Loan demand to rise in February, March: Shriram unit

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Signalling a return to normalcy, India’s largest truck finance firm, Shriram Transport Finance Company, on Wednesday said its collection efficiency had returned to 100% in the second half of January after undergoing a brief blip in the first fortnight.

Shriram Transport Finance Company vice-chairman and MD, Umesh Revankar said collection rates would rise in February and March as more people get vaccinated and the Omicron variant becomes less impactful on business than originally feared.

Collections rates reflect confidence levels in borrowers, often seen as a proxy of economic activity.

“Third wave (of COVID-19) was only temporary… people have come out of fear and business has returned to normal. Some States imposed some restrictions but later reversed them,” he told PTI. Disbursements could reach pre-COVID-19 levels, demand could “shoot up” in the coming months, STFC said.

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