The lockdown initiated across the nation due to the coronavirus pandemic has adversely affected the Indian economy with the automobile sector being one of the worst-hit sectors. The coronavirus pandemic has brought the production and operation of the automakers to a standstill. Like every other manufacturer, Hyundai is also gearing up to get its business back on track post lockdown. It has already launched a number of initiatives like ‘Click to drive’ online sales portal, EMI assurance scheme, and new guidelines for its showroom and service centers. The latest initiative includes five new financing schemes that provide more convenient re-payment options to its customers in this time of crisis.
3-Months Low EMI Scheme
This scheme allows customers to opt for low EMIs for the first 3 months. The balance amount will be settled in the remaining EMI's for 3,4, and 5-year loan tenure. This scheme is applicable to all Hyundai models.
Step-Up Scheme
This scheme can be costly in the long run. The customer will have to pay an EMI of Rs 1,234 per Lakh for the first year of a 7 year tenure loan. From the second year onwards, the EMI will increase by 11 percent every year till the end of the loan tenure. This scheme is valid for all Hyundai models.
Balloon Scheme
Under this scheme, the customer needs to pay a lower EMI from the 1st to 59th month (in a five-year loan tenure), with the EMI for the last month being 25 percent of the total loan to be repaid. This scheme too is valid for all Hyundai models.
Longest Duration Scheme
This scheme offers 8-years of loan repay duration. Under this scheme, the customers will pay the smallest monthly EMI amount, easing the burden of repayment. This scheme is valid for selected Hyundai models.
Low Down Payment Scheme
This scheme offers 100 percent on-road funding (covering the entire on-road cost of the car) from finances. This means zero down payment. This scheme is also applicable to the selected Hyundai models.
Although these schemes ease up the initial buying process, you still end up paying more in the long run. Apart from this, Hyundai Motor India has already begun resuming business across the country. The carmaker is planning to re-open more touchpoints in the coming weeks, in accordance with government directives.
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