Although over 75% of its customers have opted for the three-month moratorium on loan repayments, the non-bank financier is witnessing a gradual uptick in collections, said Ramesh Iyer, vice-chairman and managing director of Mahindra and Mahindra Financial Services Ltd (MMFSL).
Speaking to analysts on Friday, Iyer said that around 500 of the company’s branches are up and working in the green and orange zones. “April did witness decent collection and in the first 15 days of May collections have already equalled or slightly surpassed what we collected in April.
We have started seeing walk-ins both for new loans as well as for repayment of instalments. That gives us a lot of confidence that things are beginning to get to some normalcy and over