Hyundai Motor India offers EMI waiver for job loss
South Korean auto maker Hyundai Motor India Ltd (HMIL) is offering a three-month EMI waiver to customers who might lose their jobs. The scheme tries to assure potential customers who might be postponing their purchase decisions in these uncertain times.
“The company, through its back-end insurance company Sriram General Insurace Company, will pay the three EMIs to the purchaser’s financier,” Vikas Jain, assistant vice-president, sales, HMIL, told The Telegraph.
The customer, however, has to shell out the first three EMIs, from May to July, as this is the “freezing period”.
“From August, three EMIs will be waived in case the customer loses his job in May or thereafter,” said Jain.
When asked why three EMIs, Jain said: “We expect him to get another job in three months’ time. After the three-month waiver, the customer needs to go back to paying his EMIs to the bank as before. The scheme gives the customer confidence to buy a car in these uncertain times. There are many customers who want to purchase a car now to avoid travelling in mass transit. This scheme is to help them in their car purchase.”
The scheme is for private sector employees who make a purchase in May 2020 and the waiver will be valid for the first year of purchase.
Honda Motorcycles and Scooters India Ltd (HMSI) is taking steps to provide liquidity support to its dealers during these challenging times.
Yadvinder Singh Guleria, director (sales and mrketing), said, “We have decided to bear additional 19 days’ interest, making it a total of 40 days
of interest cost by Honda on the BS-VI inventory at our dealers.”