Daimler Financial Services India (DFSI), captive finance arm of Daimler AG, has restructured loans worth Rs 1,399 crore till September 2020, as certain accounts were under stress because of the economic slowdown. Auto financier granted additional secured funding to certain accounts that were under stress and made changes to the terms of original sanction. Therefore, these restructured assets were classified as gross non-performing assets (GNPAs), according to India Ratings and Research (Ind-Ra). These restructured assets are regular in repayments. The GNPAs are predominantly from exposure to dealers and retail commercial vehicle portfolio. The rating agency affirmed DFSI’s long-term issuer rating at ‘AAA’ with a stable outlook. The affirmation reflects continued support to DFSI from its parent DAG and Daimler Group.
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Synopsis
Adequate finance schemes have long been a key challenge for the CV industry and the impact of COVID-19 has made it even more difficult to secure loans. The partnerships will deliver greater financing flexibility and convenience, the company said in a statement.
Reuters
DICV s move to sign MoUs with banks across the country is in line with BharatBenz s customer-centric approach and commitment to providing a hassle-free buying experience. New and existing customers will enjoy seamless support from these banks and NBFCs, the company said.
New Delhi: Daimler India Commercial Vehicles (DICV) on Tuesday said it has partnered with 18 leading banks and NBFCs to offer customers financing options for its vehicles. The company said it has signed Memoranda of Understanding (MoUs) with banks and NBFCs (Non-Banking Financial Companies), including ICICI Bank, State Bank of India, Bank of Baroda, Axis Bank, IndusInd Bank, Sundaram Finance,
Daimler India strengthens financing availability for BharatBenz truck purchase
December 15, 2020
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German truck and bus-maker Daimler India Commercial Vehicles (DICV) said that it has ensured adequate financing availability for purchase of its BharatBenz brand of trucks.
As the commercial vehicle market shows signs of recovery with a positive growth in November truck sales, DICV is gearing up to meet the upcoming demand.
The company has formalised agreements with 18 leading banks/NBFCs to deliver greater financing flexibility and convenience as adequate finance schemes have long been a key challenge for the CV industry and the impact of COVID-19 has made it even more difficult to secure loans.