Vehicle Loan to Government Employee

Enhancing your dreams. Now government employees have access to easy loans on attractive terms to buy their own four/two-wheeler. This is an opportunity for them to make the life of their loved ones more comfortable.

ELIGIBILITY

A regular Government employee who completed his/her probation period.

GUARANTOR REQUIREMENT

General condition for guarantor applicable to all the eligible employee

Shall be Bhutanese Nationals and regular employee and shall stand liable for the loan till the liquidation of the loan.
Shall not stand as guarantor for more than three active loans (salary-based).
A spouse can stand as a guarantor for his/her spouse. However, if the applicant is a private or contract employee then the spouse should be a regular employee of Govt/DHI Owned companies.
The guarantor should be in the service for 3 years or more.

Sl. No	Eligible Borrower	Guarantor requirement
1	Regular employees	1. e-PEMS A guarantor is not required. 2. Non-e-PEMS (EMI remitted from the office) A guarantor is not required if the applicant is in service for more than 3 years including the probation period.A guarantor is required if the applicant is less than 3 years in service. The guarantor should be equal or higher grade from the same office/Ministry. For senior officials and executive officials who cannot provide guarantors of the same grade from the same organization/ministry shall provide guarantors of one or two grades lower from the same organization/ministry.
2	Contract employees	All the borrowers are required to provide TPG of the same or higher grade from the same agency or equivalent position from the Civil Service/DHI owned Companies/SOEs. For senior officials and executive officials who cannot provide guarantors of the same grade from the same organization/ministry shall provide guarantors of one or two grades lower from the same organization/ministry.
3	Private employee	All the borrowers are required to provide an employer guarantee or TPG from a civil service/DHI-owned Companies/SOEs. However, the private company should be in operation for more than 5 years.

QUANTUM

Maximum of 30% of the cost of the vehicle for an ordinary vehicle, and
Maximum of 70% for electric/hybrid vehicles.

INTEREST RATE

CLICK HERE to view the Floating/Prevailing interest rate.

TENURE

Maximum of 5 years for ordinary vehicle, and
Maximum of 7 years for electric/hybrid vehicles

REQUIRED DOCUMENTS

Application form duly filled by the applicant and signed on all the pages (full signature) – For walk-in customers only.
Copy of valid Citizenship Identity (CID) of both the applicant and guarantor (if applicable).
One recent passport-size photo of the applicant.
The latest original pay slip of the applicant and guarantor if applicable duly filled, signed, and sealed by the salary disbursing officer & recommendations.
Copy of appointment order or promotion order of the applicant and guarantor (if applicable).
Recommendation letter duly signed and sealed by Head of Department, salary disbursing officer, and the applicant
Copy of Invoice for a new vehicle from an authorized vehicle dealer.
Down payment receipt of vehicle booking from a vehicle dealer.
Copy of vehicle quota letter from MOF (If the vehicle is bought with quota) and power of attorney from the quota holder (in case the quota is in the third party’s name).
Copy of valid Citizenship Identity (CID) of the quota holder (in case the quota is in the third party’s name).
Copy of registration certificate for second-hand vehicles only.
Sale deed agreement (in case of financing second-hand vehicle).
Copy of valid insurance policy (in case of second-hand vehicle).
The age of the vehicle should not be more than two years (in the case of a second-hand vehicle).

Downloads / Links

Download Vehicle Loan Form Download Power of Attorney Form Download Recommendation Letter (non-e-PEMS)

Loans

Downloads / Links