FLEET FINANCE

FINANCE TO FLEET OPERATORS FOR PURCHAE OF NEW VEHICLES

Parameters Features
Nature of Facility Term Loan
Purpose 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.
Target Group
  • Existing Fleet Operators (For Goods or Passenger transport)
  • Existing Individuals/ firms/companies/ trusts/Society/Institutions/Associations
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.
Quantum of loan (Min/Max)
  • Min: Rs. 50 lacs
  • Max: Rs. 10 Cr (higher limit allowed as per Bank’s discretion)
Margin (%)
  • For Cost of Chasis : 5% (score b/w 35-60%) & 0% (above 60% score)
  • For Cost of Body : 45% (score b/w 35-60%) & 40% (above 60% score)
  • For fully buile model : 10% (score b/w 35-60%) & 5% (above 60% score)
  • Other expenses : Min. 50%
Pricing Competitive Pricing linked to MCLR
Collateral Security
  • Up to Rs. 1 Cr : No collateral security. Loans will be covered under CGTMSE.
  • Above Rs. 1 Cr : Min 20% tangible
Repayment Period
  • Upto 66 months
  • Repayment in EMI basis . Customized repayment is possible depending on cash accruals.
Upfront Fee 1% of the limit