Page 25 - HR NON CORE BENEFITS ONLINE TRAINING

Vehicle Loans

Two Wheeler Loan

• Confirmed employee with 3 or more years of service
• Loan amount of upto Rs. 75000/- will be sanctioned
• Deduction from salary for 60 equal installments
• Interest @ 5% (on reducing balance)

Four Wheeler Loan

• Confirmed employee with 5 or more years of service
• Loan amount of upto Rs. 2,50,000/- will be

sanctioned
for Scale I & II, for Scale III & IV – Rs. 4,00,000/-
• Deduction from salary for 120 equal installments
• Interest @ 5% of first 1,00,000; then @ 7.5% for the
balance amount for Scale I & II.
• For Scale III & IV it is 5% Flat

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