|
LOAN POLICY |
|
Personal Loan Facility : |
|
|
-
To meet the contingency of an
employee, company would provide short-term loan benefits, keeping in
mind some provisions where use of this facility would not take a form of
practice. The loan amount is given for a short period of time depending
on the amount.
|
|
|
| |
| 1 |
The loan will be
processed through all legal formalities. |
|
2 |
Advance Cheque is
compulsory. |
| 3 |
No other loans shall be
provided for next six months after completing the
availed loan. |
| 4 |
If you fail to pay
installment, you may not be considered for next loans
and the person who has signed as a guarantor will be
solely responsible for the payment of the loans without
any excuse... |
|
|
|
|
|
Vehicle Loan : |
|
|
|
|
|
|
| |
|
1 |
The EMI will be
including the interest to be charged on a
reducing balance method. I.e. approx. 15 % per
annum. |
|
2 |
The vehicle
registration & original documents shall remain
on the name of the company till the full and
final settlement is not done from the employees
end. |
|
3 |
After making full
and final settlement the vehicle shall be
transferred on the employees name at company
cost. |
|
|
| |
| Terms & Conditions : |
| |
| |
|
1 |
Total maximum 10
% of the employee strength will be given loan on
the seniority basis. |
|
2 |
The person who is
drawing more than Rs. 8,000/- is only entitle
for medical loan. |
|
3 |
Loan can be given
only where company’s financial circumstances
permits. |
|
|
| |
| Personal Loan Amount
Format : |
| |
| JOB DURATION
|
GENERAL LOAN
|
MEDICAL LOAN |
VEHICLE LOAN |
TERMS &
CONDITIONS |
|
After six months upto 12
months |
1 basic salary maximum |
Any |
|
10 installments, any
loan, (General, Medical etc.) |
|
1 to 2 years |
1 salary |
+1 for medical reason (on
proof) |
|
Vehicle + interest=
20 installment
|
|
2 to 3 years |
2 salary |
+1 for medical reason (on
proof) |
|
|
|
3 to 5 years |
2 salary |
2 for medical reason (on
proof) |
May apply for vehicle
loan up to 5 basic salary of if any other loan is not
pending. This loan is for new vehicle only. |
Bank Interest installment |
|
5 to 7 years |
3 salary |
2 for medical reason (on
proof) |
May apply for vehicle
loan up to 7 basic salaries, if any other loan is not
pending. This loan is for new vehicle only |
|
|
