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The Car Loan Agreement Between Employer And Employee is a specialized financing arrangement commonly used in Indian corporate settings where companies offer vehicle financing as an employee benefit. This document is typically employed when an organization wants to provide financial assistance to employees for purchasing vehicles while ensuring proper security and repayment through salary deductions. The agreement complies with Indian contract law, employment regulations, and financial legislation, making it suitable for companies across various sectors. It includes comprehensive details about the loan terms, vehicle specifications, repayment schedule, insurance requirements, and the implications of employment termination. This type of agreement is particularly valuable for organizations looking to enhance their employee benefits package while maintaining legal compliance and protecting their financial interests.

1. Parties: Identifies the employer (lender) and employee (borrower) with their full legal names and addresses

2. Background: Explains the context of the agreement, including the employee's request for the car loan and the employer's willingness to provide it

3. Definitions: Defines key terms used throughout the agreement including 'Loan Amount', 'Interest Rate', 'Vehicle', 'Repayment Period', etc.

4. Loan Details: Specifies the loan amount, interest rate, tenure, and total repayment amount

5. Vehicle Details: Details of the vehicle being financed including make, model, year, and registration number

6. Repayment Terms: Outlines the repayment schedule, method of payment, and salary deduction authorization

7. Security and Ownership: Specifies ownership arrangements, registration details, and any security interests

8. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities

9. Employee Obligations: Employee's responsibilities regarding vehicle maintenance, usage, and compliance with traffic laws

10. Default and Consequences: Defines events of default and their consequences, including acceleration of repayment

11. Termination: Conditions for termination of the agreement and consequences of employment termination

12. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and establishes jurisdiction for disputes