Private lender ICICI Bank on Wednesday announced the launch of an innovative equated monthly installment (EMI) facility, in association with TranzLease, an automobile leasing & mobility solutions company. Termed as ‘SMART EMI’, this next-gen auto loan will allow buyers to drive new cars at lower than regular car loan EMI. The SMART EMI also takes care of the insurance and maintenance requirement of the vehicle during the financing period.

Speaking on the partnership, Mr. Ravi Narayanan, Head – Secured Assets, ICICI Bank said, “It marks the Bank’s entry into this burgeoning car financing segment. We are pleased to offer this specialised and unique experience to the car enthusiasts and are happy to introduce ‘SMART EMI’ facility. A first-of-its-kind innovative financing option developed for the car enthusiasts to help them to take home a car of their choice on lease without having to worry about financing, insurance and maintenance. The choice of car ranges from an array of entry level hatchback to the luxury segment sedans and SUVs. We believe, with introduction of this new proposition, customers will have a unique and hassle-free vehicle purchase experience.”

About SMART EMI:

1. It offers lower EMI in comparison to a regular car loan EMI as well as eliminates the hassle of unbudgeted and unforeseen expenses and unknown resale value.
2. This gives the users an option to either own the car at the end of the tenure by making payment of agreed resale value or simply return the car to the leasing company. In case of such return, customers are rewarded with special bonus.
3. Currently, this offering is available for both corporates and salaried individuals and will soon be available for self-employed customers.
4. Users can select a car of their choice and look at various EMI options available including comparing with traditional auto loans by visiting this link.
5. After selecting the car, they can call the ‘SMART EMI’ phone number +91-8130680080.
6. As a pilot, customers in Mumbai and Delhi-NCR can avail of this facility and take home cars of almost all leading makers. It will soon be available in Pune, Bengaluru, Hyderabad and Chennai.

How ‘SMART EMI’ works for a car (Ex-showroom INR 14.22 lakh)*

* Table is for illustrative purposes (Delhi) only