Lenders hesitant to finance three-wheeler purchase: Atul Auto

Three-wheeler manufacturer Atul Auto expects October to be a better month than September, but said lack of financing options for three wheelers was affecting sales.

“As of now, still there are a lot of restrictions going on into the market, there are issues of availability of retail finance for passenger three wheeler,” Jitendra Adhia, President-Finance, Atul Auto said in an interview with CNBCTV18.

“If we understand the entire three wheeler composition, cargo contributes 20 percent and approximately 80 percent is being contributed by passenger three wheelers. Financiers are not that encouraged to make available finance for passenger three wheeler because of the restrictions which is going on,” Adhia said.

He was hopeful that things would improve with each passing month.