India's second largest carmaker on Wednesday rolled out a new scheme where the company will pay upto three EMIs on a customer's car loan in the unfortunate event of him losing his job.
The scheme, which is valid on all new Hyundai cars bought this month, is under written by Shriram General Insurance Company. It comes with the usual set of caveats. The scheme is valid for one year from the date of sale of the car and excluding the first three months. The scheme is also not applicable on Hyundai's premium range of cars like Creta, Elantra, Tucson and Kona electric. The customer will also have to provide all requisite documents to prove loss of employment.
"The programme covers customers under uncertainties such as employment loss in view of poor financial health/acquisition/merger of the company or due to any applicable laws," the company said. "There are regulations that prevent us from paying the EMIs in the first three months of a new loan tenure. So effectively, for somebody who buys the car in May, the relief will kick at the earliest from August. Anybody who buys a car this month is automatically eligible for this. There is no additional cost for availing this."
While dealerships in big cities like Mumbai, Delhi, Pune and Ahmedabad are shut for being in the red zone, the company said around 246 dealerships and 255 workshops have resumed operations across the country.