Board Resolution for Vehicle Loan from Bank for Car Purchase

The Board of Directors of a company in its meeting has to pass a resolution to approve the purchase of a car or any other vehicle in the name of the company which is being purchased on finance from any bank and to be used by the company for official purposes.

Following is a template of board resolution for a car loan from the bank for your reference and use.

Board Resolution for Car Loan

#. To approve the purchase a car on finance from a bank

“RESOLVED THAT the consent of the Board of Directors be and is hereby accorded for purchase of a car as per the proforma invoice tabled before the Board.

RESOLVED FURTHER THAT the car be availed on finance from .......... Bank, ......... branch and the total cost to company in this connection be up to Rs. ......................... (Rupees .......................... only).

RESOLVED FURTHER THAT (Name of the Director/Officer), (Designation) be and is hereby authorised on behalf of the Board to sign and execute all required forms, deeds and documents as may be necessary to get the finance from the bank to purchase the car.

RESOLVED FURTHER THAT the common seal of the company be affixed in the presence of (Name of the Director/Officer), (Designation) who will sign the same in token thereof.”