Employee loans - what can we mention as the repayment period and can the company also mention repayment amount?

We are giving loans to employees, is there any time period that the loan shall be repaid.
As the loans given , the repayment amount is decided by the employees and before the completion of the full repayment sometimes we get request for another loan.
However we have limitations to 3 months gross salary for each employee, in such cases what can we mention as the repayment period and can the company also mention repayment amount.

Hi

You need to keep one loan policy in place.

Like who can apply... Should have completed minimum this much years... New loan will not be sanctioned before the completion of first loan... Maximum repaying tenure cannot exceed____years etc.

These are company specific. Also just think what if employee absconds after taking loan.. What hold you have?