Eligibility:
This Policy is available to all the employees of Senior level i.e., Sr. Software Developers, Team Leader, Product Manager, Project Manager, Department Head and above in India who would like to opt for a loan from the company for buying a Car.
Procedure:
i) Employees should submit all the relevant documents declaring the actual value of the car
.
ii) The EMIs are recovered on a monthly basis from the date of Delivery of the Car.
iii) Invoice should be in the name of the Employee only specifying the cost of the car, color, and particulars of payment.
iv) The Employee also needs to sign the Car Loan Agreement prepared by the Company.
Any employee is eligible for only one type of loan at a time.
i.e. If a personal loan is going on, one can not apply for a Car loan.
v) Once the management approves the car loan for an employee there will be 2 years lock in period for an employee so, during the lock in period the employee can not go for resignation.
vi) If the employee fails to pay EMIs, the company has all the rights to deposit the Cheque given by the employee at the time of the car loan process.
vii) Maximum loan amount for employees will be 30% of the total CAR amount or 30% employee’s yearly salary, whichever is lower.
i.e if the CAR is amounting 5L, max loan amount will be 1.5L AND if the yearly salary is 4L loan amount will be 1.2L.
viii) The employee needs to pay back the loan within a year.
ix) At least 1 member of the family must be present while signing the loan agreement
x) The Employee has to submit Cheque in advance for safety.
Note : The Car loan agreement will be notarized.