ICICI Bank and TranzLease join hands to launch ‘Smart EMI’ for car enthusiasts

Mumbai: ICICI Bank announced the launch of an innovative equated monthly installment (EMI) facility, in association with TranzLease, an automobile leasing & mobility solutions company, which enables customers to drive a new car home at lower cost and higher convenience. Termed as ‘SMART EMI’, this next-gen auto loan takes care of the insurance and maintenance requirement of the vehicle during the financing period. The amount of ‘SMART EMI’ is much lower than regular car loan EMI as the estimated resale value of the car is deducted upfront. Above all, this gives the users an option to either own the car at the end of the tenure by making payment of an agreed resale value or simply return the car to the leasing company. In case of such return, customers are rewarded with special bonus. This simple yet cost effective offering is developed, keeping in mind the special need of corporates and individuals who are keen to upgrade their vehicles in a few years. This unique proposition 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. Currently, this offering is available for both corporates and salaried individuals and will soon be available for self-employed customers. 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. Speaking on the partnership, Mr. Ravi Narayanan, Head - Secured Assets, ICICI Bank said, “ICICI Bank has always been committed at offering path-breaking products and services to its customers at the fastest possible speed and with the highest level of convenience. 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.” Added Mr. Anindya Chakraborty, MD & CEO, TranzLease, “In today’s age where consumers want a car but uneasy about the associated hassles, risks, costs of ownership, ‘SMART EMI’ comes as a solution that allows the love of car without the chaos.”