Hyundai’s 5 new car buying finance schemes explained: Low EMIs, no down payment and more

New Hyundai Verna launched, price starts from 9.30 lakh rupee, know engine, power and features

To reach the consumers during the ongoing coronavirus pandemic, Hyundai Motor India announced its “Click-to-Buy’ online sales platform where one can book and purchase a new model. Along it came the 360 Digital Service & Contact-less Service Experience for after-sales solutions as well. Hyundai India has now made efforts to help reduce the immediate financial burden customers with 5 new schemes.

Tarun Garg, Director (Sales, Marketing and Service) said, “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.” 

Three Months low EMI Scheme

The benefit of this scheme is that the customer will be offered a 3, 4 or 5-year loan, but will be required to pay a smaller EMI amount than usual for the first three months. Form the fourth month onwards, your EMI will be determined by the remaining balance and the tenure of your loan.

Step-Up Scheme

With the Step-up scheme, customers will be required to pay a monthly EMI of Rs 1,234/lakh for the first year. Every subsequent year, the EMI would increase by 11% for the 7-year loan tenure of the loan.

Balloon Scheme

If you wish to spend less in current times but have the confidence to pay higher monthly instalments at a later stage, then this scheme could be the one for you. With the Balloon Scheme, on a 5-year loan tenure, a lower EMI offered would be approximately 14% lower than the normal EMI. This would remain the same from 1st to 58th month. But, the loan tenure’s last month’s EMI would be 25% of loan repayment.

Longest Duration Scheme

If you wish to ease up on your monthly expense by paying the smallest EMI amount available, Hyundai will offer a loan tenure of up to 8 years.

Low Down Payment Scheme

To offer the minimum possible down payment, Hyundai customers will be able to opt up to 100% on-road funding from financers.

The Three Months Low EMI, Step-Up, and Balloon schemes are offered on all Hyundai models across the range. But, the Longest Duration and Low Down Payment schemes are offered on select Hyundai models only.

In 2020, Hyundai Motor India launched the Aura subcompact sedan in January, which was followed by the all-new Creta and the Verna mid-size sedan inMarch. At the Auto Expo held in February, Hyundai showcased the 2020 Tucson which was scheduled to be launched in April. However, due to the coronavirus lockdown that forced all automakers in India to halt operations nationwide, the Tucson’s launch has been delayed. Now as Hyundai is beginning to resume manufacturing and sales operations, the Tucson is expected to be launched soon. The Tucson will be followed by the third-generation i20 hatchback which will take on the Maruti Suzuki Baleno, Volkswagen Polo, Tata Altroz and the upcoming 2020 Honda Jazz.

source: financialexpress