If you run a transport business and are planning to buy new vehicles, this update can help you grow faster.
The State Bank of India (SBI) is offering business loans of up to ₹5 crore for the purchase of commercial vehicles.
This scheme is designed for transport operators who want to expand their fleet.
The loan can be used to buy trucks, buses, tankers, trailers, tipper trucks, and even electric or hybrid commercial vehicles.
Who Can Apply for This SBI Loan?
SBI has set clear eligibility rules for this scheme.
You can apply if:
You are a fleet operator with at least 10 existing vehicles
You have minimum 3 years of experience in transport or a related business
You hold valid national or state route permits
You are an income tax assessee
Your CIBIL score is 680 or above
How Much Loan Can You Get?
Under this scheme:
Minimum loan amount: ₹50 lakh
Maximum loan amount: ₹5 crore
The exact amount depends on your business profile and credit score.
How Much Margin Do You Need to Pay?
The margin amount depends on your eligibility score.
For applicants with 50–60% score:
Chassis: 5%
Body: 30%
Fully built vehicle: 10%
Road tax and insurance: At least 50%
For applicants with more than 60% score:
Chassis: 0%
Body: 30%
Fully built vehicle: 5%
Road tax and insurance: At least 50%
Loan Repayment Period
The repayment time depends on your score.
50–60% score: Up to 60 months, including a 2-month moratorium
Above 60% score: Up to 66 months, including a 2-month moratorium
Interest Rate and Processing Fee
The interest rate is linked to:
EBR (Repo Rate + 2.65%), or
6-month MCLR
The processing fee can be up to 1.5% of the loan amount.
How to Apply for the SBI Commercial Vehicle Loan
The application process is simple.
Visit your nearest SBI branch
Submit business documents, income tax returns, bank statements, and vehicle permits
SBI will assess your application using a scoring model
A minimum 50% score is required
The loan will be covered under CGTMSE guarantee (fees to be paid by the borrower)
Final Takeaway
If you have a stable transport business and a good credit record, SBI’s commercial vehicle loan can help you expand your fleet without heavy upfront costs. It is a strong option for transport operators looking to grow their business efficiently.
