Hi,
We are into construction company and our management have decided to give Rs. 1,00,000/- one lakh loan to one of our employee who's brother is hospitalized.
he has requested us to take his sal which is around 22k, we plan to take only 18k (has he gets other money too)
can someone help me out, to excute this agreement n what all original document we need to take into our custody, still he settle n if someone can send me the agreement copy vide my email at
.
thanks in advance.
nitu
From India, Bangalore
We are into construction company and our management have decided to give Rs. 1,00,000/- one lakh loan to one of our employee who's brother is hospitalized.
he has requested us to take his sal which is around 22k, we plan to take only 18k (has he gets other money too)
can someone help me out, to excute this agreement n what all original document we need to take into our custody, still he settle n if someone can send me the agreement copy vide my email at
thanks in advance.
nitu
From India, Bangalore
Dear
Do not deduct from his salary.Deduct only one fifth of his salary which will look credible.
After creditiing in his account get monthly post dated cheques for re-payment in the Directors personal account advanced as a loan to him.
If Rs 18,000/- is deducted what will he have to survive.
With Regards
V.Sounder Rajan
From India, Bangalore
50Do not deduct from his salary.Deduct only one fifth of his salary which will look credible.
After creditiing in his account get monthly post dated cheques for re-payment in the Directors personal account advanced as a loan to him.
If Rs 18,000/- is deducted what will he have to survive.
With Regards
V.Sounder Rajan
From India, Bangalore
Hi Nitu,
Its not legally feasible to deduct more than 50% on the salary, since this is restricted by Payment of Wages Act. So its better to get post-dated cheque from the employee for amount he has borrowed.
Again recovery is very easy when you have cheque of a person, its amount to criminal case, when the cheque bounces.
Rgds,
Suresh Ramalilngam
From India, Mumbai
Its not legally feasible to deduct more than 50% on the salary, since this is restricted by Payment of Wages Act. So its better to get post-dated cheque from the employee for amount he has borrowed.
Again recovery is very easy when you have cheque of a person, its amount to criminal case, when the cheque bounces.
Rgds,
Suresh Ramalilngam
From India, Mumbai
Dear Sundar raj and Ramalingam,
Thank you so much for your feedback.
The deduction amt has been decided by the employee only. he gets 5k as voucher payment apart from his salary, + co has provided him accomodaton n food has been take care.
only i want to check if we need to excute any agreement, if yes any copies wld be available ??????
Rgds
Nitu
From India, Bangalore
Thank you so much for your feedback.
The deduction amt has been decided by the employee only. he gets 5k as voucher payment apart from his salary, + co has provided him accomodaton n food has been take care.
only i want to check if we need to excute any agreement, if yes any copies wld be available ??????
Rgds
Nitu
From India, Bangalore
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Loan Agreement.pdf
SECURITY AGREEMENT.doc