The finance ministry and the RBI are in the process of finalising a proposal under which lenders will be authorised to re-possess vehicles if you fail to pay your EMI for two successive months. Almost 80 per cent of the industry is dependent on financing, which is difficult to obtain under the current economic slowdown. With a few changes in lending policies, credit is expected to flow more easily. The above proposal will thus be welcomed by all auto industry biggies.
A ministry official said that cars and two-wheelers may be brought under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, which empowers lending institutions to recover their non-performing assets without the involvement of courts.
Source: DriveInside.com
A ministry official said that cars and two-wheelers may be brought under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, which empowers lending institutions to recover their non-performing assets without the involvement of courts.
Source: DriveInside.com
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