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"Loans and advances shall include finance leases, hire purchase facilities and other loans and advances granted for the purpose of purchase or utilisation of motor vehicles," the statement said.
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The value of the motor vehicle should be the market value obtained from a professional valuer at the time of granting loans and advances, as per the prevailing practice, the central bank added in the directive. A lower loan to value ratio, from the 85-90 percent that firms were giving out, could reduce demand for vehicles which has increased several fold in the last year. Commenting on the directive, Murtaza Jafferjee, the chief executive of JB Securities said: "Loss given default (LGD) is the loss that a financial service company faces in case of default.
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Normally for leases the figure is around 40 percent based on the current industry LTVs of around 85-90 percent." "Now that max LTVs have been mandated at 70 percent LGDs will come down significantly probably to 10 percent. This would significantly derisk vehicle financing, interest rates on leases will come down due to credit spread compression and the NBFIs operating in the subprime market will be pushed out," he said.
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"You might also see a shadow banking market operating that is outside the regulators purview that will offer higher LTVs," he added.
This is the step in the right direction. This provide a statutory protection of poor people who unnecessarily get into trouble with heavy credit burden. With huge marketing campaigns carry out by finance companies some people push into financial difficulties.