Salary Advance / Employee Loan Policy

Scope: This policy applies to all full time employees (except Leadership) of WaterScience.

Purpose: To extend financial assistance to our employees for supporting their personal &
professional growth.

Policy Details

A. Salary Advance

Advance Amount: Employees can avail either 50% oftheir monthly salary as advance.
Employees shall be eligible to apply for advance twice per year.

Repayment Schedule: Employees can choose maximum 2 equal interest free monthly
instalments for recovery through their monthly payroll. Income tax, as applicable shall be
deducted at source.

The first instalment of recovery will commence from the following month after
disbursement of the salary advance. In the event of voluntary or involuntary termination of
the employee, the unpaid balance will be recovered at the time of full and final settlement.

Failure to repay the advance: In case an employee is unable to settle the due amount
before/during his/her full and final settlement, then company will take strict disciplinary
action against the employee including but not limited to legal action, per law of the land.

Eligibility:

 Tenure: The Employee should have completed at least 6 months with Water Science.
 Performance: If employee has undergone performance evaluation, should be rated 2
or above.
 Discipline: Employee should not have any disciplinary actions against them in the
preceding 3 months.

B. Loan against salary

Loan Amount: Employees can avail 6 months basic salary as loan against salary. Employees
shall be eligible to apply for loan once a year.

Repayment Schedule: Employees can choose maximum 3 equal interest free monthly
instalments for recovery through their monthly payroll. Income tax, as applicable shall be
deducted at source.

The first instalment of recovery will commence from the following month after
disbursement of the loan amount. In the event of voluntary or involuntary termination of
the employee, the unpaid balance will be recovered at the time of full and final settlement.

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Failure to repay the loan amount due: In case an employee is unable to settle the due
amount before/during his/her full and final settlement, then company will take strict
disciplinary action against the employee including but not limited to legal action, per law of
the land.

Eligibility:

 Tenure: The Employee should have completed at least 12 months with Water
Science.
 Performance: If employee has undergone performance evaluation, should be rated 2
or above.

Discipline: Employee should not have any disciplinary actions against them in the preceding
3 months.

Raising a Request& Disbursal of Salary Advance / Loan:

1. Employees who wish to apply for a salary advance / Loan, need to send an email to
their respective managers.

2. The managers will approve/disapprove the request within 2 working days on the
email. They shall check the applications on following:

 Attitude/Behaviour of employee
 Assess and comment on potential risks of the applicant leaving

3. Once approved by the manager, the Finance/Admin/HR team will evaluate the
hardcopy advance / loan application form.
4. After submission of all supporting documents, the Finance / Admin / HR team
willapprove/disapprove the request within 5 working days.
5. The finance team will do a final review and release the salary advance within
5working days.

Please read Annexure ‘A’ to view the salary advance request form.

Request Review & Approval: All salary advance requests shall be reviewed and approved on
a case-to-case basis. Please note the company reserves the final right to approve/ reject a
salary advance request. The decision taken by the company shall be final and binding upon
the employee.

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 Salary Advance / Loan Request Form

Employee ID
Employee Name
Aadhar No
Current Address State ZIP
Designation
Emergency Contact Name and No.
PAN No
Permanent Address
Phone 1
Phone 2

Request Date
Request Reason
Request type Salary Advance / Loan against salary
Salary Advance amount/ Loan Amount

Manager Name and Signature

Final Comments

C. Admin Team

Date of receipt of form

Approved loan amount
Repayment duration (DD/MM/YYYY) to
Processed by
Approved by
Approval date
Disbursement date

Bank Account Number

Bank IFSC Code
Bank Branch Name

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Employee Declaration:

All of the above information and documents furnished is accurate to the best of my
knowledge. At any point, if company finds that information and/or documents furnished
were wrong/partially wrong/ Incomplete, then the organisation may choose to take strict
disciplinary action against the employee including but not limited to legal action, per law of
the land. I understand that company reserves the final right to approve/reject a salary
advance request. The decision taken by the company shall be final and binding upon me.

I understand that if the amount due is not repaid by me as per the policy, Company has the
right to take legal action against me as deemed fit.

Employee Name

________________________________________

Employee Signature

________________________________________

Date

________________________________________

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