Vehicle Policy

Vehicle Policy

Policy: Vehicle Policy

Effective date Jan 1, 2022

Purpose
 The purpose of this policy is to facilitate the employees for having their first vehicle and to
facilitate them to perform official tasks in an efficient way
 The effect of this policy shall retrospective.

Eligibility:
 All the permanent employees.

Recovery
Designation Grade Entitlement CC Allowance Sharing
Period

COO/CHRO/CMO/CFO/CSO C-1 1600CC 5 Years 40,000

GM GM-2 1500CC 5 Years 35,000

DGM GM-1 1300CC 5 Years 30,000

50%
1000 CC As per the work
Senior Manager M-4 5 Years 25,000 (on
requirement
Invoice
660 CC As per the work Price)
Manager M-3 5 Years 20,000
requirement

RSM M-2 1000 CC 5 Years 20,000

ASM M-1 1000 CC 5 Years 20,000

1.3 Million
Deputy Manager M-2 5 Years N/A N/A
On completion of 3 Years
1 Million
Asst Manager M-1 5 Years N/A N/A
On completion of 3 Years
Vehicle Policy

Costs to be Borne By
Costs Borne By
Registration cost 50:50
Starlet/
W.H.T. at purchase of Employee
new (On Name)
Vehicle purchase price Starlet
Insurance Starlet
Running Starlet
Maintenance 50:50
Transfer to Starlet Starlet
Transfer to employee Employee

Vehicle Purchase
 If a vehicle is available with the company then it will be preferred
 Only new vehicles should be purchased.
 All the vehicles purchased will be registered in the name of company and must be insured/
takaful
 Used vehicles can be purchased but in this case, all risks and rewards will be of employee. Used
vehicles older than 3 years will be subject to special approval from DFA

Change In Eligibility/Entitlement
 If by whatever reason, the eligibility or limit of vehicle of an employee availed under hire
purchase vehicle policy (HPVP) changes then it will not effect the vehicle and the existing vehicle
will continue till the end of its term. However the other perks like fuel limit or allowances will be
updated
Terms
 Employees will be responsible for the maintenance of the vehicles under Company Limits
Provided on Yearly Basis
 If an employee avails a lesser valued vehicle than his/ her limit then that lesser value will be
considered for sharing purposes.
 If the company gets the vehicle on Lease/ Ijarah then the transfer cost of the vehicle from bank
to company name will be borne by the company or if it gets transferred to employee's name
directly then the cost will be borne by employee
 Cost of transfer of vehicle from company/ bank to employee will be borne by employee
Vehicle Policy

Usage
 Employees shall use the vehicle for all official tasks including outstation tasks
 Employees travelling outstation/ abroad need to submit travelling permission form approved by
respective GM/ HOD to HR
 GMs travelling outstation/ abroad shall submit travelling information to HR

Death
 If, God forbid, an employee dies, successors will be given first right of refusal by paying
remaining Employee Contribution (EEC) and 100% of remaining Employer Contribution (ERC).
 If successors not willing to pay the amount the all of the employee contribution will be paid to
them by company on goodwill.

Resignation
 Employee can buy the vehicle by paying remaining EEC and 100% remaining ERC.
 If the employee doesn’t want to or cant buy the vehicle then either the company can retain it or
sell it in market at market value and the gain/ loss will be charged to employee
 In any case if the vehicle is being leased/ ijarah financed by the company and the employee
wants to pay off for the car and get the vehicle transferred in his name, then the employee has
to borne all the cost of early retirement of lease/ ijarah.

Soft Loan (AM & DM)

 Employee can avail soft loan on completion of three years with company.
 The vehicle would only be on the name of Company.
 Employee have to pay 100% Loan amount.
 If employee Resign remaining amount have to be paid by employee. His/her PF would be paid
after adjustment of remaining amount.
 If, God forbid, an employee dies, successors will be given first right of refusal by paying
remaining Loan.
 If successors not willing to pay the amount the all of the employee deducted amount will be
paid to them by company on goodwill.
 Vehicle Policy

Maintenance
The below mentioned is as per entitlement and per year maintenance limit.
 Employee’s consumption over and above will limit will bear the expense on their own.
 Tyers would be changed on every (40,000 KM)

Note: Below mentioned limit excludes the Tyers Expense.

Maintenance limit
Yea Yearly Yea Yearly Yea Yea Yearly
CC CC CC Yearly Limit CC
r Limit r Limit r r Limit

160
66 100 1300/150 0 1 70,000
0 1 45,000 0 1 50,000 0 1 65,000
- 2 80,000
2 50,000 - 2 65,000 2 75,000
- 3 90,000
3 55,000 - 3 70,000 3 85,000
105,00
- 4 0
4 65,000 - 4 75,000 4 95,000
115,00
- 5 0
5 75,000 - 5 80,000 5 105,000