Sometimes employees need personal loans for various purposes like the marriage of self (or) marriage of brother/sister (or) for house reconstruction/renovation or for education etc. Most companies will allow their employees to apply for personal loans, and the due amount will be deducted every month from the salary of the employee.
But to apply for the loan employees need to write an application to the company with a proper reason.
Sample Personal Loan request Letter to Boss (Format 1)
Sub: Application for a personal loan.
With due respect, I am [employee name], [employee id] working as an [designation] in [department] at [company name], writing this letter to apply for a personal loan of an amount …………………. Rs due to my marriage/ the marriage of my sister (or) brother/ for construction of my house/ for the education of my children.
I will repay the loan in …. Installments, in each installment you can deduct …………….. Rs from my salary.
I hope you sanction me the loan amount, I shall be grateful to you in this regard.
Loan Application Letter to Company for Daughter’s Marriage
Sub: Loan application for daughter’s marriage.
I, [your name] have been working in your company as a [designation] for … years, with employee ID XXXX.
I would like to inform you that my daughter’s marriage was fixed and the wedding ceremony will be held on [date].
But due to my financial conditions, I need some financial assistance from the company.
Therefore I request you to kindly grant me a loan amount of ………………. Rs and the amount can be deducted each month from my salary in …. Installments.
I hope you approve my loan request.
Loan Application Letter to Company for Education
Sub: Loan application.
I have been working in your company as a [your designation] for the last …. Years. As my son is going for higher studies we need some financial support.
I hereby request you to kindly sanction me a loan amount of ………….. Rs and the amount can be deducted each month from my salary in ….. Installments.
We will be really thankful to you in this regard.
Sample Email to Request Personal Loan from Company
Sub: Request for a personal loan due to [reason].
My name is [your name], working as a [your designation] in [department] at [company name].
I am writing this email to request a personal loan for an amount of ……………….. Rs, because of my marriage/ the marriage of my sister (or) brother/ for construction of my house/ for the education of my children.
I will pay back the loan amount in ….. Installments, in each installment you can deduct ……………… Rs from my monthly salary.
Therefore please approve my loan request.
Will companies charge interest on personal loans?
It depends on your company loan policy, most companies don’t charge any interest on loans given to their employees.
Is taking a personal loan from the company good?
Yes, it is a good idea. Instead of taking personal loans using credit cards or from banks, it is better to take loans from your office with Zero interest (or) less interest.