{"id":2280,"date":"2011-07-05T07:17:29","date_gmt":"2011-07-05T07:17:29","guid":{"rendered":"http:\/\/www.yourhrworld.com\/formats\/?p=2280"},"modified":"2011-07-05T07:17:48","modified_gmt":"2011-07-05T07:17:48","slug":"loan-policy","status":"publish","type":"post","link":"https:\/\/www.yourhrworld.com\/formats\/compensation-and-benefits\/hr-policies\/loan-policy\/","title":{"rendered":"Loan Policy"},"content":{"rendered":"<p><strong>Loans Policy<\/strong><\/p><div class=\"69eb924294c115e6505da44099e8df92\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script type=\"text\/javascript\"><!--\r\ngoogle_ad_client = \"pub-0867779017855679\";\r\n\/* 300x250, created 4\/20\/11 *\/\r\ngoogle_ad_slot = \"1035864135\";\r\ngoogle_ad_width = 300;\r\ngoogle_ad_height = 250;\r\n\/\/-->\r\n<\/script>\r\n<script type=\"text\/javascript\"\r\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\r\n<\/script>\n<\/div>\n\n<h4>1. General loans policy<\/h4>\n<p>The company provides loans for general purpose such as:<\/p>\n<p>\u2022\tMarriage of self or own sisters<br \/>\n\u2022\tAccidents<br \/>\n\u2022\tAnd Emergencies such as accidents, hospitalization and death in the family (Self, spouse, children and parents)<\/p>\n<p>These loans are provided to permanent employees who have completed 1 years of service.<\/p>\n<p>The loan amount is fixed at 900 USD.<\/p>\n<p>Repayment of such loans will be in 20 equal installments and will be deducted from the wage.<\/p>\n<p>Employees who have taken advance from the factory will have to repay the advance to be eligible for a loan<\/p>\n<p>If an employee wants to repay the balance  amount in a single installment within 24 months employee can inform HR  about his intent and HR shall facilitate the repayment. The mode of  payment will be only by cheque.<\/p>\n<p>For Employees who have been in the organization for more than 4 years, loan requests higher than the eligibility have to be recommended by the Reporting Head and have to be approved by Vice President<\/p>\n<h4>2. Loans procedure<\/h4>\n<p>The applicant has to fill a loan application form  (as per annexure).The duly filled form is thereafter forwarded to HR  department with respective department heads comments on it.<\/p>\n<p>The HR Department verifies the eligibility amount and forwards the application to Vice President for approval. The sanction \/ rejection of loan is finally at the discretion of the Vice President.<\/p>\n<p>After the loan is sanctioned, an advice is given by HR to Finance to process the payment.<\/p>\n<p>If an Employee leaves the organization before the repayment of the full loan amount, the employee is liable to pay the balance of the loan amount before being relieved.<\/p>\n<p><strong><a href=\"https:\/\/www.yourhrworld.com\/formats\/wp-content\/uploads\/2011\/07\/Loan-policy.doc\">Click Here To Download Loan Policy<\/a><\/strong><\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div><h4>Search Sample Formats:<\/h4><ul><li><a href=\"https:\/\/www.yourhrworld.com\/formats\/compensation-and-benefits\/hr-policies\/loan-policy\/\" title=\"loan policy\">loan policy<\/a><\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>Loans Policy 1. General loans policy The company provides loans for general purpose such as: \u2022 Marriage of self or own sisters \u2022 Accidents \u2022 And Emergencies such as accidents, hospitalization and death in the family (Self, spouse, children and parents) These loans are provided to permanent employees who have completed 1 years of service. The loan amount is fixed at 900 USD. Repayment of such loans will be in 20 equal installments and will be deducted from the wage. Employees who have taken advance from the factory will have to repay the advance to be eligible for a loan<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[514,12],"tags":[555],"class_list":["post-2280","post","type-post","status-publish","format-standard","hentry","category-compensation-and-benefits","category-hr-policies","tag-loan-policy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Loan Policy - HR Letter Formats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yourhrworld.com\/formats\/compensation-and-benefits\/hr-policies\/loan-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Policy - HR Letter Formats\" \/>\n<meta property=\"og:description\" content=\"Loans Policy 1. General loans policy The company provides loans for general purpose such as: \u2022 Marriage of self or own sisters \u2022 Accidents \u2022 And Emergencies such as accidents, hospitalization and death in the family (Self, spouse, children and parents) These loans are provided to permanent employees who have completed 1 years of service. The loan amount is fixed at 900 USD. Repayment of such loans will be in 20 equal installments and will be deducted from the wage. 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