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The Employee Car Loan Agreement is a specialized financing arrangement commonly used in the Malaysian corporate environment where employers provide vehicle financing as an employment benefit. This document is typically used when an organization wants to offer car loan facilities to eligible employees under more favorable terms than commercial car loans. The agreement needs to comply with Malaysian employment law, financial regulations, and road transport legislation, while protecting both employer and employee interests. It includes detailed provisions about loan terms, vehicle specifications, repayment mechanisms through salary deduction, insurance requirements, and the relationship between continued employment and loan obligations. The document is particularly important for organizations that need to formalize vehicle financing arrangements while ensuring compliance with local regulatory requirements and establishing clear security measures.

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

2. Background: Sets out the context of the agreement - employment relationship and purpose of the car loan

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

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

5. Purpose of Loan: Explicitly states that the loan is for purchasing a specific vehicle for the employee's use

6. Repayment Terms: Details the repayment schedule, installment amounts, and method of payment (typically salary deduction)

7. Vehicle Details: Specific information about the vehicle being purchased including make, model, registration number

8. Security Arrangements: Details about vehicle registration, insurance requirements, and any additional security measures

9. Employee Obligations: Employee's responsibilities regarding vehicle maintenance, insurance, and proper use

10. Employment Link: Relationship between continued employment and loan obligations

11. Default and Consequences: Defines events of default and their consequences

12. Termination: Circumstances under which the agreement can be terminated and the consequences

13. General Provisions: Standard clauses including notices, amendments, governing law, etc.