Hyundai launches five finance schemes to bolster customer confidence2 min read . Updated: 08 May 2020, 01:11 PM IST
Hyundai is looking at offering these schemes as a way to increase customer confidence and, in turn, revive sales.
At a time when demand has fallen to a trickle amid the Covid-19 pandemic and the ensuing national lockdown in India, Hyundai has come up with several finance schemes to ensure that customers are encouraged to make purchases without much worry regarding the prevailing uncertainties.
On Friday, the Korean car maker announced five finance schemes which it claims will help buyers put their mind at ease if and when going for new purchases.
These include a three-month low EMI scheme, step-up scheme, balloon scheme, longest-duration scheme and a low down payment scheme.
Three-month low EMI scheme*: Customers can opt for low EMIs for the first three months and the balance amount in remaining equal EMIs for three year, four year and five year loan tenures. This scheme is valid for all Hyundai models.
Step-up scheme*: With this scheme, customers need to pay low EMI of ₹1,234/lac for the first year for a seven-year tenure loan. From the second year onwards, the EMI would increase by 11% every year till the end of the loan tenure. This scheme is valid for all Hyundai models.
Balloon scheme*: Customers who want to spend less in current times but are confident of paying higher amount later can opt for this scheme. Here, a customer would need to pay a lower EMI ( ~14 % lower than normal EMI ) from first to 59th month and the last EMI will be 25% of loan repayment. This scheme too is valid for all Hyundai models.
Longest duration scheme*: Customers who want to pay smallest amount monthly EMIs to ease up the repayment of loan amount throughout the loan tenure can opt for up to eight years of loan repayment duration. This scheme is valid for select Hyundai models.
Low down payment scheme*: With the minimum possible down payment, customers can opt up to 100% on-road funding from financers under this scheme. This scheme is valid for select Hyundai models.
Speaking about the five schemes put out, Tarun Garg, Director - Sales, Marketing and Service at Hyundai Motor India, said that these would serve to reassure people who want to make new purchases but may be a little unsure in the prevailing situation. "Under these challenging times, it is vital that we empower customers with such programs that ease their financial burdens and assist them in staying on track with life goals such as buying their favourite Hyundai car," he said.
*Terms and conditions apply for every mentioned scheme. All the above mentioned schemes are from different banks for different sector.