Ford introduces 6 months EMI Skip plan: Low rate of interest, last scheme date explained

Apart from the EMI Skip plan, there is also the Step-up scheme. All these schemes are applicable only if the car (EcoSport, Figo, Aspire and Freestyle) is financed and for a minimum term of 60 months.

By:July 15, 2020 5:35 PM

Ford India has been rolling out new initiatives for the benefit of its existing customers as well as prospective ones. After announcing that its dealerships are opening in a phased manner, with proper COVID-19 prevention methods in place, the brand is now ready to welcome customers. Those who prefer to book a car from the comfort of home, there is also the option to call the Ford hotline or else logon to the website. Along with all these initiatives, Ford India is also planning to draw in customers with new schemes. The six months EMI Skip plan has been introduced. Customers are being offered a 60-month finance scheme. If one opts for it, he/she is eligible for a six months EMI Skip plan as well. In this plan, a customer will have to start paying his EMIs from the seventh month. If a customer plans to do a pre-payment or foreclosure, they will have to pay extra charges.

Moreover, if one were to buy the Ford EcoSport with the aforementioned terms and conditions, 8.99 per cent rate of interest will be applicable. If the customer decides to go for the Ford Aspire, Figo or Freestyle with the same scheme, a higher 9.50 per cent interest will be applied. Customers can also avail a Step-up plan. In this, the customer can choose to start from a lower EMI and slowly increase the payment over time. This is also valid for a loan of five years only. For the Ecosport, customers might start with as low as 1,727 per month/lakh. For the other cars mentioned here, the amount is slightly higher at Rs 1,777pm/lakh. The rate of interest here on the EcoSport will be 8.99 per annum and that on the others will be 10.15 per cent. From the second year onwards, the financial institutions approving the loan will want the customer to starting paying 10 per cent higher.

Also Read Ford EcoSport Titanium AT launched

All these schemes are valid for cars booked before July 31, 2020 only. The Ford Endeavour is exempt from all these schemes. Ford today also launched a new EcoSport Titanium AT variant in petrol guise.

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