Private Sector lender ICICI Bank has recently launched a unique car loan scheme which helps you to drive a car home at a low cost this New Year. ICICI Bank has joined hands with automobile leasing company TranzLease to provide car loan facility. Termed as 'Smart EMI', this innovative scheme claims to offer cheaper EMI options than the usual EMI schemes available in the market. The estimated resale value of the car will be deducted from your EMI amount at the beginning which makes Smart EMI a cost-effective car loan option.

Smart EMI takes care of the insurance and maintenance requirement of the vehicle during the financing period. The other car loan options usually do not cover maintenance and insurance option during the loan tenure.

"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," said Ravi Narayanan, Head - Secured Assets, ICICI Bank said.

From the entry-level hatchbacks to luxury sedans and SUVs, the bank is offering Smart EMI on an array of cars. At present, this unique car loan option scheme is available to both corporate customers and salaried individuals. Self-employed customers will soon be able to avail the benefits of ICICI Smart EMI option, said the bank. Customers in Mumbai and Delhi-NCR can avail this facility. It will soon be introduced in Pune, Bengaluru, Hyderabad and Chennai.