Dear All,
In my organization, employees are taking too many personal loans by stating reasons like marriage in the family, buying a residence, and so on. We are receiving numerous personal loan requests, and as a result, the finance department is burdened and facing difficulties.
We have been asked to control this, so please suggest some formats or templates for a "No Loan Policy in the Company."
Thank you.
From India, Pune
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In my organization, employees are taking too many personal loans by stating reasons like marriage in the family, buying a residence, and so on. We are receiving numerous personal loan requests, and as a result, the finance department is burdened and facing difficulties.
We have been asked to control this, so please suggest some formats or templates for a "No Loan Policy in the Company."
Thank you.
From India, Pune
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Hi,
Have a policy on loans in place. I would suggest you regularize the loan dispersal instead of announcing no loan all of a sudden. This may have an adverse impact. Prepare a loan policy with criteria like:
1) Eligibility criteria - employees who have completed a minimum of this many years can apply. Have some years in place as per your choice in consultation with your HODs. Say one year or two years.
2) Reason for the loan - Restrict it to only medical and education expenses subject to the submission of proper proof.
3) Repayment terms - maximum allowed EMIs. Make it clear that loans for any other purpose will not be sanctioned.
From India, Madras
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1153Have a policy on loans in place. I would suggest you regularize the loan dispersal instead of announcing no loan all of a sudden. This may have an adverse impact. Prepare a loan policy with criteria like:
1) Eligibility criteria - employees who have completed a minimum of this many years can apply. Have some years in place as per your choice in consultation with your HODs. Say one year or two years.
2) Reason for the loan - Restrict it to only medical and education expenses subject to the submission of proper proof.
3) Repayment terms - maximum allowed EMIs. Make it clear that loans for any other purpose will not be sanctioned.
From India, Madras
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Template - Loan Policy.doc
Poor can benefit from this edu loan scheme.pdf