Good day all,
Please, I need a guideline or format for a loan agreement. I want to be able to properly monitor loans collected by staff and draw up a repayment plan. I'm hoping I could get some help with this.
Thank you
From Nigeria, Abuja
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Please, I need a guideline or format for a loan agreement. I want to be able to properly monitor loans collected by staff and draw up a repayment plan. I'm hoping I could get some help with this.
Thank you
From Nigeria, Abuja
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Dear Tinkerbell,
During my HR days, we followed this policy:
We paid a loan amount equivalent to twice the gross salary. The maximum number of installments was six. Two guarantors from the company were required to accept responsibility for non-payment. Guarantors needed to have three years of continuous service. To become eligible for a short-term loan, an employee should have rendered at least 3 years of continuous service. An employee could avail of this facility once every three years.
As far as monitoring is concerned, most payroll processing software used have provisions to handle employee salary advances or loans. You can use that. Otherwise, a simple Excel sheet will also suffice. The column headings could be as below:
Sl. No.
Name of Employee
Employee No.
Loan Amount
No. of Installments
Jan
Feb
Mar
...
...
Dec
(Divide the loan amount by the number of installments and write the amount against each month. While processing salary, check this sheet)
Ok...
P.S.: Do you have any employee training plans? If yes, then you may avail of my services. I am likely to visit Nigeria in November 2012.
Dinesh V Divekar
From India, Bangalore
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8029During my HR days, we followed this policy:
We paid a loan amount equivalent to twice the gross salary. The maximum number of installments was six. Two guarantors from the company were required to accept responsibility for non-payment. Guarantors needed to have three years of continuous service. To become eligible for a short-term loan, an employee should have rendered at least 3 years of continuous service. An employee could avail of this facility once every three years.
As far as monitoring is concerned, most payroll processing software used have provisions to handle employee salary advances or loans. You can use that. Otherwise, a simple Excel sheet will also suffice. The column headings could be as below:
Sl. No.
Name of Employee
Employee No.
Loan Amount
No. of Installments
Jan
Feb
Mar
...
...
Dec
(Divide the loan amount by the number of installments and write the amount against each month. While processing salary, check this sheet)
Ok...
P.S.: Do you have any employee training plans? If yes, then you may avail of my services. I am likely to visit Nigeria in November 2012.
Dinesh V Divekar
From India, Bangalore
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