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Specialized MSME Caravan Scheme

  • India has an extensive road network and road transport that contributes to the nation’s economic development. The scope for financing Transport operators’ segment is abundant. As such Canara bank with a view to broaden the clientele base under transport operators Segment of MSME, introduced Caravan scheme.
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 Transport Operators under MSME segment (for goods and passengers)having 3 years of experience.Individuals / Firms / Companies /Trusts / Institutions / Associations.
Quantum of loan
  • Minimum Loan above ₹25 Lakhs.
  • Maximum Loan up to ₹5 Crores.
Margin Varies between 5% to 50%.
Security
  • Primary: Hypothecation of vehicles financed by Bank.
  • Collateral:
    • Up to Rs.1.00 crore : Min 25% collateral security by way of land and building or CGTMSE cover.
    • Above Rs.1.00 crore : Min 25% collateral security by way of land and building.
Nature of facility: Term loan
Repayment Period: Repayable in 60 Months (including Moratorium period).
  • Income tax assesse (Personal & Business).
  • Individuals /Firms /Companies /Trusts/ Institutions /Associations.
  • Existing transport operators (Goods or passenger) having experience of 3 years or more in the line of transport operator business.
  • Requirement of minimum 5 new vehicles or minimum loan amount of Rs.25.00 lakhs.
  • Transport operators holding national/state route permit and other necessary permits/license/approvals.
  • Customer Identification proof along with NF998 MSME application.
  • Address Proof of unit and promoters.
  • License/permissions.
  • Financial papers for the last 3 years with ITR and projections.
  • Details of Guarantor with proof of assets.
  • Valuation report.
  • Takeover cases not allowed.
  • The borrower(s) should hold the necessary driving license or engage drivers possessing valid license to operate the type of vehicle for which credit is sought.
  • Wherever applicable, borrower should provide a letter of authority from its clients /Govt Departments etc. authorizing the bank to receive payment directly from them. Or escrow mechanism is to be put in place.
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