How Can I Resign When My Company Won't Let Me Go Due to a Loan Letter? Seeking Advice!

Hi Seniors, please help me! I obtained an employer's letter for the purpose of a house loan from my current company. The letter stated my place of residence as per their records, my current salary as per their records (including a bonus amount and an increment amount for the previous year). Approximately one month after receiving the letter and applying for the loan, I received a job offer from another company and submitted my resignation yesterday. The company I am currently employed with is a proprietor firm. The employers have declined to accept my resignation, citing that I had used the letter for a loan from them. I have been with this company for the past 4.5 years and was taken aback by their response. Throughout these 4.5 years, I have received substantial salary increases, and my performance has been consistently strong. The job offer and the loan letter are unrelated events; I attended an interview, the offer came through, and I pursued it due to the better opportunities it presented.

Seeking Advice on Resignation Impediment

Please advise if it is justifiable for my current company to impede my progress for this reason, especially considering my contributions. If so, could you explain why? If not, what steps can I take to address this situation? How should I navigate through this?

Thank you.

Please check if you have taken a salary certificate or residence proof for the purpose of applying for the bank loan. It is a very common requirement and has nothing to do with the acceptance of your resignation.

Every month, a salary slip is provided to the employees, and a salary certificate serves a similar purpose. Therefore, the company cannot hold you accountable as it is your personal loan, and the company is not involved in it. You do not need to worry about this.

Steps to Take After Resignation

Regarding the situation at hand, since you have submitted your resignation, give the company one to two reminders and request to be relieved from your duties. Make sure to keep a record of the resignation letter and reminders. If they do not grant your request, you are free to stop working for that company and can confidently join another one.

Regards,
Rajeev Dixit

Rajeev has explained very well in his reply. Coming to the last paragraph of his reply, this would be a course of collision. Before taking up this course, I recommend talking with the employers. This bogie of the issue of a letter for a housing loan is nothing but a ploy to hold you. The proprietor does not want you to go. I recommend sitting with him and discussing your positive relationship. Tell him that you had a 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 an exposure of a different kind. "A rolling stone gathers no moss, and you would not like to gather any moss on your career."

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

If he does not listen, then adopt the route of what Rajeev has given in the last paragraph. But if things come to a head-on collision, 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!

Regards,
Dinesh V Divekar

If the letter in question guarantees the bank granting a loan for the loan period, then the employer is bound not to relieve you. If it is as stated above, then he has nothing to do with your relieving. Go and discuss with your boss, explaining the reason for your resignation, as he might want you to stay. If needed, go to the bank and get in writing from the bank the status of that letter, and hand it over to your boss while keeping a copy for yourself.

Thanks,
V K Gupta

I agree with our experts; the letter for the loan and accepting your resignation have 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. It's quite common to find many unscrupulous companies acting in this manner. Please be assured that they cannot stop your release.

Warm regards.

Thank you very much for your suggestions. I had a discussion with my boss along the same lines 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... :)