FAQs
Frequently Asked Questions
Vehicle leasing is the globally preferred method for acquisition of an automobile & provides a one-stop solution for all needs in relation to the vehicle starting from the choice of the appropriate vehicle, financing, procurement and documentation, insurance renewals and management, maintenance and in the end, disposal of the asset.
There are generally 2 types of leasing products available in India.
An operating lease is generally treated like renting. That means the lease payments are treated as operating expenses and the asset does not show on the balance sheet.
A financial lease is generally treated like loan. Here, asset ownership is considered by the lessee, so the asset appears on the balance sheet
There are basically two types of operating lease:
A dry lease, which is a product offered by the leasing company wherein, ex-showroom, road tax and insurance for the contracted lease tenure is funded by the leasing company. However, this does not include maintenance. Under this product, there is no kilometre restriction applicable on the leased car, as the maintenance of the vehicle is taken care of by the employee himself/herself, as per the vehicle usage.
A wet lease, on the other hand, means that the leasing company will arrange for the full funding of the vehicle and will also manage the maintenance of the vehicle, including tyres and batteries. Under this product option, an employee may choose the kilometres required for the contracted tenure, and the leasing company shall budget the maintenance on the vehicle accordingly.
In the case of rental cars, in general, users select a car that a rental car company has prepared and rents it for a short period. In the case of a vehicle lease (auto lease), the model, grade, color, and other specifics can be customized according to the customer’s liking and can use the car for an extended period.
FMS includes services such as maintenance, road tax funding and insurance funding. Optional services may also be opted such as accident depreciation waiver, Quick Replacement Car, 24/7 break down assistance and total loss theft retention which will form a part of the FMS.
Safety and reliability –
We have an extensive network of maintenance workshops across the country, allowing vehicles to be used with no worry. In case of an accident or failure, we respond quickly to prevent your operational efficiency from dropping.
Outsourcing your vehicle management –
Focus human resources and funds on core business by outsourcing vehicle management work. By outsourcing your vehicle management work to us, you will be able to separate that work from your company and focus human resources and funds on your core business.
Cost cutting –
WLeveraging our economy of scale, we help you cut costs for vehicle purchase, maintenance, disposal, and others. We offer you total support in vehicle-related cost reductions from every angle, from proposal of optimal vehicle types to fuel cost management and risk management support for reducing accidents.
Financial and accounting merits –
All the vehicle-related costs you pay are the fixed lease fees only, which makes budget and fund management easier to do. By avoiding the need to obtain large amounts of capital or the immobilization of funds, you will have more credit availability. All the lease fees can be deduced as expenses if it can be processed under a rental contract.
All kinds of vehicle that are registerable can be leased under this scheme. The customer can choose any model. Vehicle lease (auto leases) apply to any kind of vehicle, including domestic and foreign passenger cars, trucks, vans, buses and other vehicles used for logistics, special and large vehicles such as specially-equipped vehicles, forklifts, refrigerated trucks, etc. Users can also specify the colours, the options, and even add their logos and company names.
With our “leaseback system option”, yes, it is possible. We recommend you get in touch with our 24×7 helpline team on 1800-500-1212 to know about the leaseback option.
Please contact us beforehand because changes will have to be made to the lease agreement contents and maintenance workshop in charge of the vehicle. Moreover, because of the Road Transport Vehicle Act, the user will have to secure a new registration address in the automobile inspection certificate.
Yes, a customer can choose between 3 to 5 years of period that is economically efficient for them.
A customer can continue to use a car after paying certain amount at the end of the lease tenure or can switch to a new car by entering a new lease agreement. If a car is no longer required, then the customer can return the car to the company at the end of the lease period.
First of all, Leased vehicles must be returned in good condition without any damage.
SMAS India will arrange for a driver to collect the vehicle from the office/home premises as per user convenience.
The driver will inspect the automobile for the original and valid registration certificate, insurance certificate, maintenance notebook, jack, and spare tires, etc before the handover.
In principle, customers cannot prematurely terminate agreements
However, if a car is a total loss because of an accident or on any other unavoidable grounds, then an agreement can be terminated by having the customer pay a premature termination fee.
Lease fees are calculated according to the vehicle type, special specifications, options, insurance contents (insurance premiums, discounts, etc.), and maintenance contents, and also according to the industry of the company, the purpose of using the vehicle, and the effect on the remaining value of the vehicle after the intended use. The final amount is reached together with the customer after considering many other conditions, such as the length of the lease agreement, the lease agreement type (if it is a maintenance lease or a finance lease), etc. Therefore, it can be said that there is no fixed price for a lease since the lease fee is calculated in each instance from the conditions set by the customer, and the lease fee may differ even if the same model of car is leased for the same period.
In most of the cases, lease fees are not changed once fixed during the initial round of discussions.
However, if an additional fee is expected because of any of the following reasons, we will send an invoice for the difference.
If a vehicle is modified or items are added for reasons required by the customer and we have authorized those changes.
If there is a significant change to the costs that make up the lease fee due to changes in specifications, maintenance, need for additional parts, etc. because of changes in laws.
When there are changes to the initial maintenance items within a maintenance agreement.
When there are changes to the initial agreement conditions, such as regarding automobile taxes, automobile insurance, compulsory auto liability insurance, etc.
When the lease agreement period is changed.
The various costs involved in a re-lease will be the foundation for calculating the re-lease fee.
Specifically, the following are some of the items that come into consideration.
Vehicle value at the time of re-leasing (remaining value on the previous contract – the remaining value on the re-leasing contract).
Various automobile taxes during the re-leasing period. Automobile insurance fees Maintenance and management expenses
Note that because maintenance and management expenses generally increase with the age of a vehicle, there are instances when the lease fee is lower for a new vehicle.
FMS includes services such as maintenance, road tax funding and insurance funding. Optional services may also be opted such as accident depreciation waiver, Quick Replacement car, 24/7 break down assistance and total loss theft retention which will form a part of the FMS.
We recommend using the insurance agents that we designate because they are able to rapidly cope with the creation of accident reducing plans and they have an organization that can handle accidents nationwide. However, we will be flexible for any individual needs.
For fleet agreements, any superior discounts that are currently applied will be applied even when switching to leased vehicles. Even if a lease company becomes the insured party, the customer that is contracted with us will have their superior discount applied.
In the case of non-fleet vehicles, when switching to a leased vehicle, in principle, currently applied non-fleet class rates will be applied if the new vehicle is used for the same purpose and is the same model.
Motor insurance is a policy that protects you financially against losses or damages to your insured vehicle due to accidents, theft, natural disasters, and third-party liabilities as per policy terms and conditions.
Yes, Third-party motor insurance is legally mandatory in India as per guidelines of Motor Vehicle Act. It covers liability for injury or damage to others as per policy terms and conditions but does not cover your own vehicle. Due to this reason, it is always advisable to take comprehensive insurance cover.
- Third-party insurance: Covers property damages and bodily injuries caused to Third party by insured vehicle.
- Comprehensive insurance: Covers third-party liability, damage to your own vehicle, theft, and natural disasters.
- Own damage insurance: Covers damage to your own vehicle as per coverages opted in insurance policy.
It includes:
- Accidental damage to your vehicle
- Theft or total loss
- Third-party legal liabilities
- Personal accident cover (if this cover is taken in insurance policy)
The premium depends on factors such as:
- Vehicle type, make, and model
- Age of the vehicle
- Engine capacity
- Location
- Add-ons selected
- No-Claim Bonus (NCB) .... In case of insurance renewal
NCB is a discount offered by insurance company on Own damage premium for every claim-free year as per slab prescribed by competent authority. It can go up to 50% if no claims are made for five consecutive years. In case claim is taken in any policy year, then accumulated NCB becomes Zero for next year insurance renewal.
Yes, NCB is tied to the policyholder, not the vehicle, and can be transferred to a new car of same policy holder as per terms & conditions of insurer.
You can renew it:
- By sending email to us at insurance.support@smasindia.com (at least 15 days before insurance renewal) with car registration number in subject line.
- You can also approach concerned insurance company through its website, customer care team or mobile application as per your convenience.
Some of popular add on benefits offered by insurers (subject to policy terms and conditions) are as under:
- Zero depreciation cover
- Roadside assistance
- Engine protection and Tire protection
- Consumables cover and key protection
Yes, you can cancel the policy by providing a valid reason and submitting required documents like alternate insurance policy, sale proof of insured vehicle. However, refund of paid premium will be as per their guidelines of insurer.
Yes, as long as you buy it from IRDAI authorized insurance companies, agents, brokers or licensed aggregators.
| For new car insurance with Individual Registration | For new car insurance with company registration | For insurance renewal with Individual registration | For insurance renewal with company registration |
|---|---|---|---|
| Invoice of selected vehicle with engine & chassis number details. | Invoice of selected vehicle with engine & chassis number details | Vehicle registration certificate (RC Card) | Vehicle registration certificate (RC Card) |
| Details like registration city, add on coverages required and details of registered owner | Details like registration city, add on coverages required and details of registered owner | Current insurance policy with claim status | Current insurance policy with claim status |
| Copy of Pan card along with Aadhar card/ Voter ID, driving license | Copies of Pan card and GST certificate | Copy of Pan card along with Aadhar card/ Voter ID, driving license | Copies of Pan card and GST certificate |
The look in / free look provision to a policy means customer has 15 days/or as given by insurance company from date of policy’s receipt to revisit purchase decision. Exercising this option, if a customer decides within free look in period that the policy purchased is not suited to his/her requirements, policy can be returned to insurance company. However, paid premium paid is refunded by insurer as per
In case, insurance of vehicle is not renewed before due date, you need to inform insurance company immediately and they will arrange physical inspection of your vehicle. On receipt of positive inspection report and approval from insurance underwriter, insurance company can share payment link with you to renew insurance. Any claim reported in uninsured period will not be considered by insurance company.
- Inform your insurer immediately for claim registration
- Take photographs of the damage sustained by your vehicle.
- File a police report if necessary
- Submit all required documents to insurance company to initiate inspection & repair process
It allows you to get your vehicle repaired at a network garage without paying upfront for repair invoice. The insurer settles the bill directly with the garage and you need to pay differential amount as per coverages taken in policy.
You can connect with customer care team of concerned insurance company or visit their website to initiate claim registration process and submit desired documents. Many insurers share their claim registration process on insurance policy itself.
Only those accessory items can be covered under claim which are directly affected under agreed perils and are duly insured in advance by paying applicable premium to insurer.
You may connect with concerned workshop’s higher management for resolution of given issues and involve insurance company’s representative as well.
It is amount which insured/car user has to pay per insurance claim and it is deducted from total assessed payable claim amount before determining insurance company’s liability.
| Engine Cubic Capacity (cc) |
Compulsory Deductible per claim |
|---|---|
| Less than 1500 | 1000 |
| More than 1500 | 2000 |
- Service schedule as per manufacturer guidelines
- Complete repair and maintenance
- Cost of repairs or replacement of parts due to normal wear and tear
- Use of genuine fluids as specified by the manufacturer
- Use of genuine fluids as specified by the manufacturer
- Immediate support for dashboard warning lights
- All wear and tear items as per recommended mileage or time
- Undetected faults or rejection of warranty caused due to irregularity in general inspection by the user/lessee.
- Non-adherence to service schedule causing premature part failure
- Accessories or parts fitted externally
- Broken, missing, or stolen parts
- Use of non-branded or unauthorized fluids
- Driving the vehicle despite warning signs
- Clutch overriding, engine failure due to ignoring warnings, gearbox damage due to improper use
- Washing and cleaning only
- PUC, external beautification, tyre punctures, fuel, AdBlue (if service not opted)
- A system-generated email will be sent to your registered email ID with service reminder details and booking options
- You can also update your vehicle’s current KM reading on the mobile app to receive timely reminders
- Please update and verify your contact details (email ID and mobile number) in the SMAS records through your account manager
- Alternatively, you can contact the SMAS helpline at 1860-500-1212, email service@smasindia.com , or update the current KM reading on the mobile app
It is easy to book your service appointment using any of the following options:
-
Mobile App:
- Download the SMAS India App from the Play Store or iOS Store.
- Sign up using your email ID, contact number, or username.
- Log in using your registered mobile number/email and OTP.
- Book service, repair, maintenance, or accident assistance for your preferred date.
- Call: 1860-500-1212
- Email: service@smasindia.com
If the repair was pre-approved, please email the following documents to service@smasindia.com:
- Tax invoice copy
- Cancelled cheque / account details / passbook copy
- ID proof
Please note that the reimbursement is generally processed within 7 working days.
Consequential loss refers to damage caused by ignoring warning signs, unusual noises, or irregular driving behaviour.
Hydrostatic locking refers to engine damage caused by water entering the combustion chamber, which leads to severe internal engine failure.
We have a 24x7 helpline assistance service covering over 2000 cities. You can:
- Call 1800-266-6211
- Press the SOS button on the top right corner of the mobile app home page
Our team will ask for your location and vehicle details to send assistance.
Note: Towing is free up to 100 km (if the service is opted). Beyond 100 km, extra charges apply.
If your vehicle doesn’t require towing or you haven’t opted for the helpline service, you can reach us via:
- Mobile app
- Call: 1860-500-1212
- Email: service@smasindia.com
Please Note: If vehicle recovery requires lifting with a Hydra Crane, charges for the same will not be covered.
Please refer to the user/owner manual provided by the manufacturer at the time of vehicle delivery. For assistance, contact our service line at 1860-500-1212.
Scheduled services due around the contract’s end date are not covered. However, emergency and breakdown services are included.
It will depend on the services opted by you or your company under the lease agreement.
Kindly check the inclusions/exclusions listed above and refer to the user manual shared in the welcome email at the start of the contract.
Please log in to the mobile app to view the job details including repair/replacement
status.
Delivery date and time will be shared via email or app notification.
We have a dedicated helpline number for this matter. Users can call us on 1860-500-1212 for service and maintenance-related queries.
Vehicles where the maintenance & service has been opted by the user can simply deliver their vehicle to the service stations for inspections covered in maintenance agreements. Those who have not, will have to arrange for their own inspections.
We will introduce customers to recommended maintenance workshops that meet our standards after considering the location where the car is used, the type of vehicle, etc.
The Tyres and Battery services do not include:
- Consequential loss
- Premature failure
- External damage
Replacement of tyres depends on the condition (not mileage) and is done only at authorized dealers.
Battery replacement also depends on actual condition and is handled through authorized dealers only.
Tyre brands are specified by the leasing partner. If the lessee/user requests a specific brand, they must pay the price difference directly to the vendor.
No. Tyre size cannot be changed, as it affects vehicle warranty. Any accident or claim due to size changes will be at the user’s/lessee’s cost.
All documents and accident details will be reviewed. If the claim is denied, we’ll notify you and proceed with repairs upon your approval.
Call 1860-500-1212 or email service@smasindia.com Our team will guide you with the next steps.
SMAS Team should be immediately informed about the accident and briefed on the situation. The insurance company will be notified, and the claim will be processed once legal clearance is received.
The registered owner of the vehicle will be responsible. The contract will continue until all legal matters are resolved and documentation is complete.
As soon as possible. Call 1860-500-1212 or email service@smasindia.com immediately.
A self-driven commercial number plate vehicle with pickup and drop included (advance intimation required). Applicable for breakdown/accident cases, car provided the next day.
Replacement car service is currently available in the following cities: New Delhi, Gurugram, Noida, Ghaziabad, Greater Noida, Mumbai, Navi Mumbai, Pune, Manesar, Kolkata, Chennai, Hyderabad, Bangalore & Ahmedabad.
Only self-driven commercial number plate vehicles are provided.
The user/lessee must bear all costs other than the daily rental fee.
Only self-driven cars are provided.
You’ll get a similar category vehicle or one tier lower, up to a maximum of an Innova Crysta, depending on your leased vehicle.
You can request a replacement car via:
- Mobile App (raise request along with service/accident booking)
- Email: service@smasindia.com
- Call: 1860-500-1212
If the ADW (Accident Depreciation Waiver) service is included in your lease contract, the cost will be covered.
Yes. Please check the service coverage cities before opting for this facility.
No. Once your leased vehicle is back, the replacement car must be returned immediately. Additional charges will apply for delays.
No. This is available only for contracted services.
In such cases, all penalties, legal fees, and additional charges will be passed on to the lessee/user.
Replacement is based on availability and urgency. Priority is given depending on location and vendor operating hours.
The conditions for providing a replacement vehicle depend on the contents of the agreement.
We have a dedicated helpline number for this matter. Users can call us on 1860-500-1212 for service and maintenance-related queries.
Vehicles where the maintenance & service has been opted by the user can simply deliver their vehicle to the service stations for inspections covered in maintenance agreements. Those who have not, will have to arrange for their own inspections.
We will introduce customers to recommended maintenance workshops that meet our standards after considering the location where the car is used, the type of vehicle, etc.
The damage will be covered under insurance, as per your leased vehicle service terms.
No. We work with trusted third-party vendors to manage pickup and drop services.
- Call 24x7 helpline 1800-266-6211. We have tie-up with helpline assistance team covering 2000+ cities
- Or press the SOS button on the mobile app
Our team will collect your vehicle and location details. Assistance is free (if opted) for up to 100 km. Additional distance will be chargeable.
Reach out through:
- Mobile app
- Call: 1860-500-1212
- Email: service@smasindia.com
Please Note: If vehicle recovery requires lifting with a Hydra Crane, charges for the same will not be covered.
Typically, 60–75 minutes. Timings may vary based on location, traffic, and road conditions.
Such damages are covered under insurance and processed based on the lease plan opted.
Ensure the vehicle is in an open area with space for the tow truck to access and move the vehicle easily.
Safety and reliability –
Customers who have signed a maintenance lease agreement should call the toll-free service number 1800-266-6211 when there is an emergency. We will direct them to an maintenance workshop, dealer garage, road service, or another service that is nearby. For emergencies on highways, please use the dedicated emergency telephones and follow the directions of the operator.
We will buy any surplus vehicles that a customer does not need. We will resell them after removing any company names, logos, etc. After completing such transactions, we will provide a copy of the automobile inspection certificate after the ownership has been transferred.
We also lease forklifts. Forklifts require inspection specified by the Industrial Safety and Health Act and operating licenses so that it is necessary to create a management system that is just as strict as that for cars. We were the first company in our industry to make a support system that is similar to that for vehicle leases (auto leases).
Get full GST benefit as earlier, legal and tax implications and different tax rate for each state lead to a lot of complexity coupled with marketing and recovery bottlenecks and other several impediments. Now leasing a commercial vehicle becomes cheaper when GST benefit is fully passed on to a customer.
With Flexible Funding options, Long-term approval validity, Faster Credit Appraisals, SMAS India is the only focused player in the market for commercial vehicle leasing.
This is fully dependent on deal to deal basis but mostly ranges between 85% to 100%.
SMAS India commercial leasing includes all ICV, SCV, MCV, HCV, Fork Lifts, Cranes, etc. clubbed with registrable CE assets.