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"I think so... particularly two-wheelers are running at 23 per cent, way higher than inflation," Srinivasan told reporters when asked if there is any scope of further rate cut for auto loans.
He said lending to the auto industry for retail financing is not taking place because of laws and issues surrounding repossession of vehicles.
"The government is working with the RBI (Reserve Bank of India) actively to allow banks to repossess vehicles on which loans are not being repaid and without that automobile industry would find it very difficult to get the loans going," Srinivasan added.
Court rulings against repossession and customers complaints against harassment have discouraged financiers to give loans on vehicles, especially in the two-wheeler and commercial vehicles segment.
"So we need to have a clear procedure of repossession where the law agencies like the police cooperate and it is done in an orderly manner and only than the loan will be given to the customers," he said.
Srinivasan said bus and truck sector had benefited from the government's stimulus package, which has resulted in a lot of low floor buses being financed under the Jawaharlal Nehru Urban Renewal Mission.
(PTI)
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