ICICI Bank has announced the launch of Monthly Installment Plan (EMI) in collaboration with automobile leasing and Mobility solution company 'Translease'. Through this, customers can take a new car to their home with less cost and more convenience. It has been named "Smart EMI" and through this the vehicle insurance and maintenance needs are also taken care of during the finance period. The amount of Smart EMI falls much less than the car's normal EMI, as the estimated resale price of the car is already deducted.
The most important thing is that through this the customer gets the facility that he can keep the car with him by paying the resale price fixed at the end of the finance period and can return the car to the leasing company. In this way, a special bonus is also given to the customer for returning the car. This simple and inexpensive plan is designed keeping in mind the corporate and individual customers who want to upgrade their car within a few years.
In this unique scheme, EMI falls less than that of a normal car loan. With this, the hassle of resale value can also be avoided. Right now the scheme is available to corporate and salaried people, but will soon be made available to self-Employed. As a pilot project, customers of Mumbai and Delhi-NCR can buy cars of almost all big companies. Soon the scheme will also start in Pune, Bangalore, Hyderabad and Chennai.
Regarding this partnership, Head Ravi Narayanan of Secured Assets of ICICI Bank said, "ICICI Bank is always committed to providing new products and services to its customers with quick speed and high-end convenience. Through this scheme, the bank is entering the growing market of car finance. We are happy that we are bringing a special and unique experience for Smart Car customers through Smart EMI facility. It is the first of its kind financing scheme that gives car enthusiasts the option to take the car on lease and they will not have to worry about its finance, insurance and maintenance. Customers can choose anything from the initial hatchback to luxury sedans and SUV cars. We hope that after this unique scheme, car purchase will become a hassle-free experience for the customers."
