Company Is Not Releasing Me Citing That I Has Taken A Letter For Loan From Them.. Please Help

Hi Seniors,

Please help me!!!! I had taken an employers letter for the purpose of house loan from my present company. The letter stated that my place of residence according to their records, my current salary according to the their record which include a bonus amount and an amount against increment for the previous year. After around 1 month of the receiving the letter and applying for the loan, I got a job offer from another company and I applied for resignation yesterday. The company I am presently working on is a Proprietor firm. The Employers refused to accept my resignation on the ground that I had taken the letter for loan from them. I have been working in this company for last 4.5 years and was shocked to hear the same. In the last 4.5 years, I have been given good increment and my performance was really good. The job offer and the letter for loan has no connection, since I gave an interview, it happened and since it had better opportunity, i went for it.

Please let me know if its correct on the part of my present company to hamper my growth for this reason, after I had given them so much. If yes, then why and If no, then what can I do about this/how should I handle the situation.

Hi ,
See if you have taken Salary certificate or residence proof for the sake of applying
for the bank loan it is a very general record .It has nothing to do with the your
resignation getting not accepted.
Each month salary slip is given to the employees.Salary certificate also plays
nearly the same role.On this ground the company can not hold you as its your
personal loan and company is no way related to it .So you need worry about it .
Now coming to handling the situation .You have submitted the resignation.Give them
one to two reminders and request them to relive you .Keep the record of resignation
letter + reminders . Even if they do not relieve you can stop going to the same
company and can join the other one without hesitation .
Regards
Rajeev Dixit

Dear Mitali,

Rajeev has explained you very well in his reply. Coming to last paragraph of his reply. This would be course of collision. Before taking up this course, I recommend you talking with the employers. This bogie of issue of letter for housing loan is nothing but ploy to hold you. Proprietor does not want you go. I recommend you sitting with him and discussing about your positive relationship. Tell him that you had fruitful stay and you do not wish to mar this stay at the fag end of your career. Opportunities do not come again and again. One can grow in one's career only when one works in multiple jobs. Every job gives a exposure of different kind. Rolling stone gathers no moss and you would not like to gather any moss on your career.

Possibly your current employer may would like to negotiate hike with you. Be prepared to accept the the proposal. Weigh it carefully and give your affirmative or negative reply. But do not do it instantly. Take time and give reply.

If he does not listen then adopt route of what Rajeev has given in the last paragraph. But then if things come to head on collision then I feel it is better to keep your future employer also posted. However, let other senior members give their opinions on whether to keep future employers informed or not.

All the best!

Dinesh V Divekar

Dear Sir,
If the letter in question is guarantee to the Bank granting loan for the loan period, then employer is bound not to relieve. If it is as stated above, then he has nothing to do with your relieving. Go and discuss with your boss explaining the reason of your resignation as he might be wanted you to retain. If need be, go to bank and get in writing from the Bank of the status of that letter and hand over to your boss and keep copy thereof with you.
Thanks
V K Gupta

Dear Mitali,
I echo our experts, the letter for the loan and accepting your resignation holds no common ground.
Your employer is trying to retain you.
Let us know if there are any developments after you speak to them

I agree with the above.
It is just a case of high-handedness on the part of the company to victimize and harass an employee who is trying to leave the company. Its quite common to find many unscrupulous companies acting in this manner.
Please be assured that they can not stop your release.
Warm regards.

Hi,
Thanks a lot for your suggestions. I had a discussion with my boss in the same line as suggested by all of you. Thankfully I have been relieved. I am so thankful to all of you for guiding me and relieving me of my stress... :)