- Purpose:
This policy outlines the terms and conditions under which employees of CARTZ Link may apply for a financial loan. The aim is to provide temporary financial assistance to eligible employees in times of genuine need.
- Eligibility Criteria:
To be eligible for a loan, the employee must meet the following requirements:
- Must be completed of six months of tenure as permanent employee of CARTZ Link.
- Must not have any existing unpaid loans or advances from the company.
- Loan approval is subject to management discretion.
- Loan Conditions:
- Upon submission of an employee’s loan request, their AVA balance will be checked. If the AVA balance is NIL, the loan request will be processed through the normal procedure. However, if there is an available AVA balance and it covers the requested loan amount, the loan will first be adjusted from the AVA balance. If the requested amount exceeds the AVA balance, the available AVA amount will be utilized first, and the remaining balance will be provided as a loan.
- The loan amount granted shall not exceed employee’s three month gross salary.
- The loan request must be submitted in writing with appropriate supporting documents (if available).
- The employee will be obligated to maintain good conduct and work diligently with the company for the entire duration of the loan period.
- Employee is not allowed to resign during the duration of loan period.
- The Admin Department and the Finance Department will jointly review and process all loan applications.
- Loan approval may require endorsement from the employee’s department head or team lead.
- In the event of disciplinary action, misconduct, or breach of company policies, the company reserves the right to suspend further disbursement or recover the outstanding loan amount immediately.
- Loan Disbursement:
- Once approved, the loan amount will be disbursed through the employee’s salary account.
- A written acknowledgment and loan agreement must be signed before disbursement.
- Refund / Repayment Policy:
- Loan repayment will begin from the salary of the following month after disbursement.
- The loan will be recovered in equal monthly installments over a maximum period of 18 months depending on the amount.
- In case of early resignation or termination, the outstanding loan amount will be deducted from the final settlement.
- General Terms:
- Only one active loan can be availed at a time.
- Reapplication is only allowed after full repayment of any previous loan.
The company reserves the right to amend or cancel this policy at any time without prior notice.
