Honda makes auto finance easier, changes car loan EMIs to 'Smart EMIs'

Honda Cars India Ltd (HCIL) on Monday said it has tied up with TranzLease, an automobile leasing and mobility solutions service provider, to offer auto finance solution for its customers.

Under the partnership, the company said it has introduced 'Smart EMI' for its customers which will take care of finance, registration, insurance and maintenance requirement of vehicles during financing period.

The scheme also guarantees 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, the company said in a statement.

The amount of Smart EMI is much lower than regular car loan EMI as the estimated resale value of the car is deducted upfront, it added.

Commenting on the partnership, HCIL Senior Vice President and Director, Marketing & Sales Rajesh Goel said the Smart EMI option now makes it easier and convenient for consumers to enjoy the Honda range of cars in a unique financing option.

TranzLease MD and CEO Anindya Chakraborty said SMART EMI blends the best features of auto loan, auto lease and subscription model to create a true fit for the Indian car buyer.

HCIL said the facility will be initially offered in Delhi – NCR and Mumbai and it will soon be available in Pune, Bengaluru, Hyderabad and Chennai.