Procedure for Car Loan

4.2        Procedure for Car Loan

a            Managers wishing to avail the transport assistance / car loan should apply to the HRD, who will approve it. The HRD shall authorise the relevant Finance Department to disburse the amount.

b            The manager shall be required to execute a Promissory Note in favour of the Company and also sign a car loan agreement and receipt. It is the responsibility of the Finance Department to ensure this.

c            Motorcycles or cars must be purchased after approval by the HRD and in no case shall a motorcycle or car be bought which is of lower market value than the loan amount.

d            Immediately and no later than 10 days after the purchase, particulars of the motorcycle or car purchased shall be furnished to the company together with a copy of the receipt of purchase.