Hyundai offers finance schemes to stimulate new car purchase

From longer loan tenures, 100% on-road funding for cars and numerous such finance schemes, Hyundai is hoping to lure customer in to buy new cars. Hyundai has recorded sales of over 170 units in just two days since the lockdown lifted

By autoX Editorial | on May 8, 2020 Follow us on Autox Google News

From longer loan tenures, 100% on-road funding for cars and numerous such finance schemes, Hyundai is hoping to lure customer in to buy new cars. Hyundai has recorded sales of over 170 units in just two days since the lockdown lifted

In an official statement, Hyundai has just shared five unique finance schemes that the company has rolled out. These schemes are in addition to the EMI Assurance that the Koran carmaker announced a few days back.

As the name rightly suggests, the 3-month Low EMI Scheme allows customers to opt for low EMIs for the first three months and the remainder amount to be evenly distributed over 3/4/5-year loan tenures.

The company offers something they call the Step-up Scheme. Under this initiative, customers can opt to pay a low EMI of Rs 1234 per lakh for the first year. From the second year onwards, the EMI would increase by 11% every year. This scheme is only valid on 7-year loan tenures. 

The Baloon Scheme that Hyundai has on offer, is effectively the reverse of an initial down payment and loan. Primarily for customers who are hesitant to spend a huge sum in the current situation, a 14% lower EMI will be offered from 1st to the 59th month. On the last, 60th month of the 5-year loan tenure, the customer will have to pay 25% of loan repayment. All the aforementioned offers are valid for all Hyundai models. Additionally, Hyundai will also offer customers 8-year loan tenure and low down payment scheme as well - an offer that is only valid on select models. 

It must be noted here, that Hyundai hasn't revealed the rates of interest, and as with every loan, all of the above schemes are subject to approvals and document verification. 

Speaking about the unique initiatives, Tarun Garg, Director (Sales, Marketing and Service) said, “Hyundai has always been at the forefront of driving customer focused initiatives and yet again we are leading the way with 5 Unique Customer Centric Initiatives. Under these challenging times, it is vital that we empower customers with such programmes that ease their financial burdens and assist them in staying on track with life goals such as buying their favourite Hyundai Car.”

We have said it before, manufacturers will need to go the extra mile to ensure that customers still consider purchasing a car. The automotive sector has been experiencing a major slowdown over the past year, and given the ongoing coronavirus pandemic, sales in the month of April 2020 have further plummeted. While Hyundai has made the first move by offering lucrative finance schemes, other automobile manufacturers will need to follow as well.   

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Tags: Hyundai

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