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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