Objective: It is a form of financial assistance in case of an emergency.

  The primary purpose of

offering a loan to our employees is to ease their monetary stress in case of an emergency.

Eligibility:

1) For Permanent Employees:

a. The employee should have completed at least one/two years of continuous service
with the company.
b. He/she can apply for loan amount up to 25% of TCTC
c. After clearance of the loan, minimum one/two years gap is mandatory for applying
the next loan. However, a second loan cannot be approved unless and until the first
one is paid in full.

2) For Contractual Employees:
a. The employee should have completed at least two years of continuous service with
the company
b. He/she can apply for loan amount up to two/three gross salary
c. After clearance of the loan , minimum one/two years gap is mandatory for
applying the next loan. However, a second loan cannot be approved unless and until
the first one is paid in full.

Repayment Schedule: Maximum duration for repayment allowed is two/three years

Repayment Method: Monthly payroll deduction.

Prepayment: If any lump sum amount to be paid out to employee (Increment arrears/Variable
Bonus), the employee is expected to manage it against early settlement of loan 

Exit/Termination of burrower: In case of end of employment of the borrower, loan recovery for
pending amount due and payable will be adjusted from the Full and Final Settlement

Conditions under which loans can be offered:

An unforeseen emergency
Medical Emergency
Requirement for education purpose
Marriage in immediate family

Documentation: Do we get a contract/letter signed?

Note:
Authorization of loan, or any deviation in eligibility is subject to Management discretion.
Employee is requested to give relevant proofs while raising the request.
Employee is responsible for repayment of loan in a timely manner as described in this policy. Failure
to do so can lead to disciplinary action including but not limited to legal action.