Curious About Taking a Loan Against Your Conveyance? Here's How Salary Deductions Work

Dear Sir/Madam, my name is Rakesh, and I work in a reputed MNC. I would like to inquire whether it is possible for an individual to take a loan against their conveyance, and if so, can the repayment of the conveyance loan be deducted directly from the salary? Thank you.

Vehicle Loan Facilities in Companies

Yes, good companies offer vehicle loan facilities to employees. In some companies, it is interest-free as well. EMI shall be adjusted against the salary. The only condition is that the vehicle purchased using the loan is to be hypothecated in the name of the company, and a suitable endorsement is to be made in the RC book. Once the loan is fully recovered, hypothecation can be cancelled.