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Tata Motors Finance (TMF) has introduced some useful financing solutions for truck-owners to help them tide over the COVID induced slowdown. Upon RBI enacting the 6 month EMI moratorium, TMF had extended the facility to its customers too. As a result, 3/4th of its loan book is under moratorium as of June and it has seen repayments drop by 60%. However, understanding that its customers still face enormous problems due to low fleet utilization, TMF believes that more than 50% of customers will further opt for working capital and other emergency loans.
Some of the attractive options introduced by Tata Motors Finance are as below:
- Opex funding to assist in better liquidity by taking care of fixed expenses for 3 months
- Service claims financing for dealers and suppliers
- Working capital solutions for large fleet operators
- Bill discounting options for fleet operators
- New Vehicle Loans with low EMI levels for the first 12 months
- Working capital loans bundled with new vehicle loans, provided there is enough collateral
The above solutions can be very helpful for truck owners struggling with finances during these times. WheelsEye would suggest truckers to explore all options available to them and plan their cash flows prudently in the coming months.
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