LOAN POLICY

Objective:-

To impart welfare through providing financial assistance to the employees.

Eligibility.

Six months of continuous service is required to avail loan.

There should be no loan outstanding against the individual name at the time of the application of loan.

There should be 6 months gap between the last and current application of loan.

Purpose.

Marriage of self or any of the family member.

Sudden illness of self, spouse, dependent parents / children or sudden death of any family member.

Any other subject to discussion & approval from top management.

Entitlement.

An employee is entitled to avail loan according to the following criteria:-

Service Duration

(Month)

Amount of Salary

9-15 Months

One Time

15-24 Months

Two Time

24-36 Months

Three time

36 Months

Four Time

Maximum amount of loan available will be Rs.5,00,000/- The amount of loan is finalise at the Management

discretion which shall change from case to case.

Repayment of Loan

The amount will be repayable at 13% interest in installments and installments should be completed within 9

months. The EMI of loan is finalise at the Management discretion which shall change from case to case.

Interest rate are subject to change to NIL in case of Employee’s self illness.

Interest rate are subject to change to 6.5% in case of Employee’s family member illness.Any incentive or bonus shall be credited towards the repayment of outstanding loan.

Procedure of availing loan.

The application for loan should be submitted through Jainam Earth. Loan application request is receive by

the concern reporting Manager. If the employee is not eligible for loan then software will decline the request.

If the Concern Manager feels that loan request is genuine, it will forward to the HR (HR Manager)

If the HR Head finds the loan request suitable then it is forwarded to Top Management for final decision.

Top Management will finally decide and the reason mentioned fit in the genuine criteria then only loan

application will be approved.