Hyundai offers five flexible finance schemes to woo buyers

Our Bureau Chennai | Updated on May 08, 2020 Published on May 08, 2020

The schemes include three months low EMI scheme, step-up scheme, balloon scheme, longest duration scheme, and low down payment scheme

Hyundai Motor India Ltd (HMIL) has announced five different car finance schemes for prospective buyers of Hyundai cars, as the second-largest car maker in India accelerates its sales push with attractive packages.

HMIL has resumed operations in 255 showrooms & workshops across India as per government guidelines. Over the last two days, it has received 4,000 customer inquiries, 500 customer bookings and retail of 170 cars, according to a statement.

To build positive momentum, the company has launched new financing schemes amid uncertainties in the job market.

“We are leading the way with five unique customer-centric initiatives. In these challenging times, it is vital that we empower customers with such programmes that ease their financial burden and assist them in staying on track with life goals such as buying their favourite Hyundai car,” said Tarun Garg, Director (Sales, Marketing and Service), HMIL.

The five schemes include three months low EMI scheme, step-up scheme, balloon scheme, longest duration scheme, and low down payment scheme.

Under the three months low EMI scheme, buyers can opt for low EMIs for the first three months and the balance amount in remaining equal EMIs for three-, four- and five-year loan tenures.

In the step-up scheme, prospective buyers need to pay low EMI of ₹1,234 per lakh for the first year for a seven-year loan. From the second year onwards, the EMI would increase by 11 per cent every year till the end of the loan tenure.

The balloon scheme has been developed for buyers who want to spend less in the current times but are confident of paying higher amounts later. Here, the buyer would need to pay a lower EMI (about 14 per cent lower than the normal EMI) during 1-59-month period and the last EMI will be 25 per cent of the loan repayment.

The longest duration scheme is meant for buyers who want to pay the smallest EMIs to ease the repayment of the loan amount throughout the loan tenure. Here, buyers can opt for up to eight years of loan repayment duration.

With the minimum possible down payment, customers can opt for up to 100 per cent on-road funding from financiers under the ow down payment scheme.

Two schemes ― longest duration scheme and low down payment scheme ― are valid only for select Hyundai models, while the other three schemes are valid for all models.

A couple of days ago, Hyundai had launched what it called the industry-first ‘Hyundai EMI Assurance’ scheme, under which it offered to pay three EMIs on behalf of customers who faced a sudden uncertainty with regard to a job loss (read job loss). It is aimed at helping these customers so that can focus their energies on finding a new job within the 90-day period and restart paying the EMIs.

Published on May 08, 2020

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