Repayments
Loan repayments shall be deducted from the employee’s salary and the repayment period shall not exceed 4 years. Repayments for the car loan and all other loans put together shall not exceed 25% of the employee’s gross monthly salary.
Conditions of Agreement
• The ownership of the vehicle shall not pass to the borrower until loan amount plus other sums due under the loan agreement have been paid in full.
• The Company shall keep the vehicle registration book until all amounts due have been paid.
• All risks of loss or damage to the vehicle for any cause shall pass to the borrower forthwith on signing agreement.
• The borrower shall keep the vehicle exempt from claims of other parties or from legal attachment and not sell, assign, pledge, mortgage, hire or ot