Cab drivers trip on EMIs as rides screech to a halt, seek moratorium on loan repayment

HYDERABAD: Waiting outside the parking lot of a finance company in Habsiguda, M Narayana, a 39-year-old cab driver, was pondering over how to pay the two pending instalments of the vehicle loan he had taken from the private financier.
Narayana, who was visiting the company from last three days, said he was trying to convince the financier to give him some more time.
“I came here after waiting for two hours at Uppal crossroads for passengers. I did not even get a single booking. It’s the same even after the lockdown was lifted. I do not have the money to feed my family or to clear the loan amount. I am afraid the financier might confiscate my vehicle if I am unable to pay the pending loan amount,” he rued.
Most cab drivers in the twin cities say that they are tripping on vehicle EMIs due to a sharp decline in number of passengers from the past four months since the Covid-19 pandemic hit the state.
The app-based transport workers said that they are going to submit a representation to the RBI governor on Monday seeking an extension of EMI moratorium till December 31 this year, complete waiver of interest for this period and financial assistance up to Rs 5 lakh under Mathura loan scheme for transport permit vehicles.
The cab drivers also submitted a representation to the transport department authorities for financial assistance to overcome the hardships they are facing due to lack of income from past four months. K Papa Rao, the deputy transport commissioner (vigilance, enforcement and IT) said, “They have given a representation which has been forwarded to the government. Any decision in this regard has to be taken by the government.”
Hyderabad-based Indian Federation of app-based Transport (IFAT), said that as most consumers are opting to use their own vehicle to commute and corporates are working from home, the income from daily passenger rides has fallen by at least 60 % in the last three months. “There are hundreds of cab drivers in the city who are unable to pay their monthly EMIs. Although the cabs are operating, we are not able to find passengers because most of them are working from home and very few are going to malls, markets or other public places,” said Shaik Salauddin, national general secretary, IFAT.