearance
Lease Agreement for hired premises
4 Balance Sheet Actual      – Past 3 years
Estimated – Current Year
Projected – Next Year
Projected –  [for Term Loan]
CMA form
5 Associate Units Brief Profile
Balance Sheet
Opinion Report from Bankers
6 Renewal /Enhancement Stock Statement
Last inspection report
Term Loan Review
Copy of last sanction note
Confirmation of irregularity, if any
7 Take over Copy of sanction letter
Statement of account for 1 year
Credit Information Report
8 Property Original Title Deed
Prior Deeds
Land Tax Receipt
Building Tax Receipt
Possession Certificate
Location Certificate
Location Sketch
Non-RR & LA Certificate
EC  for 30 years

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