SMART EMI is a combination of ICICI Bank auto loan with services and special features from TranzLease which covers everything for your car through a single window solution platform – car financing, insurance and its management, total maintenance of the car and disposal of the car at end of tenure … everything is included.
SMART EMI includes insurance and maintenance in the form of EMI and scope and coverage is wider than what you get in the market. Moreover, SMART EMI means convenience to you – you get a single EMI which is inclusive of various things and you do not need to scout multiple sources. SMART EMI is simple and provides a 360 degree platform and single source solution … if you are looking for lifestyle and ease of car usage, SMART EMI offers the best option in the market together with flexibility.
Also, SMART EMI protects you from resale value risk and gives you an option to either own car or change car after a certain tenure – a feature which is not available in any other program in such a cost effective simple manner.
SMART EMI will be preferred choice when you are looking at a blend of cost effectiveness and hassle free car usage … if not, TZL can facilitate a normal auto loan through its partners.
Insurance under your SMART EMI is comprehensive with zero depreciation and consumables cover and comes with a variety of services like claim management, proper IDV coverage and various other factors, which cannot be ensured in case of online insurances. Also, under the SMART EMI, the insurance is being paid through monthly installments and hence not a lump-sum annual cost burden. Moreover, under the SMART EMI, TZL with required expertise to ensure a better driving experience for you is doing everything on your behalf.
One of the biggest myths of car buying is that during initial years the car is maintenance free. The reality is that on most models, only 1st service and some portion of 2nd/3rd services are free – everything else has to be paid for. The maintenance included under SMART EMI is based on manufacturer/dealer specified maintenance schedules and factors in both free and paid services. Moreover, SMART EMI maintenance is a TMC i.e. Total Maintenance Contract along with warranty management that includes both periodic (or scheduled) maintenance as well as running repairs. Moreover, SMART EMI maintenance cover ensures that all the maintenance work required for your car is done in proper manner and at proper intervals to ensure car quality and this also helps in maintaining a good resale value at the end of the tenure. Consumers are often mistaken that car maintenance during initial years is free but in reality every car consumer has to bear minimum expenses and more often than not, pay also for unforeseen and unbudgeted expenses – with SMART EMI maintenance this risk factor is almost nil along with convenience and peace of mind for the consumer.
TZL provides you with TMC (Total Maintenance Contract) as opposed to dealer AMC. Certain manufacturers also provide maintenance packages but TZL TMC is more exhaustive. Also, AMC from dealers typically have various restrictions and conditions which is not there in case of TZL maintenance program. Also, TZL maintenance is automatically included in SMART EMI i.e. you are paying only on a monthly basis.
No car is zero maintenance – this is a fact and consumers suffer endlessly in terms of quality and in terms of sudden unforeseen expenses during their visit to the workshop. The general consumer is unaware of technicalities and ends up spending more at the workshops. Under the SMART EMI this risk is eliminated – known as “Maintenance Expense Loss Protection Service”. Plus, you are not required to incur sudden lump-sum expenses as maintenance is already included as a per month amount in your car EMI
Residual value loss is the most significant risk in today’s environment. With new car models being launched along with obsolescence of earlier models, the value that you will fetch by selling the car is uncertain – when you buy the car through an auto loan the entire risk is on you whereas under the SMART EMI you are completely protected – if the value of your car drops substantially you do not incur any financial loss as you can simply return the car at end of the SMART EMI or buy the car at such lower market value as per your choice. So you benefit in every way.
TZL is responsible for helping you choose the car, procure, insurance, maintain and dispose of the car; ICICI Bank role is credit appraisal and financing of the car. TZL also acts as a guarantor of the vehicle and provides complete protection from resale value price fluctuations and risk from unbudgeted/unforeseen expenses.
Car is registered in your name. At end of tenure, you can surrender car to TZL – on such surrender you will get BONUS as per the Plan chosen. TZL will complete formalities for name change in the RC book and provide you with NOC from bank – you just have to follow the instructions from TZL including providing documentation as required.
Yes. Profit or loss, as the case may be, in case you buy and sell on your own will to be your own account.
TZL is expecting a minimum resale price when you surrender car (at end of the tenure) and accordingly guarantees the bonus amount. The BONUS amount is given by TZL (not ICICI Bank ). However, if the accident history during your car usage is unsatisfactory or KM coverage is more than 10% of stipulated usage then bonus amount can reduce.
Good drive bonus is a special incentive given to you to reward you in case of good driving habits and or better than expected market conditions at the end of the tenor. Good drive bonus is available when you exercise the Surrender Option at the end of the tenor. At the end of the tenor, when you surrender the car, any sale value over and above the value stipulated under your chosen scheme will be given back to you as good drive bonus.
Amount to be transferred to your bank account after applicable TDS.
TZL will collect info periodically on KM travelled. If KM being travelled is proportionately more as compared to stipulated KM under the Plan chosen, TZL will have the right to change the car EMI and guaranteed bonus amount; alternatively, all costs after crossing total KM covered under the plan will be charged at actuals but guaranteed bonus amount will reduce. TIP: If your expected travel is higher than 15,000 KM per year then please discuss this with us and we can customize the EMI to accommodate higher KM coverage.
Yes, both Zero Dep and consumables coverages are included. However, during renewals insurers may decline to provide you with zero Dep and/or consumables based on accident history of your car / changes in IRDAI rules. In such case, we will rework your EMI to include normal comprehensive insurance which may result in downward revision of EMI. This may happen at time of renewals only. Also, in case of claim partially/totally being rejected by insurance company the difference between actual repair cost and insurance settlement amount is to be borne by yourself – note that this is generally applicable in all cases, however, with TZL the claim settlement ratio is usually higher than normal thus reducing your cost.
Your SMART EMI includes comprehensive insurance coverage for the entire period of the SMART EMI i.e. you do not have pay anything extra.
Under the SMART EMI, all insurance claims are managed and handled by TZL including renewal of insurances. The car user does not have to do anything other than interacting with TZL and providing incident related information.
No claim bonus during renewals will be given by way of cash back at the time of renewal.
You do not have to pay anything extra. Your SMART EMI covers insurance for the entire period. However, in case of claims rejected by insurance company the expenses incurred towards repair of the car not covered by the insurance policy is to be paid at actuals; also, there is a processing fee (nominal) to be paid at actuals during every claim management (such processing fees is charged by insurance company and not by TZL). Also, if there is any increase in tariff due to government/IRDA stipulated changes then during renewals such extra portion (if any) has to be paid by you as these are government dues not under the control of the TZL.
Amount transfer to your bank account after applicable TDS.
TZL maintains highest standards whilst undertaking maintenance of the car – TZL has national level tie ups with car manufacturers and authorized dealers and all maintenance work done through such channels; in case of denting and painting smaller but authorized work shops will be used guaranteeing no loss on warranty.
Everything included subject to the exclusion of any repairs/damages resulting from unauthorized usage, drunk driving, rejected insurance claims, intentional negligence. Tires and batteries are excluded – can be procured through us at special discounted rates (your choice) as and when required. For further details please email us your specific query at email@example.com
Maintenance under the SMART EMI is more comprehensive than any dealer AMC (annual maintenance contract) program. It covers periodic or scheduled maintenance services, running repairs, accident repairs (as covered under the insurance policy) and all associated charges for spares, parts, labor, lubes and consumables.
Periodic maintenance service is the periodic service scheduled for a particular model of a car as per manufacturer specification and takes place at certain intervals of either KM travelled or time elapsed.
All maintenance not covered under periodic maintenance is classified as running repairs.
All repairs as necessary and resulting from an accident is covered under the SMART EMI with the exception of those costs/expenses not admitted within the insurance policy claim. This has to be paid extra and at actuals.
No – you can use your car for any extent of travelling. However, the SMART EMI covers all maintenance expenses for up to 50,000 KM over a 36-month period / 75,000 KM over a 60-month period (as per plan opted for). If you travel over and above the specified KM during the SMART EMI period, then all expenses beyond such specified KM will be billed to you at actuals.
TIP: If your KM running is expected to be higher than 50,000 KM over a 36-month period please do intimate us in advance; the SMART EMI can be customized to suit your requirement.
Yes. You can always refer your preferred dealership to us – however, in such cases, we may not be able to negotiate the best price for your car or ensure timely delivery and such will be your responsibility.
Yes – we will offer you the latest models available at the authorized dealerships. If you choose to buy an older model you need to let us know in advance. Similarly, in case of any specific requirement like delivery date, special registration number or accessories you need to let us know in advance (at time of confirming your order)
You can manage your SMART EMI just like you manage your bank accounts – TranzLease has unique personalized online car portals through which you can manage your SMART EMI and more – some features of the online portal are:
The portal has been designed keeping in mind your convenience and to enable you to manage your car life cycle with minimum effort.
If you want to close the SMART EMI, you have 2 options:
The Rate of interest is the same as under ICICI auto loans - it slightly differs based on the car chosen and your credit score.