The solution helps truckers estimate the additional interest payable on the moratorium
WheelsEye, a tech ecosystem of services centered around empowering truck owners, recently surveyed close to 5,000 truck owners for their understanding of moratorium. As per the findings, 67.1% of the truckers were unaware of the payment of additional interest on availing moratorium. Further, 53.6% of the respondents did not know that the interest will be added to the principal amount at a regular interest rate. Also, 53.8% have no understanding of available payment options to pay additional interest. The probe reflected the misunderstanding amongst the truck owners on moratorium terms and conditions as well as the additional payable interest. To address these issues, WheelsEye launched an extra interest calculator on their truck owner help portal.
The calculator helps truck owners in understanding moratorium terms and conditions and also helps them to estimate the additional interest payable on the moratorium. For this, truck owners need to access the online calculator and opt for their preferred language. Next, they need to fill basic details such as the principal loan amount, tenure (in years), interest rate, and the running month when the moratorium starts. Based on the data entered, the calculator shows the additional interest payable and the possible extension of the loan in months. The calculator is available on their help portal at https://help.wheelseye.com/
Speaking on the launch, EIR at WheelsEye, said: “Our survey reveals that truck owners have a little understanding about the moratorium. Right information is the first step towards empowerment. Hence, we developed an additional interest calculator to help truck owners know the repayment scenario better. It gives a clear picture of the impact of the moratorium with respect to loan tenure and the additional interest payable. We are hopeful that this will reduce their concerns to a great extent.”
WheelsEye is a hyper growing, mid-stage logistics-tech startup. Founded by IIT alumnus in the year 2017, it builds simple to use solutions for truck fleet owners, enabling them to function with higher business efficiency. It provides an umbrella of hardware & software services in a connected ecosystem that helps truck fleet owners to manage and grow their business.