Hyundai offers industry-first EMI assurance program in case of job uncertainty

Hyundai Motor India on Wednesday announced a unique and industry-first EMI assurance program to raise customer confidence in prevailing times of uncertainty. In a bid to assure prospective customers that their purchases won't be affected by possible perils of job loss, the company is offering the program for purchases made in the ongoing month of May.

Hyundai says the program has been rolled out for select new Hyundai customers covering up to three car loan EMIs. "The program covers the customers under uncertainties such as employment loss in view of Poor financial health/Acquisition/ Merger of the company or due to any applicable laws," a press statement informed. The program covers customers for a period of a year from the date of sale of the car, excluding the first three months.

Tarun Garg, Director – Sales, Marketing and Service, has said that the idea is to provide peace of mind to buyers. "We understand customer aspirations of buying a vehicle and to ease the vehicle acquisition in uncertain times, we have brought the unique and industry first Hyundai EMI Assurance Program," he said. "We are sure, the Hyundai EMI Assurance Program will give new Hyundai owners working in private organisations full peace of mind during these times and create positive and confident sentiments for Hyundai car purchase."

Car makers are now increasingly looking at ramping up sales after a nightmarish April which saw zero sales due to a national lockdown in place. Factories remained shut and showrooms were closed through the entire course of the month. Several companies, including Hyundai, have therefore bolstered their respective online sales channels to ensure social distancing is maintained and customers can book their cars through digital means.

Service centers and showrooms are now also being given guidelines on how best to maintain hygiene and undertake sanitization processes.

The current time of gloom in the auto industry is not just restricted to India but the world over. In April, UK sales fell by as much as 97% while US saw sales dip by at least 50%. Reports of how dealers are refusing to accept new units have resulted in cars piling up in transport ships and trains. Across Europe, demand has fallen drastically and the short and medium-term future appears grim at best.