Document background
The Car Loan Agreement Between Employer And Employee is a crucial document used when companies in Pakistan offer vehicle financing as an employment benefit. This agreement becomes necessary when an employer wishes to provide financial assistance to an employee for vehicle purchase while ensuring proper security and repayment mechanisms through salary deductions. The document, governed by Pakistani law including the Contract Act 1872 and relevant employment regulations, typically covers loan amount, repayment schedule, vehicle specifications, ownership arrangements, maintenance responsibilities, and insurance requirements. It's particularly relevant in corporate environments where vehicle benefits are part of the compensation package and requires careful consideration of both employment and financial aspects to ensure compliance with local legal requirements while protecting both parties' interests.
