Hyundai India introduces 5 new financing schemes

• The finance schemes come with more convenient repayment options that are expected to help customers purchase new cars.  
• Three of the new schemes are available on all Hyundai models, while two are only available for select models. 

The coronavirus pandemic has adversely impacted almost all sectors of the Indian economy, with the automotive sectors being one of the worst hit. Hyundai is, however, gearing up to get its business back on track by launching a number of initiatives like its ‘Click to Drive’ online sales portal, EMI assurance scheme, and new guidelines for its showrooms and service centres post lockdown. The latest initiative includes five new financing schemes that provide more convenient re-payment options to its customers in this time of crisis. 

These new schemes have been listed below:

1. 3 Months Low EMI Scheme: This scheme allows customers to opt for low EMIs for the first 3 months, with the deficit from these months being evenly distributed for the remaining duration of the three-, four- or five-year loan period. This scheme is valid for all Hyundai models.
2. Step-up Scheme: Under this scheme, customers need to pay an EMI of Rs 1,234/lakh for the first year of a 7 year tenure loan. The EMI will increase by 11 percent every year from the second year onwards, till the end of the loan tenure. This scheme is valid for all Hyundai models. 
3. Balloon Scheme: This is designed for customers who want to spend less in current times but are confident of paying a higher amount later. In this scheme, customers would need to pay a lower EMI (roughly 14  percent lower than normal EMI) from the 1st to the 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.
4. Longest Duration Scheme: This scheme provides a loan tenure of up to eight years. This means the customers will end up paying the smallest monthly EMI amount as possible, easing the burden of repayment. This scheme is valid for select Hyundai models.
5. Low Down Payment Scheme: Customers can opt for up to 100 percent on-road funding (covering the entire on-road cost of the car) from financers under this scheme, which essentially means zero down payment. This scheme is valid for select Hyundai Models.

Hyundai has already begun resuming business across the country, with 255 showrooms and workshops being reopened as lockdown restrictions ease up. The carmaker will look to re-open more touchpoints in the coming weeks, in accordance with government directives.

Disclaimer: Terms and conditions apply for every mentioned scheme. All the above-mentioned schemes are from different banks for different sectors.

Autocar India