Car loan given to employees

A company is giving car loan to employees from own cash and bank balance and recovering almost 60% of the loan by way of down payments and equal installments over the 5 years period.

The car is on company' name and it's claim depreciation on it. And it's treat the amount deducted from salary and down payments made by the employee as current liabilities under balance sheet . Is this presentation correct and if not what will be the presentation in balance sheet?