Employees of the company who fall into specific bands are eligible to take car on lease.

• Tax saving option, Cash in Hand goes up with CTC remaining the same
• Option to own or switch to new car at the end or middle of the tenure
• Outsourcing the total Risk and Administration
• No Resale Risk. No Maintenance Surprises
• No Down Payment, arranging documents visiting showrooms etc.
• Better management by specialists thus Improved satisfaction
• Concentrate totally on your core activities
• Irrespective of Model test drive arranged on a call
• Just pay a fixed monthly cost for using a particular vehicle
• All risks relating to maintenance overspend and losses on resale risks to be borne by the leasing company

• A rental agreement, based on ‘usage’ rather than ownership of the car. Lease Rental is calculated only on the Depreciated Value of the Vehicle +Additional Services opted for
• You pay only for the usage value of the car and not on the total value of car. In the above example the usage is 48 Months and 60,000 kms hence the lease rentals are calculated for 48 Months and 60,000 kms only post deducting the residual value after 48 Months and 60,000 kms.

• RV is termed as residual value of the vehicle expected from the used car market post surrender of the vehicle to LEASE COMPANY. Market RV where LEASE COMPANY takes the residual value risk based on the various market intelligence.
• Residual Value is assumed based upon numerous factors such as :
  1. Make of Vehicle – ex. Maruti/Hyundai/Honda/Hyundai/Kia/Tata/Mahindra etc.
  2. Variant of vehicle – ex. Top /Mid-Level/Entry Level
  3. Fuel Type – ex. Petrol/Diesel/CNG/Hybrid/Electric Transmission – ex. Manual/Automatic
  4. City of Registration – ex. Mumbai/Delhi/Bangalore/Chennai etc.
  5. Tenure of vehicle chosen – ex. 24/36/48/60
  6. Mileage of the vehicle chosen – ex. 10,000 kms per annum/15,000 kms per annum etc.
• All the above options will vary your residual value and thus impact your lease rentals
• Higher the residual value of the vehicle, lower the lease rentals will be and vice versa
  • Ex-Showroom – GST = Base Price
    • Base Price – RV = Lease Rental amount

• Tenure: Employee to choose tenure options available from 36 Months, 48 Months, 60 Months.
• Mileage: Mileage of the vehicle will depend upon usage of the vehicle. There is a minimum capping of 10,000 kms per annum, however maximum mileage will depend upon usage of the employee. For ex. Employee can choose 12,000 kms per annum, 15,000s kms per annum etc. If the mileage is chosen higher than the residual value will be lower and lease rentals will higher hence employee needs to choose the mileage according to their usage. Mileage of the vehicle is cumulative for entire contract period which means the total mileage is to be consumed over the entire contract period and not on annual basis.
• Insurance: Insurance is included on financed mode wherein insurance renewal cost for entire tenure is budgeted in the lease rentals. Insurance renewals will be done by LEASE COMPANY only. Insurance claim management shall be managed by LEASE COMPANY on behalf of employee. Employee needs to provide required documents to process the claims.
• Partial Loss Damage Waiver: In case of any accident or major repairs, any Insurance disallowance in an approved claim will be borne by LEASE COMPANY, irrespective of the Cost
• Emergency Assistance: Emergency Roadside assistance shall be provided by default to all vehicle for any support during accidents and breakdown. Applicable 24X7 and 365 days PAN India.
• Maintenance: The services covered under maintenance are periodical service as per manufacturer’s schedule, unscheduled maintenance which may include any abnormal noise or any malfunction light flashing on the dashboard, running repairs which include replacement of tires and batteries as and when needed during the contract post confirmation from workshop.
  This service is also available as optional. In case, if employee wishes do maintenance at his own expense, he can exclude this option.
• Pick up drop for service (Under Maintenance only): During the service of the vehicle LEASE COMPANY driver will come and collect the car from employee and will drop it at the workshop. Once the car is serviced and ready for delivery then the same shall be delivered to employee.
• Replacement car (Under Maintenance only): Under this option, whenever the car is away for service, LEASE COMPANY shall provide the employee with a replacement car until the car comes from the workshop.

Maintenance includes all scheduled and unscheduled services for the client specific tenor and the mileage specified. Vehicle maintenance services exclude the following:

• Fuel and additives
• Washing & cleaning, polishing, anti-rust treatment, Teflon coating, flat tires, and parking
• Additional accessories, fitments, repairs, or consequential repairs arising out of such fitment on the vehicle, not originally fitted by the manufacturer (accessory fitted by an authorized dealer(s) is also part of the exclusion)
• Any repairs resulting from abnormal use of the vehicle, failure to follow the manufacturer’s handbook and service book, faulty use (lack of oil, driving with a warning light on etc.) or a problem due to poor fuel quality or a fuel error

The employees have a choice to buy the car at the prevailing market price, however the same is not mandatory. If the employee is not interested to buy the vehicle, then the vehicle needs to be surrendered to LEASE COMPANY as a residual value benefit is given at the beginning of the contract. Refer point no. 3.

In this case at the time of contract closure you need to pay for the excess mileage charges for the additional kilometers driven in the contract.

The car will be registered in the name of company / individual (Client Specific).

• Option 1: Registration in name of Company
• Option 2: Registration in name of Employee:
  1. RTO Tax is lower > Lower Rental
  2. All Legal & Financial Liability is with the Employee (usage of Car) & company is free of any legal matters at times of any 3rd party damage, etc
  3. In case of theft, accident, loss: No Liability to the Company

The lease and vehicle are portable:

• Carry the lease to the new employer
• Transfer the Lease on personal name & continue paying the same rental (basis CIBIL clearance post company exit)
• Take a loan & carry on owning the vehicle, basis process documentation clearance well in time of the employee exit from company
• Foreclose the Lease by paying off the Termination Value (TV) to the Lease company & walk out.

Yes, the contract can be extended but the initial contract should be less than 60 months. Extension is not possible beyond 60 Months.

This will lead to foreclosure of the contract, and you need to pay termination value and return the car back to LEASE COMPANY.

In this we recover the differential lease rentals of termination month and contracted month along with outstanding road tax recovery of vehicle.

Note: Tentative Delivery timeline post Step.5 is 12 to 15 working days* and may vary based on availability of vehicle, Availability of company signatory to sign the registration forms (Form 20) and process involved in the specific RTO.

You can send email from your official email id to us, and we shall provide quotations or shall share online access.

You can send email from your official email id to us sk@integserv.in, and we shall provide necessary clarification.