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Ford India has announced new finance schemes to support its customers to make a purchase decision during the ongoing pandemic. The Covid-19 crisis has got manufacturers coming up with attractive finance options to offering ease of ownership.
The new finance schemes introduced by Ford include various flexible repayment options such as a six-month EMI moratorium, lower monthly instalments and a step-up EMI format all of which reduces the initial cost of ownership.
Only select models are covered under the new finance schemes and are valid till July 31, 2020. The EcoSport, the Freestyle, the Aspire and the Figo models are eligible for the finance schemes.
Under the six-month EMI moratorium scheme, customers are being offered a maximum loan tenure of five years. Regular EMIs will start from the seventh month and If customers plan to do a pre-payment, there will be extra foreclosure charges.
The scheme EMI amount varies depending on the model. The EcoSport customer will have to pay an EMI of Rs 2,362 per lakh of the loan amount borrowed with an interest rate of 8.99 per cent. While other models such as the Freestyle, Aspire and the Figo customers will have to pay an EMI of Rs 2,394 per lakh with an interest rate of 9.50 per cent.
Moving to the setup finance scheme, the maximum loan tenure offered is also five years. However, the interest rates are higher than the moratorium scheme. In this scheme, initial EMIs will be lower, which will gradually increase over the loan tenure depending on the finance structure.
Customer looking to purchase the Ecosport under the step-up scheme will start with an EMI as low as Rs 1,727 per lakh with a rate of interest at 8.99 per annum. For the other cars eligible under the finance scheme, customers will be paying an EMI of Rs 1,777 per lakh, with an interest rate of 10.15 per cent.
The brand's flagship model the Endeavour SUV misses out on the new finance schemes offered by the company. However, there could be some dealer-level offers & discounts being offered during this month to boost sales.
In related news, Ford has launched a new variant of the EcoSport compact-SUV model in the Indian market. Called the Titanium AT, the new variant is priced at Rs 10.67 lakh, ex-showroom (Delhi) — here are more details.
Thoughts About Ford Announcing New Finance Schemes With Flexible Repayment Options On Select Models
The automaker aims to offer ease of ownership to its customers during the current times of financial instability. With flexible repayment options, customers are more likely to make a purchase decision to support the current need for personal transportation.