Loan Facility (to be disbursed within 10 working days of application)
Available only to confirmed employees of the company
Have been working in the company for at least one (1) year.
A loan cannot be given while a previous loan (including bike loan) is due.
PURPOSE OF LOAN
No restriction on purpose of loan
Maximum loan amount will be four (3) times the monthly gross salary (rounded to nearest 1,000)
COST OF LOAN
There will be no Processing fees
Interest @ 15% on reducing balance will be charged on the loan amount
Maximum Loan tenure of 12 months
EMI (equal monthly installments) will be deducted from the salary every month
The company may at its sole discretion accelerate the loan repayment or adjust against other receivables (travel bills, incentives, etc.) of the staff
Loan may be voluntarily pre-closed/pre-paid without any concession on service charges levied.
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
Any employee interested in a loan should apply for the loan in the specified form to the Reporting Officer, along with –
a passport size photograph
three (3) post dated cheques in favour of the company and
filled up pronote signed over an affixed revenue stamp
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
Final loan sanction will be made by the concerned Line Manager along with any other Manager
For Managers, the Managing Director will be the loan sanctioning authority
Facility (to be disbursed within 2 working days of application)
Facility available only to confirmed staff members
Advances will be given only for medical emergencies and other critical needs
An advance up to a maximum of 1 month’s gross salary (rounded to nearest 1,000) may be availed
The advance will be deducted from the monthly salary in four (4) equal instalments
The company may at its sole discretion accelerate the advance repayment or adjust against other Receivables (travel bills, incentives, etc.) of the staff
An advance cannot be given while a previous advance is due
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