Due to the novel Coronavirus, millions of job layoffs and salary cuts have been announced and the situation is getting worse with every passing day. This will leave a huge impact on the automobile sector as people don't have enough cash flow to invest in vehicles, especially cars. To solve this out, Hyundai Motor India has come up with a new option which includes 5 new financing schemes especially considering the effect of COVID-19.
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3 Months Low EMI Option
Customers can choose this EMI option in which the first 3 months EMI will be lower than the regular ones and the balance amount will be added to the 3rd year, 4th year and 5th year of the loan tenures. It will give relief to the buyers who are lacking cash flow in this lockdown period. This exclusive offer is available with all Hyundai cars.
Step -up Scheme
With this scheme, customers need to pay low EMI of Rs 1234/lac for the first year for a 7 year tenure loan. From the 2nd 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
This scheme is beneficial for the buyers who want to spend less in the current time but are optimistic to spend more in the future. With this finance scheme, the buyer will pay nearly 14% lower EMI amount than the regular amount from 1 month to 59th month but will have to pay 25% of the loan payment as the last EMI. This scheme is also valid for all Hyundai cars.
Longest Duration Scheme
This finance scheme is beneficial for the buyers who want to pay a small amount monthly EMI for a longer period of time. The duration can be chosen up to 8 years of the loan tenure. This will help to ease up the repayment of the loan. But this scheme is only available for select Hyundai cars.
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Low Downpayment Scheme
With up to 100% loan on the on-road price of the vehicle. This scheme can be had with select finances and will be beneficial for the buyers who don't have cash-in-hand to pay the downpayment in the time of this lockdown. This scheme is also limited to certain Hyundai cars.
All the financing schemes from Hyundai have some Terms & Conditions which are to be validated by the customer. The schemes are only valid for cars purchased from 4th May to 31st May 2020.
