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Lending rules for employees’ financial assistance
Loan policy
the essence
The essence of the loan policy is to outline the terms and conditions for employees who wish to borrow money from the company. It typically covers the loan application process, eligibility criteria, maximum loan amount, interest rates,
repayment terms, and consequences for defaulting on payments. The policy aims to assist employees financially while protecting the company’s assets and ensuring responsible borrowing behaviour.
Policy for lending money to employees
Best Practices
# One
Google, the US-based multinational technology company, offers its employees the option to take out low-interest loans through a program called “Lending Club.” Employees can use these loans for any personal need, such as debt consolidation, home improvements, or medical expenses.
# Two
Udaan, the B2B e-commerce platform has implemented a loan policy that provides interest-free loans to employees for various purposes, such as purchasing a vehicle, financing education, or making a down payment on a house.
DID YOU KNOW
The world's oldest bank, Banca Monte dei Paschi di Siena, was founded in Italy in 1472 and is still in operation today
Three steps to success
We Help You Every Step Of The Way
Let’s face it! HR Policies need to be designed keeping the industry sector, business requirement and the needs of the workforce in mind. A one size fits all approach does not work when it comes to writing a number of policies.
On the other hand, labour laws require that companies adhere to various statutory compliances, but are difficult for the lay person to comprehend. Why stress over them. Leave the heavy lifting to us!
01
learning about all your business
Tell us which sector you are in, where you are located, how many employees by gender, if you engage contract labour etc
02
Send you relevant Labour compliances & HR Policies
Our system gets to work and creates a customised set of documents just for you. We deliver in 2 to 4 weeks
03
Keep you updated
on revisions to law
We constantly track changes in labour legislations, new policies in vogue and update you
