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October 17, 2023
Abhay Kumar
Employee ID – 238162
Subject: Agreement for Company Owned Car
Dear Abhay Kumar,
You have under the Scheme introduced by IDFC FIRST Bank Limited for the benefit of its employees applied for
allotment/usage of Mahindra Scorpio N Z8 2WD MT ,Diesel ,Manual Transmission with Napoli Black Color. We are
pleased to inform that your application for Mahindra Scorpio N Z8 2WD MT ,Diesel ,Manual Transmission with
Napoli Black Color has been accepted and IDFC FIRST Bank Limited is agreeable to allot/provide the car to you.
Pursuant to the terms and conditions of the Scheme and the terms hereinafter provided.
The vehicle bearing Chassis Number MA1TJ2YD6P6J92426 and Engine Number YDP4J35330 will be allotted to you
for your Official work (“the Vehicle”).
1. Subject to the terms hereof, IDFC FIRST Bank Limited shall remain the owner of the Vehicle (i.e. the Vehicle shall
at all times remain the property of IDFC FIRST Bank Limited). You are holding the vehicle in the capacity of
trustee of and no right, ownership, title or interest in the Vehicle shall pass to you by virtue of having the
possession of the Vehicle until the lapse of this contract agreement.
2. In consideration of allotting the Vehicle with a Car Value of INR 2242755/- to you and allowing you to use the
Vehicle as per the terms of this agreement; a sum of INR 43394/- per month, hereto, shall be updated/adjusted
against your Flexi Benefit Plan (FBP).
3. You shall not sell, loan-out, assign, sublet, pledge, hypothecate or otherwise encumber or suffer a lien upon or
against the vehicle without the prior consent of IDFC FIRST Bank Limited in writing.
4. You shall comply with the provisions of the Motor Vehicle Act and such other laws, rules and regulations related
to transportation, possession, operation and use of the Vehicle.
5. You are not allowed to carry out any alteration or modification to the Vehicle without written consent of IDFC
FIRST Bank Limited.
6. You shall maintain the Vehicle in good working order and condition. The Vehicle must be maintained and
serviced as per the maintenance schedule as mentioned in the Vehicle manufacturer’s user manual. The Vehicle
shall be maintained at manufacturer authorized workshops. You should use the Vehicle under normal conditions
and maintain it in good working order making basic checks such as engine oil levels and ensure that the Vehicle
undergoes services and repairs as recommended by the manufacturer.
7. You will also maintain the insurance for the Vehicle. However, the expenses for first year insurance policy which
will be taken with the purchase of Vehicle will be paid by IDFC FIRST Bank Limited and all the expenses incurred
by IDFC FIRST Bank Limited for such insurance policy will form part of the principal which will be recovered from
you over a period of 60 months.
IDFC FIRST Bank Limited (formerly IDFC Bank Limited)
IDFC FIRST Bank Tower, The Square, C-61, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051
Registered Office: KRM Towers, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai 600031. Tel: +91 44 4564 4000 Fax: +91 44 4564 4022
CIN: L65110TN2014PLC097792
[email protected] www.idfcfirstbank.com
8. You will pay approved service providers directly for repairs and maintenance provided. You may choose to get
these expenses reimbursed by IDFC FIRST Bank Limited against an invoice drawn up directly by the approved
repairer in IDFC FIRST Bank Limited’s name. IDFC FIRST Bank Limited does not undertake facilitation to the
maintenance operations carried out by repairers.
9. You shall be responsible for safekeeping of the Vehicle and along with its documents, duplicate key etc. and
these should be produced on demand by.
10. The term of this Agreement will be 60 MONTHS from the first of the month in which the delivery of the vehicle
is done. At the end of the term, you will be obligated to buy back the Vehicle from at the terminal/residual
value of INR 112138/- In the case of early termination of your employment contract, you will be responsible
for buying back the car as per terms of the contract agreement and paying all other costs including any taxes
(including perquisite tax, GST, and/or any other applicable tax), octroi, if any in connection with the buyback of
the Vehicle. You will be responsible for understanding the calculation of buyback value prior to the end of the
term. You will also be responsible to initiate the transfer of the vehicle within a month of the buyback of the
car.
11. You shall be responsible for paying all other costs including any taxes, octroi, if any in connection with the
buyback of the Vehicle. This will apply even in the case of early termination of this contract agreement/car usage
plan including retirement/ termination/ resignation/ cessation of employment in any other manner or willful
termination of this contract agreement.
12. You agree to indemnify and keep indemnified from all losses, cost, charges, third party claims and expenses
which may suffer or arise due to breach by you of any of the above terms and conditions or due to any injury
/death caused to any person because of any accident/incident during the term of this agreement.
13. The Scheme shall be treated as a part and parcel of this Agreement.
Kindly sign and return the duplicate hereof as a token of your acceptance of the above.
For IDFC FIRST Bank Limited
Signature Not Verified
Digitally signed by JENNIFER LOBO
Date: 2023.11.07 14:22:55 +05:30
Reason: Car Agreement
Jennifer Lobo
Head-HR Operations
I agree to above terms and conditions
Signature:
Employee Name: Abhay Kumar
Mobile Number: 8527978830
October 17, 2023
IDFC FIRST Bank Limited (formerly IDFC Bank Limited)
IDFC FIRST Bank Tower, The Square, C-61, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051
Registered Office: KRM Towers, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai 600031. Tel: +91 44 4564 4000 Fax: +91 44 4564 4022
CIN: L65110TN2014PLC097792
[email protected] www.idfcfirstbank.com
