Ramesh Iyer, Managing Director, Mahindra Finance, was pleasantly surprised to know that his team had disbursed 30,000 vehicle loans in June, a huge increase from April and May when business was almost zero. “We have opened 1,100 rural branches and there are footfalls and enquiries about tractor and car loans like before,” says Iyer, admitting that some part of this could be pent-up demand also. “Through April and May, customers took advantage of the loan moratorium, but now they are beginning to pay up. They are requesting us to bring down the instalment amount. Can you give us a ₹8,000/10,000 per month EMI instead of ₹12,000 is what they are asking for.” Besides, there is also demand for additional short-term loans. “They had borrowed money during the lockdown. Now they…
