Auto loan warns of sharp rise in bad debt due to Covid-19 lockdown


Auto finance companies are expected to post a sharp increase in bad debts due to the Covid-19-related shutdowns announced by various state governments in April and May.

The auto credit business of Bajaj Finance – the first non-bank finance company to report results for the June quarter – saw a sharp 19% increase in bad debts in the June quarter, due to defaults in the two and three-wheel segments. Tata Motors Finance Ltd, a subsidiary of Tata Motors, has previously warned that the June quarter will be difficult for the company due to blockages affecting collections and new business …

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First published: Wed July 21, 2021. 6:35 PM IST


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