1. Permanent employees (non-probationary) employees are eligible to apply for a loan from the company.
2. A person should exhaust other methods to obtain a loan before asking the company to fund a loan. (Bank, etc)
3. Loans under 12 months in duration can be granted interest free, given certain parameters. Loans exceeding twelve months in duration will be charged an interest rate consistent with best practices in the area in which the debtor resides.
4. Debt ratio of debt repayment to disposable income is an important factor in structure loans to give the debtor the best opportunity to repay. To that end, we need each person requesting a loan to complete a loan application.
5. If you are granted a loan that has an interest rate because it is for longer than 12 months, you can still pay it off before the 12 month end and pay 0% interest.
6. You will need to sign a loan agreement for a loan, which will contain all of the terms and conditions and describe the minimum monthly payment.
7. The minimum monthly payment will be withheld from your monthly salary. If you wish to make an additional payment amount, or pay down the principal, you may do so at any time.