Loan / Salary Advance

Objective & Scope

Objective: To assist team members during their financial crisis by extending monetary support in the form of Interest Free Loans.

Scope: Applicable and available to all team members post confirmation of services with Ample.

Details

  1. A team member is eligible for a maximum loan of  1½ times the individual’s monthly salary if the tenure is upto 2 yrs.
  2. A team member is eligible for a maximum loan of  3 times the individual’s monthly salary if the tenure is beyond 2 yrs.
  3. The loan is recoverable in 6 equal monthly instalments. The repayment shall commence from the month subsequent to the month of loan sanction. 
  4. A crisis may be defined as:
    • Hospitalisation of Self / Family member ( Parents/ Spouse/ Children)
    • Marriage in the family
    • Death in the family
    • School fees/donation of children
    • Payment of two-wheeler / computer / course fees, etc. (work-related)
    • House deposits
  5. If a second loan is applied for, the loan shall be sanctioned and paid in such a way that the overall amount outstanding is not beyond Rs. 20,000 or 1½ or 3 times the individual’s monthly salary basis the tenure as mentioned in point 1 and 2 (whichever is lesser) at any point of time.
  6. False declaration of a crisis as the reason for a loan shall be treated as misconduct.
  7. An interest-free provided by an employer is taxable as a ‘perquisite’ for a team member. Tax will get deducted at source on the interest chargeable on the loan, as part of the team member’s salary.

Other terms

  1. Loan disbursement is capped at 1L for non-medical needs and 1.5L for medical emergencies.

Procedure

  1. A team member in need of a Loan shall raised request in Zoho to seek approval from Reporting Manager and HR Manager.
  2. Photocopies of the supporting documents should be submitted as evidence, along with the loan form. 
Documents to be submitted:
  • School Fees – Fees structure/ Mail from school
  • Two wheeler purchase – Profoma invoice
  • Marriage – Invitation card
  • House Deposit – Rent agreement
  • Hospitalization – Cost estimate from hospital 

  3. Post approval, the loan amount would be disbursed to the member through bank          transfer by finance department. 

  4. In case of cancellation or postponement of the event / activity for which the loan          was applied, the team member is expected to return the amount through bank            transfer notifying the HR and Accounts team.

SALARY ADVANCE:
  1. The Salary advance option is available to team members only for critical financial emergencies. Example: Sudden hospitalisation of family member or self, death in the family etc.
  2. In case of a team member seeking salary advance, an email should be sent to the Reporting/ HR Manager. On approval, the salary advance will be paid out via bank transfer within 3 working days. The amount of salary advance requested should not go beyond the gross salary of the team member.
  3. The amount will be recovered in full, immediately from the salary of the current month.
    *****Any exceptions to this policy will need approval from the respective HOD & CHRO.

History

  • 1 January 2019 – Loan eligibility and addition of house deposits in the scope.