Honda Cars India Ltd has tied up with TranzLease to introduce SMART EMI, a next-generation auto finance solution for its customers which will take care of the finance, registration, insurance and maintenance requirement of the vehicle during the financing period.
The SMART EMI comes with guaranteed resale value at the end of tenure with an option to retain or sell the car. The customers can retain the car at the end of the tenure by making payment of agreed resale value or simply return the car to the leasing company. There are provisions of guaranteed bonus and even Good Drive Bonus at the end of the financing tenure. The amount of SMART EMI is much lower than regular car loan EMI as the estimated resale value of the car is deducted upfront.
Speaking about the innovative auto finance solution, Rajesh Goel, Senior Vice President and Director, Marketing & Sales, Honda Cars India Ltd said, “Honda is committed to provide innovative ownership solutions with evolving customer preferences. The first of its kind SMART EMI option now makes it easier and convenient for the consumer to enjoy the Honda range of cars in a unique financing option.”
Anindya Chakraborty, MD & CEO, TranzLease says “In today’s age where consumers want a car but uneasy about the associated hassles, risks, cost of ownership, SMART EMI comes as a solution that allows the love of car without the chaos – SMART EMI blends the best features of auto loan, auto lease and subscription model to create a true fit for the Indian car buyer.”
Initially, customers in Delhi – NCR and Mumbai can avail this facility to buy their favourite Honda car and it will soon be available in Pune, Bengaluru, Hyderabad and Chennai. The customer can approach any Honda dealer in these cities to avail this facility. Based on the response in major cities, the solution will be rolled out on pan India basis. Post-delivery of the car, ‘SMART EMI’ provides customers with a personalized car portal through which the customer can manage the entire car life-cycle from the date of purchase to the end of tenure.