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CIRCULAR

All Non-Management Employee:(Marketing Division, MR & VR)(Thru Portal/Notice Boards)

HEADQUARTERS OFFICEPetroleum House

November 6, 2015

IR:PK:PPP

Revised Vehicle Loan Policy:Non-Management Employees

We are pleased to advise the revised Vehicle Loan Policy for all Non-Managementemployees of Corporation with immediate effect.

Non-Management employees can avail Two wheeler/ Four Wheeler vehicle Loan asunder:

I) Two Wheeler Loan (Motor Cycle/ Scooter):

1. Eligibility: All permanent regular Non-mgmt. employees.

2. Maximum Loan Amount : Actual cost of a motor cycle / scooter/ subject tomonetary ceiling of? 1,00,000/-, limited to 'on the road price' of a new motorcycle / scooter inclusive of comprehensive insurance for the first year and onetime actual expense on registration and road tax charges, subject to amaximum monetary ceiling.

3. Exclusion: Luxury Fittings

II) Four Wheeler Loan (Car):

1. Eligibility: All permanent regular Non-mgmt. employees in Salary GradeM-02/R-02/RW-02 and above and have completed 5 years of service in theCorporation

2.Maximum Loan Amount: Actual cost of the vehicle, limited to 'on the road'price of a new/ pre-owned indigenously manufactured (Petrol/Diesel/CNG) carinclusive of comprehensive insurance for the first year and one time actualexpense on registration and road tax charges, subject to a maximummonetary ceiling as per following:

3. Exclusion: luxury fittings

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Division

MarketingDivision

MumbaiRefinery

VisakhRefinery

MarketingDivision

MumbaiRefinery-

VisakhRefinery-

SalaryGrade

M-02toM-09

R-02toR-08

RW-02toRW-04

M-10toM-11

R-09toR-10

RW-05 to RW-06

MaximumLoanAmount (in?)

? 2,50,000/-

? 3,00,000/-

III) Repeat Vehicle Loan :

Repeat Four Wheeler/Two Wheeler Loan can be taken after 5 years from the date ofavailing previous loan.

Employees intending to take a repeat vehicle loan will be permitted to retain theirvehicle bought by earlier loan, provided the old vehicle loan along with interest isrepaid and the valuation amount as mentioned in the Govt. approved ValuationReport will be adjusted from the repeat loan amount.

IV) Repeat Vehicle Loan in case of theft / fire / riot involving total damage to theVehicle :

In such cases, even if the minimum period of five years has not elapsed since thedate of the last loan, request for repeat loans may be processed subject to theemployees providing the following documents:

1. FIR on the event involving loss / total damage to the vehicle.2. Police report from the concerned Police authorities stating that vehicle is not

traceable / wrecked.3. Proof of submission of claim with the Insurance Company.4. Undertaking from the employee to deposit the money received from the

Insurance Company in case there is delay in settlement.5. At the time of processing the repeat loan, pending settlement by the

Insurance Company, the outstanding balance of the old loan only will beadded to the new loan subject to Grade wise entitlement and the coveringletter with respect to sanction of repeat loan will be duly amended. The Loanagreement when executed by the employee will be for the total loan.However, the mortgage agreement will be executed for the fresh loan only.

6. As and when the Insurance Company settles the claim and the money isdeposited, the same will be adjusted against the outstanding balance of theloan plus interest accrued thereon.

V) Other Terms & Conditions :

1. The employee will be required to submit on-line application along with a scannedcopy of Proforma Invoice along with necessary documents. In case of buying apre-owned (second hand Vehicle), offer letter along with proof of ownership fromthe owner and Valuation Report from a Govt. approved Valuer would be required.

2. The entry tax imposed by State Government can also be included as part of thevehicle loan to employees subject to the following conditions:

a)This tax is applicable only in cases where vehicles manufactured outside anyState are brought into the state for registration and use. This tax is alsopayable for vehicles already registered outside any state, if they are broughtfor use in the State within specified period of their registration.

b)Sales tax payable on new vehicles brought into the state will be reduced to theextent of entry tax paid by the dealer while bringing the vehicle into the statefor sale. In case the employee purchases the new vehicle outside the state

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and not through a dealer here, entry tax liable to the employee will bereduced to the extent of general sales tax already paid outside the state.

c)The entry tax can be allowed as per guidelines on the Vehicle brought into thestate for registration and use.

d)The entry tax is in addition to octroi levied by local bodies. This entry tax canbe allowed as part of the cost of the new vehicles subject to the aboveconditions and upon providing satisfactory supporting documents.

3. In all cases, Vehicle loan will be sanctioned only when the employee satisfies thecondition that the recovery of vehicle loan shall not reduce the take-home pay ofthe employee to less than 35% of gross salary i.e. Basic, DA & HRA, if any.

4. Interest: The rate of interest will be borne by the employees which shall beintimated from time to time by the Corporation. There will not be loading ofVehicle loan perquisite under the Cafeteria Policy. However, applicable incometax on perquisite value arising out of this loan will be levied.

5. Recovery: The recovery of Vehicle loan will be made in 100 installments.Recovery of Vehicle Loan shall commence effective the month following themonth in which the loan is disbursed to the employee.

In the case of employees who have less than 100 months to retire, the followingprocedure will be adopted for recovery of Vehicle Loan

a) From the month following the month in which Vehicle Loan is granted andupto the month of retirement, recovery will be made at the rate computed asthough the employee has 100 months to retire.

b) The balance loan amount plus interest accrued thereon will be recovered atthe time of separation from the final settlement.

6. Repayment: The prepayment and pre-closure by an amount of ? 20,000/- or inmultiple of ? 20,000/- will be allowed twice a year.

7. No differential amount will be disbursed/reimbursed in case of any kind ofpromotion. However, in case of promotion to Management cadre, employee willbe allowed for repeat vehicle loan after Confirmation in the Management Cadreas per the revised entitlement, provided employee has cleared the existingoutstanding loan along with interest.

8. The employees under disciplinary proceedings/suspension or employees whoremained on 10 days Unauthorised Leave or 30 days Without Pay in preceding 2calendar years shall not be eligible for Computer Loan.

9. In order to avail Transport Reimbursement, the employee will be required tosubmit on-line application along with scanned copy of RC Book &Comprehensive Vehicle Insurance Policy within 30 days from the date ofissuance of RC Book failing which Transport Reimbursement will be payable fromthe date of submission of application for Transport Reimbursement.

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10.Both RC Book & Insurance Policy should be hypothecated in favour of HPCL.

11.The grant of Vehicle loan does not imply that any reimbursement towards themaintenance of the vehicle will automatically be given to the employee.

12. In the event of separation from the services of Corporation due to voluntary /ERS, resignation or termination, the outstanding principal and interest of theVehicle Loan will be recovered from any / all applicable payable terminal dues.

13.Where both the husband and wife are employees of the Corporation, the Vehicleloan shall be admissible to both the employees.

14. In case an employee does not comply with the provisions of the scheme, orfurnishes wrong / false information / document or misuse the scheme in any form,the same will render him / her liable for disciplinary action, apart from incurringthe liability to refund the entire outstanding amount with penal interest. In suchcases, the penal interest shall be levied @ 2% over and above the Prime LendingRate of SBI and will be calculated on actual Vehicle loan disbursed.

15.Vehicle loan will not be granted for purchase of commercial vehicles and threewheelers.

VI) Procedure for payment of advances for booking of cars

1. Advances can be given on the Proforma Invoice which should indicate the likelyperiod of delivery and also the rate of interest payable by the dealer on accountof this Advance.

2. Employee concerned will give an undertaking stating that he will surrender to theCorporation the amount of interest received by him/her from the dealer.

VII) Execution of Documents and Insurance

1. At the time of drawing the loan, an employee shall execute a Vehicle LoanAgreement in such format as prescribed for this purpose from time to time.

2. On completion of the purchase of the Vehicle, the employee shall sign anunattested Vehicle Mortgage Agreement in the format prescribed for this purpose

3. All stamp charges in connection with execution of above documents shall bepayable by the employee concerned. The stamp charges shall be those asapplicable to the headquarters of the region, though the place of posting of theemployee may be different.

4. Such Vehicle acquired through Vehicle loan from the Corporation will behypothecated and kept hypothecated to the Corporation throughout the period ofthe Vehicle loan. Similarly, Hypothecation entry will also be made in theRegistration Certificate (RC) book in favour of HPCL.

5. The Vehicle shall be insured from the date its purchase for comprehensivecoverage including loss by fire, theft or accident. The insurance cover should alsoinclude the risk of riot, strike and damage (RSD). The Insurance Policy should beendorsed in favour of HPCL.

Page 4 of 5

6. The insurance shall be renewed from time to time till the loan amount withaccrued interest is fully repaid. The amount for which the Vehicle is insured forany period should not be less than the balance of the loan plus interest accruedat the beginning of such period.

7. If the employee fails to comply with any of the above requirements, thereimbursement for operating and maintenance of the vehicle will be discontinued.

All concerned are requested to be guided accordingly.

cc: Director- HRcc: All EDs/GMs/DGMscc: GM- HR - MR & VR,cc: DGM- HR (CM & CHRS)cc:Head-HR(Mktg)cc: DGM - Payroll & PFcc : Chief Manager - C&B Hubcc: All Ch./Sr. Regional Mgrs./lnstln./ Plant Mgrs.cc: All Zonal HR Headscc : All Locn. Heads-ASF/LPG/IRDscc : All HR Officers al Locationscc: All Reimbursement Officers

R Elango 'Dy. General Manager (I/C) - ER

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