Hyundai Motor India on Friday announced an exchange and upgrade scheme for customers. The scheme is beneficial for small customers who want to upgrade to a bigger car. Small customers prefer to upgrade their car as EMIs of bigger cars are high as compared to their budget. Thus scheme will allow customers to lower their monthly car-loan payments.

Customers are asked to bring their small cars to any Hyundai dealership. The company will evaluate it at the dealership and give customer a choice to upgrade options with new amount, for a bigger Hyundai car.

The new equated monthly installment (EMI) will be lower than the EMI for a smaller car. The loan tenure will be 48 months. The new launched scheme is open for all cares and upgrade is possible for Santro, the newly launched I 10 or even for the bigger cars like the Accent and the Verna.

Commenting on new scheme, Sr. V-P, marketing & sales, Hyundai Motor India, Mr. Arvind Saxena said, "Typically, a first-time car buyer opts for a compact car and subsequently upgrades. Hyundai is offering to make this upgrade process easier with the new scheme, especially at a time when inflation is high and the cost of loans has increased. In fact, the scheme has been structured in a way that will bring down the EMIs."

It is generally seen that a first-time car buyer opts for a compact car and wants to upgrade it after some time. Hyundai has made this process easier with its new upgrade scheme. The scheme is structured in such a way to bring down EMI of cars. Small customers are not able to pay more as interest rates have been hiked following inflation. Inflation rate is further increasing day by day so as interest on auto loans. So both customers and auto makers are expected to affect by price hike. Different companies are expected to follow the Hyundai's foot steps to tackle the problem.

The newly launched scheme of Hyundai will start from the first week of July and will continue till the end of the month.