Personal Loan Policy

ashwini rege · #1 (**permalink**) 10-06-2008, 04:30 PM

Dear CiteHR members,

At my organisation we are contemplating the idea of providing Personal Loan facility to our employees. This loan amount could be for the purpose of house rennovation , funding for family function or buying a new vehicle.

Can i request you to share with me the nature of similar policies in your organisation ?

You could write a gist about the nature of a similar policy . Also pl mention the industry that you represnt.

Best Regards

azing_00 · #2 (**permalink**) 10-06-2008, 04:43 PM

Hi,

Am from a chemical manufacturing company. We have a similar policy in place, wherein we have included the following:

Purpose: clearly defined
Employees eligible: who have completed x no of years of service with organisation
Amount eligible for: Can be based as a percentage of basic or x months basic as such
EMI payable: Interest free or subsidized interest and payable in x no of years/month
Approval authorities
The procedure for availing the loan in detail
Form for loan application as annexure
Specify whether the loan will be considered as a perquisite and the calculation for same
General rules in case of separation, pre-closure, cap on the no. of times it can be availed during the tenure of service, etc.

Hope this information is helpful.

Regards,

Anuradha

mnj.tiwari · #3 (**permalink**) 10-06-2008, 05:12 PM

Hi,
I am from Construction Industry & we have similar facility, We include undermentioned:

Purpose of Loan: Family Functions/Purchase of house/renovation/emergency
Amount of Loan: Gross salary x 2 (Maximum upto 1 L)
Repayments: 24 Equal EMI, Without any Interest
Eligibility : Confirmed Employees only
We will make an agreement between employee & employer consisting mutual understanding, and take a cheque as surety (must be return after completion of loan)

Hope you it will help you to formulate policy to facilitate your employees through emergency / personal loan

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