Staff Loan and Salary Advance Policy

Loan Facility (to be disbursed within 10 working days of application)

ELIGIBILITY

  1. Available only to confirmed employees of the company
  2. Have been working in the company for at least one (1) year.
  3. A loan cannot be given while a previous loan (including bike loan) is due.

PURPOSE OF LOAN

  1. No restriction on purpose of loan

LOAN AMOUNT

  1. Maximum loan amount will be four (3) times the monthly gross salary (rounded to nearest
    1,000)

COST OF LOAN

  1. There will be no Processing fees
  2. Interest @ 15% on reducing balance will be charged on the loan amount

REPAYMENT

  1. Maximum Loan tenure of 12 months
  2. EMI (equal monthly installments) will be deducted from the salary every month
  3. The company may at its sole discretion accelerate the loan repayment or adjust against
    other receivables (travel bills, incentives, etc.) of the staff
  4. Loan may be voluntarily pre-closed/pre-paid without any concession on service charges
    levied.
  5. On separation (resignation, termination, etc.) from the company, the employee has to close
    the loan Immediately and fully.  Adjustment against any payables by the company to the
    employee is not allowed.

APPLICATION & APPROVAL PROCESS

  1. Any employee interested in a loan should apply for the loan in the specified form to the
    Reporting
    Officer, along with –
    1. a passport size photograph
    2. three (3) post dated cheques in favour of the company and
    3. filled up pronote signed over an affixed revenue stamp
  2. The Reporting Officer (e.g. Sales Manager) should recommend the grant of loan to his/her superior (e.g. Area Manager) who should recommend the loan to the Line Manager
  3. Final loan sanction will be made by the concerned Line Manager along with any other Manager
  4. For Managers, the Managing Director will be the loan sanctioning authority

SALARY ADVANCE

Facility (to be disbursed within 2 working days of application)

  1. Facility available only to confirmed staff members
  2. Advances will be given only for medical emergencies and other critical needs
  3. An advance up to a maximum of 1 month’s gross salary (rounded to nearest 1,000) may be
    availed
  4. The advance will be deducted from the monthly salary in four (4) equal instalments
  5. The company may at its sole discretion accelerate the advance repayment or adjust against
    other Receivables (travel bills, incentives, etc.) of the staff
  6. An advance cannot be given while a previous advance is due
  7. Any employee interested in a salary advance should apply for it in the specified form to the
    Reporting Officer, along with a passport size photograph and three (3) post-dated cheques in
    favour of the company.

A request for advance has to be recommended by the Reporting Officer and approved by the
Line Manager