Hyundai Will Pay Your Car’s EMI, But There’s A Catch

In a bid to boost customer morale, Hyundai is offering salaried employees a chance to safeguard themselves from the perils of unemployment when buying a new car

Times are tough with COVID-19 wreaking havoc all across the world. This has led to job uncertainty in the private sector, with many salaried individuals worried about losing their employment. Hyundai has launched an ‘EMI Assurance’ program for such individuals so that they can have some peace of mind when buying a new Hyundai car.

The ‘EMI Assurance’ program is essentially an insurance that you will have to opt-in for at the time of buying a Hyundai car. Hyundai will offer salaried individuals in the 18-65 age group a chance to lessen their loss if their employment is terminated due to the poor financial health of their company, a merger or acquisition. Buyers who select this insurance will be covered for three consecutive EMIs.

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There are, however, some conditions that you will need to keep in mind while availing this offer.

• Insured individuals will not be able to seek this facility in the first three months of availing the insurance. Furthermore, the insurance will be valid only for 1 year from the date of purchase.

• If the car loan is availed by multiple people, the insurance facility can only be availed by the individual whose name appears first on the loan documents.

• The insured party will have to be unemployed for 30 days and the insurance cover will stop once they get a job.

• Insurance will not be available if the individual resigns from the company, avails superannuation, or chooses early retirement. 

• Individuals who are aware that they will be losing their job at the time of availing the insurance, will not be covered under the scheme.

• Those with probationary, temporary, contractual or seasonal jobs are also not eligible.

• It will also not apply to people who are dismissed by their employers for poor performance, dishonesty, fraud or willful violation.

Also Read: More People Now Want Personal Cars As Preferred Mode Of Transport Post COVID-19 India: Survey

This program can be availed for all Hyundai models, except for the Creta, Elantra, Tucson and Kona EV. The EMI amount that will be covered by the insurance can range between Rs 2,000 and Rs 50,000. Also, the insurance is applicable for only those customers who buy a car in May 2020. It will be offered free of cost.