The automobile industry saw the worst April month this year with sales plummeting to zero levels due to the extended lockdown led by coronavirus. Now as the car-makers have begun to resume production after a nearly six weeks halt, they are also coming up with a range of schemes in order to revive potential buyers' interest amid such a crisis.
Companies including the likes of Hyundai, Honda, M&M, Tata Motors, Skoda, Renault and Volkswagen are rolling out financing schemes that even come with the option to begin loan repayment after 12 months of car purchase.
German car manufacturing company Volkswagen (VW):
In addition to the usual discounts on its BS VI cars such as Polo and Vento, is offering a 12-month EMI holiday so car buyers will need to repay loan from the second year of car purchase.
All of the 6 financing schemes extended by Volkswagen are also replicated by its sister company Skoda for its four-wheeler range that includes Kodiaq and Superb.
Hyundai has also come up with five such lucrative schemes. In one of the schemes, company is offering the longest repayment tenure of eight years. There is another scheme in which customers can avail low EMIs for the first three months and the remainder amount shall be adjusted in future EMIs for 3, 4 or 5 years car loan tenure.
Also, the company is offering cash discounts in the range of Rs. 10000- Rs. 40000. This is in addition to the exchange bonus of up to Rs. 40000 on Grand i10, i20, Elantra, Elite and Santro.
The leading car manufacturer that restarted its Manesar facility today also is offering benefit of between Rs. 10,000 to Rs. 45000 on its entire product range.
On its Tigor, Tiago, Harrier product range, the company is offering benefit in the range of Rs. 25000- Rs. 40000
Honda Cars India:
The company on its Amazon sedan is offering Rs. 32000 benefit as extended warranty for 4th and 5th year in addition to discount on exchange of car. On its City model, the car maker is offeing a huge Rs. 100000 that includes a Rs. 50,000 discount.