The employee loan agreement is a document drafted when an employee takes a loan from the company he is working in. The document states the details about the employee’s position in the company and also the amount of loan he has applied for and the reasons for it.
Sample Employee Loan Agreement:
This Employee Loan Agreement has been drafted on 20th of November 2010 by and between Cyber Solutions Private Ltd, the Employer and John Woo, the Employee.
The Employee holds the position of senior customer service executive in Cyber Solutions Private Ltd and has requested for a loan for personal reasons which will be granted if he agrees to the below mentioned rules and regulations:
Cyber Solutions Private Ltd will grant loan to John Woo for an amount of $10000 at an interest rate of 10% per annum which he needs to repay in within 5 years.
In case the employee fails to pay the installment by due date, the amount will be deducted from his salary.
The employee has to mortgage all the shares of the company held by him as security.
The rules and regulations have been stated in accordance to the laws of the state of Nevada. Both the parties have agreed and signed below: