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Hyundai India introduces 5 new finance schemes amidst COVID-19 pandemic

Nizam Shaikh
Written by Nizam Shaikh

Hyundai Motor India Limited (HMIL) has introduced five unique customer-centric car finance schemes which give the prospect Hyundai customers an advantage of acquiring Hyundai cars with ease through various financial institutions. The five schemes available to Hyundai customers are from different banks that provide ease of ownership of vehicles. 

The first one is called ‘3 Months Low EMI Scheme’ where customers can opt for Low EMIs for the first 3 months and the balance amount in remaining equal EMIs for 3 Year, 4 Year & 5 Year loan tenures. The ‘3 Months Low EMI Scheme’ is valid for all Hyundai models. 

The second scheme is the Step-up Scheme where for the first year in a 7 year tenure loan, customers need to pay low EMI of INR 1234/lakh. From the second year onwards the EMI increases by 11% every year for the remaining loan tenure. This scheme is also available on all Hyundai models.

The third scheme is the ‘Balloon Scheme’ where the customer needs to pay a 14% lower than normal EMI from 1st to 59th month and the last EMI will be 25% of Loan repayment. Customers who want to spend less in the current time but are confident that they can pay a higher amount later can benefit from this scheme. This scheme is also available on all Hyundai models. 

The fourth scheme is ‘Longest Duration Scheme’. Through this scheme, Hyundai customers can opt for the longest loan tenure that is for 8 years loan repayment duration which eases the repayment amount as the customer benefits from the smallest amount of EMI. This scheme is valid only on select Hyundai cars.

The fifth scheme is the ‘Low Down-payment Scheme’. Using this scheme customers can opt for 100% on-road funding from financiers on select Hyundai cars. The brand also announced the ‘Hyundai EMI Assurance’ program for select new Hyundai owners working in private organisations a cover for three car loan EMIs in case of employment loss. 

About a month ago, Hyundai Motor India Limited (HMIL) also launched the ‘Click to Buy’ online sales platform for Hyundai cars where interested buyers can purchase select Hyundai car from the safety and comfort of their homes. The brand has also recently announced that it will be reopening its dealerships by strictly adhering to laws and advisories laid by the Govt. and maintaining all safety and hygiene parameters in COVID-19 affected areas.