Ample Car Lease Policy

1. Introduction & Objectives

The Ample Car Lease Policy is introduced to offer eligible Amplites the flexibilty to restructure a portion of their Cost to Company (CTC) under the “Flexi Benefit Plan” to optimize tax efficiency.

Ample has partnered with Quiklyz (a division of Mahindra & Mahindra Financial Services Limited), referred to as the “Lessor.” Ample is the “Lessee.” and the Amplite is the “Co-Lessee” as per the tripartite agreement.

2. Eligibility

Eligibility criteria:

  • Must be a full-time, permanent Amplite at the level of Manager or above.
  • Must have completed at least one year of continuous service.

Exceptions may be granted at the sole discretion of Management.

3. Car Lease Guidelines

3.1 General Guidelines

  • Eligible Amplites may opt for a car lease.
  • The EMI will be determined by the Lessor, based on the value of the car to be leased and the term of the lease.
  • There would be an option to pay a down payment, at the discretion of the Amplite. The down payment will help to reduce the principal amount being financed and thus reduces the EMI.
  • Amplite can choose a new car, from any brand or model.
  • Only brand-new vehicles from authorized manufacturers will be covered under the scheme.
3.2 EMI & CTC Adjustment
  • The car lease EMI will be adjusted within the grade allowance in the
    Amplite’s CTC, as stated in their Offer Letter or Salary Revision Letter. 
3.3 Dealer Selection & Price Optimization
  • Based on the chosen car brand and model, the Lessor (Quiklyz) will suggest a
    list of authorized dealers who can offer the most competitive pricing and faster
    delivery timelines. 
  • If an Amplite finds a better quote or discount at another authorized dealer, they should:

        a. Share that quote with Lessor.

        b. Request that the Lessor consider sourcing the car from that dealer.

        c. Proceed only after confirmation from the Lessor that the dealer is acceptable                under their leasing terms.

3.3 Car Lease Request Procedure

  • Requests shall be raised in the Zoho portal and approved by both the Reporting Manager, Payroll SPOC and HR Manager.
  • Once approved, a Vehicle Request Letter (VRL) in the Lessor’s format must be submitted to the Payroll SPOC who shall forward the VRL to the Lessor for evaluation.
  • Amplites can select the lease period ranging from a minimum of 2 years to a maximum of 5 years.
  • Post-approval, a tripartite agreement shall be executed between the parties and the Amplite must review this thoroughly before signing.
3.4 Cancellation 
  • Once the VRL is approved and the vehicle order is placed, the Amplite cannot change the car model/variant or cancel the request; unless all incurred charges are reimbursed to the Lessor. 
  • Details about cancellation procedure is available in the Tripartite Agreement.
3.5 Vehicle Registration 
  • The vehicle will be registered in the Amplite’s name as per the Motor vehicle
    Act 1988. 
  • The original Registration Certificate (RC) will be sent to the Amplite’s
    address by the RTO concerned, within 120 working days. 
  • Amplite shall submit a copy of the RC to the Lessor.
3.6 Insurance 
  • The Lessor will provide 1st-year insurance, which is included in the lease cost. 
  • The insurance policy will be shared with the Amplite at the start of the lease period.
  • From the second year, Amplites can select an insurer of their choice. 
  • In the event of an incident, EMI payments must continue until full recovery of the Insured Declared Value (IDV) from the insurance company. 
  • Details about insurance is available in the Tripartite Agreement.
3.7 Repairs, Maintenance & Liability 
  • Amplites must follow the manufacturer’s maintenance schedule, as outlined in
    the Vehicle Handbook and use authorized service centers. 
  • The car must be used primarily for official purposes. 
  • Ample and/or the lessor bears no liability for accidents, damages, or third party claims.
3.8 Pre-Termination of Lease 
  • Lease may be terminated prematurely if:
         a. The Amplite exits the organization
         b. The Amplite voluntarily opts out of the lease agreement
  • In case of resignation, HR will inform the Lessor within 7 working days of resignation.
  • The below options are available to an Amplite for a pre- termination of Lease:
        a. In case where the Amplite chooses to retain the car, a pre-termination fee of                1% + applicable taxes must be paid. Lessor and Co-Lesse (Ample) reserves                the right to recover any outstanding lease payments /foreclosure charges                    from the Amplite. In such cases, final settlement will be processed only after                the clearance of all dues related to the lease foreclosure.
        b. In case where the Amplite chooses to return the car, the value difference                      between the car’s realizable value and the outstanding lease liability shall be                borne by the Amplite. The vehicle shall be inspected by a minimum of two                    independent experts (arranged by the Lessor), and using a comprehensive                  checklist, the vehicle’s condition shall be assessed to compute the realizable              value. Details are available in the Tripartite Agreement. 
        c. In case where the Amplite wants to transfer the lease to the new employer, it                can be done at the sole discretion of the Lessor.
 
3.9 Lease Completion 
  • At the end of the lease term, Amplite may purchase the vehicle at a Residual Value (options: 1%, 10%, or 20%). Residual value is the estimated value of a vehicle at the end of the lease term, to be opted at the time of signing the Tripartite agreement. Higher the residual value chosen, lower would be the monthly EMI. 
  • A No Objection Certificate (NOC) will be issued by the Lessor. 
  • The Amplite must take responsibility to remove RC hypothecation and change to full ownership within the stipulated time as per the RTO.
3.10 Theft or Total Loss 
  • In case of theft or total loss, Amplites must:
      a. File an FIR
      b. Notify the Lessor
      c. File an insurance claim
  • Any shortfall between the insurance claim settlement and the outstanding lease amount shall be borne by the Amplite.
  • EMI payments shall continue until the claim is settled; any excess will be refunded.
  • For extensive damage, the insurance claim will cover the repair costs. Any shortfall between the insurance claim settlement and the actual repair costs shall borne by the Amplite (e.g., if the repair costs is Rs 60,000 and the insurance claim paid is Rs 45,000, Amplite shall pay Rs 15,000).

4. Compliance with Motor Vehicle Act, 1988

Amplites must comply with the Motor Vehicle Act, 1988. Any deviations or violations will be the sole responsibility of the Amplite. The Company and Lessor will not reimburse any fines or penalties.

5. Policy Interpretation

Ample reserves the right to interpret, modify, or withdraw this policy at any time. All
decisions by Ample regarding this policy are final and binding.