Employee Loan policy

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1

Dear All,

Geeting’s !!

Kindly suggest me that what should be included in criteria loan policy for employee loan or how or how much loan should be passed as well as what clause should be added for recovery.

Pl do the needful.

Regards,

Ajay

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2

Loan amount depends on the company’s budget how much they want to sanction. You can diccuss with employees regarding the repayment terms like deducting installments from their salary monthly etc.
You can add the clause like in case of resignation or termination before completion of loan amount repayment, the employee has to pay outstanding amount before his last working day.

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3

okay that’s great but i wanted to be mentioned in that if any employee leave organization without serving notice period he or she is absconding then what kind of step need to be done

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4

Please find a model policy here. You can do further modificatons on top of it

  • Provide clarity about the scheme, including government regulations and taxation
  • Provide guidelines on participation, repayment and documentation
  • Explain eligibilities for this benefit
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5

Hi,

Is there a maximum year an employee can keep the loan amount without repayment? For eg.If an employee has taken a loan mentioning he will be paying as a lumpsome amount during the end of FY, and then do not pay and carries the loan to next FY…

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6

Hi,

What are the mandatory inclusions in the employee loan policy?

Regards,
Sneha

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7

Hey @Snehang ,

The maximum duration for an employee to keep a loan amount without repayment can vary depending on the terms and conditions agreed upon between the employee and the lender, such as the loan agreement or company policies. It is important to review the specific loan agreement or company policies to determine the maximum allowable period for loan repayment.

In some cases, there may be provisions for extending the loan repayment period, while in others, there may be specific deadlines or repayment schedules in place. It is advisable for both the employee and the lender to communicate and reach an agreement on the loan repayment terms to avoid any misunderstandings or potential legal issues.

Ritwika

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