Some of them had began changing outdated vans, hoping that enterprise would decide up, mentioned sellers. “Commercial car producers are asking us to launch finance however prospects are saying they received’t be capable to honour EMIs, having misplaced many contracts,” mentioned a senior official of a financial institution in CV financing. “If our supply order validity has expired, then we can’t launch funds to prospects.” Fleet operators have been in talks with the finance corporations. Mukesh Haritash, director of Chetak Logistics, a New Delhi-based operator with 2,400 vans, mentioned they need a one-time restructuring of loans from 5 to seven years.
“This will at the very least cut back our EMI part and provides small fleet operators a breather,” Haritash mentioned. Except for vans linked to the pharmaceutical, FMCG and important items corporations, all others have been adversely affected. Operators unable to pay mortgage EMIs face the specter of banks and monetary establishments repossessing their automobiles.