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The Corona virus pandemic is forcing automobile manufacturers to formulate new strategies that fit the current environment and align with buyers’ mindsets. That is why Hyundai has revived a recession-era program for today’s crisis! Hyundai has already seen success of a similar program in United States – The program covers up to six months of payments for buyers who purchased or leased a Hyundai between March 14 and May 17, 2020 if they lose their job due to COVID-19 this year.
Seeing the relative success of the program in the US market; Hyundai announced a similar scheme for Indian consumers. Hyundai is calling it the “EMI Assurance” Program and thus becoming the first OEM in India to offer such a scheme.
The scheme offers a Hyundai car owner cover against 3 EMIs on car loan during uncertain times – such as unemployment, poor financial health, mergers & acquisitions of the company, etc. This is also similar to the scheme offered by Kia to its customers in Europe, where the customers can delay the monthly payment of the vehicle loans in the case of losing of one’s job, and can resume repaying once hired. This scheme can be availed on Hyundai cars purchased between May 04 and May 31, 2020.
Hyundai, however, has not opened up the scheme for all its models. It is currently available only on select models and also, it is not applicable for the first 3 months of purchase. This is expected to offer some respite from EMI for the customers who would be financially impacted from the ongoing crisis and volatility. This, the company claims, will help boost demand and increase buying sentiment among the potential buyers, as it offers cover for the customers during their difficult times.
(Article is written by Karthick. He is an auto enthusiast, and an engineer by profession, currently employed in an auto MNC at Chennai; has a craving on new tech and a particular interest on the Indian automotive market.)