Several domestic and global auto manufacturers in India offer the convenience of buying a car with easy financing. There are a number of lucrative schemes offered by each and every car maker and the same is beneficial in providing stability to their market presence. Amidst numerous companies is the South Korean auto giant Hyundai, who is acknowledged as a reliable and trustworthy car brand in the Indian auto market. The company has several financing proposals in its lot to help the consumers who find it difficult in paying hefty amounts for cars at once. Hyundai car finance has been considered among the most prudent financing firms of the nations, owing to its flexible interest rates and special privileges to those who avail the loan.
This South Korean auto brand has collaborations with other major finance houses. Such as State Bank of India, ICICI, HDFC Bank, Axis Bank, Mahindra Finance, Kotak Mahindra and Magma Fincorp. The Hyundai car loan rates and sum is decided by the unanimous decisions taken by the aforementioned corporations. The rate of interest can be floating or fixed as per the suitability kind of finance option and loan requirement of the user. The percentage of interest generally varies from 10.25 per cent to 17 per cent [generally NBFC’s offer loans at relatively higher rates (13-17%)], depending upon the loan amount and duration of monthly instalments. The Equated Monthly Instalments (EMIs) of Hyundai car financing schemes are from 1 year to 7 years. On the other hand, the loan amount is decided considering the kind of profession an individual is into and the annual salary he is paid.
The minimum age of applicant applying for the car loans should be 18 in case of a salaried personal and 21 if he/she is self-employed. The salaried employee must have had a work experience of at least 1 year, whereas the self-employed individual should have completed 2 years in the business. The minimum amount provided to the loan seekers is Rs. 1 lakh, whereas, the maximum depends on his/her firm's annual turnover or annual income. Hyundai car financing usually requires minimal number of documentations to be provided during the time of applying for loans. After the documentations are verified by the concerned authorities, the sum is transacted into the valid bank account of the applicant, and this entire process takes less than 48 hours. The documents generally required at the time of applying for a loan are IT return copy, permanent address copy, monthly salary slip copy and one identity proof.
A number of Hyundai cars in India are available with various car loan tags and the exclusive services offered with them also vary. Few of the models allow the users to avail special privileges of extended warranty and service, whereas others include cost-effective additional accessory packages. Hyundai car dealers in India agree that these type of financing schemes by the company has pulled a considerable number of prospective buyers towards the dealerships. More and more people can now transform their car buying dream into a reality through such kind of financing offers. In the coming years also, it is expected that more consumers will be tending to avail such benefits and be a part of the vast fan following of the car maker.
