This policy is intended to provide a loan facility to nilenso employees with the expectation that it will be used in good faith.
- Eligibility: Everyone at nilenso is eligible to apply for a salary advance after completion of 6 months.
- Amount: A member may borrow up to 3 months of their current salary at a time. An operations staff may borrow up to 6 months of their current salary at a time.
- Frequency: A person may apply for a salary advance twice a year, with at least 3 months between each advance. They must repay the previous advance before taking out another one.
- Consecutive requests: People are limited to seeking two consecutive advances, after which they must wait for a minimum of 6 months before applying for another.
- Repayment: The borrowed amount must be repaid within 12 months or before exiting the company, with equal deductions from the salary each month. There will be no interest charged.
- Approval: Approval of the salary advance will be made by the execs, and the execs might reach out to the requester to discuss further if needed.
- Violation: Violation of this policy or repayment may result in disciplinary action.
Authors: Govind, Srihari, Vikram