EMI Relief on Car Loans: Hyundai and Its Luxury Brand Genesis Launch Job Loss Protection Plan Amid COVID-19 Crisis

As the Coronavirus has rocked the world, Hyundai Motor and its luxury brand Genesis has launched a scheme called Job loss protection plan. According to the scheme, if you buy a Hyundai or a Genesis vehicle anytime till the end of April 2020, the carmaker will give you a relief up to six months from paying EMI if you lose your job due to COVID-19. The car bought or leased should be through Hyundai Capital. 2020 Hyundai Creta SUV Launched in India at Rs 9.99 Lakh; Prices, Features & Specifications.

This scheme is available in several models available in the US market like Venue, Accent, Santa Fe and Elantra Tucson. "Bringing back the job loss protection program in this unprecedented time will allow our customers to have one less thing to worry about if something unexpected happens to their employment status," said resident and CEO of Hyundai Motor North America Jose Munoz. Toyota India Halts Car Production Over Covid-19 Outbreak.

The scheme launched by Genesis is known as Genesis Cares Job Loss Protection. This plan also offers 6-month relief from paying who buys a car till April 30 if you lose job anytime this year. The purchase or lease should be made through Genesis Finance.

A similar type of scheme is also rolled out by General Motors to combat COVID-19 impact by offering financing of new vehicles. The carmaker is offering zero percent interest loans and deferred payments up to 120days on new vehicles.

(The above story first appeared on LatestLY on Mar 27, 2020 11:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).