The Employee Loan Agreement is a critical document used when companies in the Philippines offer financial assistance to their employees through formal lending programs. This agreement is essential for organizations that provide employee loans as part of their benefits package or to assist employees during financial emergencies. The document ensures compliance with Philippine labor laws, banking regulations, and financial disclosure requirements while protecting both employer and employee interests. It includes comprehensive details about loan terms, repayment mechanisms through salary deductions, interest calculations, and default provisions. The agreement is particularly important in the Philippine context where employee loan programs are common benefits offered by companies, requiring careful documentation to comply with local regulatory requirements and establish clear obligations for both parties.
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1. Parties: Identifies the employer (lender) and employee (borrower) with complete details including positions and employee identification numbers
2. Background: Establishes the employment relationship and context for the loan request
3. Definitions: Defines key terms used throughout the agreement including Loan Amount, Interest Rate, Repayment Period, and Payment Schedule
4. Loan Details: Specifies the principal amount, purpose of the loan, and disbursement details
5. Interest and Charges: Details the interest rate, method of calculation, and any additional charges or fees
6. Repayment Terms: Outlines the repayment schedule, salary deduction authorization, and payment mechanisms
7. Employee Covenants: Employee's representations, warranties, and obligations regarding the loan
8. Security Provisions: Details about any security or collateral for the loan, including final settlement provisions
9. Events of Default: Defines circumstances constituting default and consequences thereof
10. Termination Provisions: Handling of loan in case of employment termination or resignation
11. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Insurance Requirements: Required when loan amount exceeds certain thresholds or when company policy requires loan insurance
2. Guarantor Provisions: Used when a guarantor is required for the loan based on amount or company policy
3. Additional Security: Required for high-value loans or when employee provides specific assets as collateral
4. Early Repayment Terms: Optional section detailing terms for early loan repayment and any associated penalties or benefits
5. Restructuring Provisions: Include when company policy allows for loan restructuring or payment modifications
1. Schedule 1 - Loan Amortization Schedule: Detailed breakdown of monthly payments showing principal, interest, and balance
2. Schedule 2 - Salary Deduction Authorization Form: Standard form authorizing employer to deduct loan payments from salary
3. Schedule 3 - Loan Application Form: Employee's original loan application with supporting documents
4. Appendix A - Company Loan Policy: Reference to relevant sections of company loan policy
5. Appendix B - Disclosure Statement: Truth in lending disclosures as required by Philippine law
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