Car Ownership Policy

Car Ownership Policy

Objective :

To assist our employees to own a car of their

own for a safe and secure tomorrow.
 Car Ownership Policy

Eligibility :

Management Grade : Employee in management grade

who have completion of one year in Jeena.
 Car Ownership Policy
Permissible Value :

Manager Grade Up to Rs ________

Including cost of special fitting and accessories within
the prescribed limits
 Car Ownership Policy
Assistance:

Interest subsidy will be provided to the employee

while in the service of the company.

The interest subsidy scheme is applicable for a term

of 10 years only.

The employee will be eligible for the subsidy only

once during the employment with Jeena .
 Car Ownership Policy

Type of Cars :
 Car Ownership Policy

Deposit by Employees :
 Car Ownership Policy

Financing Mode :
 Car Ownership Policy

Period of Lease :
 Car Ownership Policy

Reimbursement of Fuel:
 Car Ownership Policy
Maintenance Per Annum:
 Car Ownership Policy

After 4 years , if the employee decides to

continue with the same car, the expenses
towards maintenance will be reimbursed
against actual expenses, supported by bills,
subject to a limit of Rs _______ per annum..In
addition, expenses towards Road tax and
Insurance will be reimbursed or paid by
company.
 Car Ownership Policy

The above limits are given for travel within city

limits and an upcountry official travel
undertaken will be reimbursed at actual if prior
approval is obtained from respective branch
managers
 Car Ownership Policy
Ownership:

The car will be the property of the company for

the period of 4 Years . The ownership will be
transferred to the employee after this period
as per the terms mentioned
 Car Ownership Policy
Car Scheme
Own Your Car Scheme
Own Your Car Scheme for Employees
12.1 Eligibility
12.1.1 All employees in the grade of M1 and above are eligible to own a car as per
eligibility guidelines &
terms laid down in this policy.
1.Employees in the grade M1 whose work involves extensive Local travel for
official work. The benefit of Own your Car will be an exception related to
performance and work requirements and not to be treated as a precedent or norm.
2.The discretion of extending the car scheme to employees in Grades M1 & above
will solely be with BOARD. The GM/BM of the Region shall forward the request
with proper justification to BOARD, who in turn will seek approval from the
PARTNERS as and when required and approve if found adequate. .
3.The employee in Grades MS1 and Above should be confirmed on the rolls of the
company, his performance should exceed expectations, his responsibility should
involve high level of local travel for official work, branch performance vis a vis
budget at Turnover and Gross Profit level shall be at 95% plus.
4.All other employees in the grades M1 & Above are directly eligible to own a car
under the scheme as per eligibility guidelines and terms laid down in the policy.
12.2 Own Your Car Scheme for Grades M1 & Above.
12.2.1 Purchase of only NEW cars will be allowed under the scheme.
1.The employee is required to exercise his choice of car within the monetary
limits/value of car specified in the scheme against his grade. He will have to fill
up the form as per Annexure I, and submit the same to the GM Region
through the Branch/Area Head along with proper justification as specified
under above along with Performa Invoice from the dealer.
2.After the form gets approved by Board/Partners, the employee will firm up
the car and make the booking of the car with the dealer. Car will be booked in
the name of the employee.
3.Employee will take a car loan from the bank servicing the dealer or any of
his bank and submit the booking order copy and the Loan EMI confirmation
copy from the bank to the office.
4.If the employee opts for a car of greater value then as specified, he/she will
be reimbursed EMI as per the maximum amount agreed against the grade.
Any additional EMI will have to be borne by the employee.
5.Company will reimburse the loan EMI amount loaded with Income tax as
“Vehicle Allowance” in the salary to a maximum limit as specified in Annexure
II. Payment of EMI amount to the bank will be the sole responsibility of the
employee purchasing the car.
12.2 Own Your Car Scheme for Grades M1 & Above.
1.EMI will comprise of Invoice Value of the car, Cost of Registration and One
time Road Tax. The car will be used for a period of 54 months. After 54
months, the employee is entitled to re-enter the scheme as per his existing
grade.
2.If the employee is promoted in between before the expiry of 54 months , he
will continue to use the same car till completion of the 54 months block period.
3.In the event that the employee resigns or his/her services are terminated
before the stipulated 54 month period, the employee will be required to keep
the car. The EMI reimbursement paid through salary and other perquisites will
stop, and the employee will be responsible to pay the EMI further to the bank
on his own.
4.If the car meets with an accident during the period when employee is on the
rolls of the company, employee will undertake proper survey report from the
surveyor and submit his claim for damages from the Insurance Company. If
the car has a major accident, then it must be put forth to the
BOARD/PARTNERS along with the survey report and await final decision and
suggestion. In all accident cases, a police FIR must be filed and copy
submitted to the Country office.
1.Entitlements
1.Employee will be entitled to reimbursement of maintenance and repair cost as per the limits
specified. Reimbursement will be against submission of bills. Maintenance value includes
minimum 3 normal services in a year, Oil Change, minor repairs. Any major repairs, or change of
tyres, batteries will require separate approval from BOARD.
2.Balance amount against Maintenance and Repair will be carried forward and added to the next
year’s entitlement.
3.Upon completion of 54 months if the employee wishes to use the same car then expenses
towards maintenance and repairs for the car will be reimbursed against actual expenses
supported by bills. The maintenance limit after 48 months will remain unchanged, and applicable
as in the fourth year.
4.Reimbursement limit for fuel expenses will be determined based on the extent of official travel to
be undertaken by the position, his/her travel from residence to office and back as per the
guidelines in annexure III.
5.Fuel cost for upcountry official travel undertaken will be reimbursed at actual under the travel
expenses sheet to be submitted after each such official trip for which TR (Travel requisition)
approval is necessary. This will not form part of the fuel limit granted.
6.Employee is responsible to make timely payment of Insurance Premium and is entitled to
reimbursement of Vehicle Insurance Premium on annual basis on production of premium payment
receipt to the company.
7.Employees in the grades of MS3, MS4, MS5 are eligible to claim Drivers reimbursement as per
limits set out in the annexure. If they are not using a driver, then they are not eligible to claim the
same. For record purpose, employee will submit the drivers license copy, his address proof and a
recent passport size photo of the driver to their respective HR heads.
1.General
1.The admission to the Car Scheme will be from the date the delivery of the
Car is taken by the employee. The car must be purchased within 30 days
after seeking approval.
2.The employee will have to submit to the company, copies of all
documents after purchase/delivery of the car.
3.Employee is expected to keep the car in good, clean and running
condition. Company does not take any responsibility for breach of traffic
rules, violation of any traffic laws, rash driving and/or car driven by any
other person.
4.The employee must maintain a vehicle log book and monitor fuel
consumption, PUC valid certification, Insurance validity, record towards
servicing of the car on a regular basis. He must produce the same to the
company on demand.
5.Any deviation in the policy requires specific approval from the
BOARD/PARTNERS in writing. Management reserves the right to approve
or reject an application, and/or even change the scheme from time to time.
6.Happy Driving..
Happy Driving