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Hi All,
Can somebody help me out on this we want to frame Loan & advance policy and it would be great if you all can suggest & guide me with your experiences & policy by you follow for your organisations.
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We have a very simple policy in our company. Following are the two conditions that is considered here.
The member would have an option taking the advance in the following two ways they feel convinent.
1. The Salary due for the current month, upto the date of advance payment. Eg: ABC is given a salary advance on 14-Feb-06. He would be eligible Nett Salary/28*14. At the end of the month he would have the remaining amount credited to his account.
2. The member gets to decide the amount he wants to take as advance. However, the amount would be deducted in 5 equal monthly instalments starting from the current month. The advance amount cannot not exceed his last two months salary.
Hope this has helped you.
Soumya Shankar
Greetings, Please find attached a policy on personal loans. Hope this helps. Regards, Ali

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File Type: doc personal_loan_policy_672.doc (20.5 KB, 3943 views)

the laon document attached in the last reply is very comprehensive. we too have policies on the same line. except, it is open for all the employees (after confirmtion) and we do our documentation well (get the legal paper signed). we dont take proof of loan spent though
rest one month's or two month's is what you would decide
hope that has answered your query
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