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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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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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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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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