Hyundai recently announced some unique new car finance schemes that give customers a wide range of options to choose from while buying their preferred car. Here are all the intricate details of these five customer centric car finance schemes that can be availed from various banks in different sectors.
1. Balloon scheme
Hyundai's balloon scheme is for any car model buyer who wants to spend less in these unprecedented times, but is confident about paying a higher amount later. Here, the customer would need to pay a lower EMI, which is about 14 per cent lesser than the normal EMI, from first to the 59th month. Then, the last EMI will be 25 per cent of the loan repayment.
2. Step-up scheme
Under the step-up scheme, all Hyundai car buyers will have to pay a low EMI of Rs 1,234 per lakh for the first year for a seven-year tenure loan. Then, from the second year onwards, the EMI would increase by 11 per cent every year till the end of the loan regime.
3. Three-month low EMI scheme
Prospective Hyundai car buyers can also opt for a three-month low EMI scheme, which will entitle them to low EMIs for the first three months. Then, the balance amount can be paid in remaining equal EMIs for three-year, four-year and five-year loan tenures.
4. Low down payment scheme
Additionally, Hyundai has also formulated some finance schemes for select car models. The first is a low down payment scheme that enables minimum possible down payment as customers can opt up to 100 per cent on-road funding from different banks.
5. Longest duration scheme
Meanwhile, customers who want to pay the smallest amount for monthly EMIs, can even opt for up to eight years of loan repayment duration under the longest duration scheme. This will ease up the repayment of loan amount throughout the duration of the loan.