Home / Money / Personal Finance /  ICICI Bank's new car loan scheme: Smart EMI facility explained

Private sector lender ICiCI Bank has announced a new car loan facility, in association with TranzLease, an automobile leasing and mobility solutions company. Termed as ‘Smart EMI’, this next-generation auto loan will enable customers to drive a new car home at lower cost. This new loan facility by ICICI Bank will take 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, “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. We believe, with introduction of this new proposition, customers will have a unique and hassle-free vehicle purchase experience."

Anindya Chakraborty, MD & CEO, TranzLease said, “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."

Here is all you need to know about ICICI Bank's Smart EMI car loan

1) The amount of ‘Smart EMI’ is much lower than regular car loan EMI as the estimated resale value of the car is deducted upfront.

2) 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.

3) In case of such return, customers are rewarded with special bonus.

4) Currently, this offering is available for both corporates and salaried individuals and will soon be available for self-employed customers.

5) As a pilot, customers in Mumbai and Delhi-NCR can avail of this facility .

6) It will soon be available in Pune, Bengaluru, Hyderabad and Chennai.

7) Customers can avail of this facility by simply visiting ICICI Bank.

8) Select a car of your choice and look at various EMI options available including comparing with traditional auto loans.

9) After selecting the car, you can call the ‘Smart EMI’ phone number +91-8130680080.

10) Post-delivery of the car, ‘Smart EMI’ provides customers with a personalised car portal through which the customer can manage the entire car life-cycle from the date of purchase to the date of disposal.

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