Hyundai Motor India is the first company to start EMI Assurance program amid economic crisis due to COVID-19

Hyundai Motor India is the first company that will start the EMI Assurance program in India from Wednesday.  The EMI Assurance program will boost the confidence of their customer because the job uncertainty is at a high level due to the economic crisis due to COVID -19. Due to the lockdown period, the demand has lowered drastically. For this situation of unemployment, various buyers do not want to buy any motor vehicles as there are many uncertainties added to their job condition. For this reason, Hyundai Motor India offers its prospective customers this EMI Assurance program. The assurance program will cover insurance in case of closure of the buyer’s company and acquisition of the company by others and job loss. This offer is valid only for new customer and it will give you insurance for one year from date to date sale of the car.  However, the insurance will not cover the first three months of buying. Tarun Garg, Director of marketing, sales and service described the offer.  According to him, this offer will give peace of mind to the workers of private companies who are thinking of buying new motor vehicles in this hard financial time.  Furthermore, according to Mr Garg, this will build up positive and confident sentiments for the car company.  All most all the motor vehicle companies had a nightmare of sales number as many companies have recorded zero sales in April month due to Lockdown situation in India.  All of these motor vehicle companies want to increase their sales after opening their showrooms.  These motor vehicle companies even had to close their productions to stop spreading COVID-19 among the employees.  In this period, Hyundai has also used their online selling channel to sell their vehicles, so that the social distancing is maintained.   In this sale’s channel, people can book their car online by digital payment. 

The car selling numbers not only dropped in India. The owners of showrooms are refusing to take new orders because there are already many cars piled up in their showroom and even in transport ships and trains.   According to many market experts, not only in the recent past but in the short and medium-term the car sells will see the downside for two reasons. Firstly, there is a lot of uncertainty over the availability of COVID-19 vaccine and secondly, the demand will not back soon after the ending of the lockdown situation. Many experts think that at least one year of the time period is needed to recover the economy. Hence, the motor vehicles companies around the globe will have face drop in car sales number. No market experts know how disappointing the number will be. Hence, in this crisis situation, the decision of Hyundai Motor India to start EMI Assurance program is really unique and it will be really interesting to see how this assurance program increases the vehicle selling numbers for the company.