Dear Dineshji,
The bank tie up I suggested for the following reasons (from the employer's point of view):
1) If co faces cash flow problem to buy and provide to its' employees;
2) There is a tendency with some employees either to damage or lose the laptop itself by not taking enough care. You'll agree there is a difference between safe guarding one's own property vs others (co's) and especially when balance of EMI is still there to discharge. Moreover employees will be motivated to maintain it in good condition as it's going to be their own sooner or later. Further, most of the co's write off laptops in over a shorter period compared to other eqipt as its wear & tear is very high.
3) The interest component can always be compensated by reimbursing to the employees, thus no cost to employee.
4) Ofcourse, a co-borrower/guarantor carries more responsibility than the borrower itself. But since the salary itself being credited by the employer thru' the employees' bank a/c, including the F & F settlement any dues can be recovered. Coming to worse, the risk to the co. more or less the same in both the cases.
5) I don't think providing laptop facility, now a days, a welfare measure at all. This has become part of their essential job appliances like, stationery, calculator, desk top etc. More so in the 'work from home' regime/circumstances.
I don't advocate fully via a bank loan route but in the above circumstances it's preferable.