Upcoming Webinar :Register now for 'ULIP as an investment during economic recovery' powered by Bajaj Allianz

Coronavirus Lockdown | No EMI For 12 Months: Car-Makers Pull Out All Stops To Lure Back Buyers

Automakers are desperate to get back on track after having sold zero vehicles in over 40 days

May 12, 2020 / 09:07 AM IST

Car-making companies have rolled out a series of schemes to attract buyers afresh as they simultaneously prepare to restart factories that have been shut for more than six weeks now.

Hyundai, Renault, Honda, Volkswagen, Mahindra & Mahindra, Tata Motors and Skoda Auto are offering finance options including some that allow the car buyer to start paying EMIs, twelve months after the purchase of the vehicle.

Besides the regular discounts on the Bharat Stage VI (BS-VI) cars like Polo and Vento, German auto giant Volkswagen (VW) is offering a 12-month EMI holiday wherein the car buyer will start paying regular EMIs from the second year of purchase.

Volkswagen reduced the prices of the Polo TSI Edition (Highline Plus MT variant) by Rs 13,000 to Rs 7.89 lakh and of the Vento by Rs 1 lakh to Rs 10.99 lakh. The entire bouquet of six finance scheme offerings by VW is also offered by sister brand Skoda Auto for its range including Superb and Kodiaq.

Customers of Korean car brand Hyundai can opt for low EMIs for the first three months and the balance amount in remaining EMIs for three, four and five years. This is one of the five schemes that Hyundai has floated including one which the company claims offers the longest repayment period of eight years.

Close

In addition Hyundai dealers are offering direct cash discounts ranging between Rs 10,000 to Rs 40,000 excluding the exchange bonuses of up to Rs 40,000 on the Santro, Grand i10 Nios, Elite i20 and Elantra.

French car maker Renault has rolled out a ‘Buy Now Pay Later’ scheme where customers can buy any Renault car in May and start paying their EMIs after 3 months of purchase. The offer can be availed either at the dealership, on the Renault India website or the My Renault App.

Renault Finance has also rolled out ‘Job Loss Cover’, an insurance coverage against loss of job due to layoffs, retrenchment, accidental death, permanent disability and hospitalization in case of any disease including COVID-19 for single premium ranging from Rs 650 to Rs 1,600.

There are also offers across the product range including cash offers, exchange benefits and finance at a rate of 8.99 percent. Direct benefits ranging from Rs 30,000 to Rs 60,000 in the form of cash discount, exchange bonus and loyalty benefit are offered by the French company on the Kwid, Triber and Duster.

Honda Cars India is selling the Amaze compact sedan with a benefit of Rs 32,000 which includes extended warranty for fourth and fifth year and additional discount on car exchange. On the City mid-size sedan Honda benefits increase to Rs 1 lakh including a cash discount of Rs 50,000.

Car-market leader Maruti Suzuki is offering benefits ranging between Rs 10,000 to Rs 45,000 on almost its entire range while Tata Motors range of Harrier, Tiago and Tigor is sold with benefit schemes ranging between Rs 25,000 to Rs 40,000 including cash discounts.

With the government easing restrictions on restarting businesses despite a sustained rise in new coronavirus cases every day automakers are desperate to get back on track after having sold zero vehicles in over 40 days.

While car showrooms have opened in several parts of the country especially in the Green and Orange zones, several companies have launched online showrooms bringing the experience of buying a car right inside the living rooms of the buyers. For bookings made from red zones the vehicles will be delivered after lifting of the lockdown.
Swaraj Baggonkar
first published: May 12, 2020 09:07 am
Sections