Motor Car Advance

A Member shall be entitled to an advance upto Rs. 50,000/- for purchase of Jeep/Motor Cycle or any light vehicle or the actual cost of the vehicle, whichever is less, recoverable with interest at the rate applicable to Members of Parliament within a period not exceeding five years from the date of its sanction or before the expiry of his term as Member of the Assembly, whichever is shorter, subject to the following conditions :—

1. (i) On the acceptance of an application for advance, the Member shall execute a deed undertaking to use the advance for the purpose for which, and to fulfil the conditions on which, the advance is sanctioned and also rendering himself and such property as may have been specified in the deed as security, liable for the repayment of the loan and interest due thereon.
2. (ii) No transfer, assignment or charge made or created after the execution of the deed under sub-clause (i), in relation to the property specified therein shall be valid against the President of India unless it has been made or created with his previous order in writing.
3. (iii) If the member having obtained an advance dies during his term as such Member, the recovery of outstanding advance from his heirs, shall be governed by the Rules applicable to the Members of Parliament.