An employee loan contract is a legal document drafted when an employee takes financial help in the form of a loan from the organization in which he is working. The contract states the loan amount and the various loan repayment terms and conditions that the employee has to agree to.

Sample Employee Loan Contract

Employee Loan Contract Number:  HQ 2562

Date of registration: 10th day of June, 2010.

This employee loan contract has been made and drafted between:

Bale Slater residing at:

52 Aspen High Road,

New York, New Jersey 5214

Contact number: 438984094878

Email id: jan@male.com

And Deal Finance Limited with office address at:

89 Lee Bee Road,

New York, New Jersey 5214

Contact number: 473948948340

Fax number: 561235441

Email id: deal@mail.com

Website: dealwell.com

As per the contract Bale Slater, the employee has taken a loan of $50000 from his employer Deal Finance Limited.

Terms and conditions to be followed by both the parties:

  1. The employee has to pay back the loan in a period of three years.
  2. The employee has to pay an equal monthly installment of $2000. In case two consecutive default payments, the amount will be deducted from his salary.
  3. At any point during the contract period if the employee terminates his employment or is fired he has to pay the whole loan amount before leaving.
  4. An interest amount of ten percent will be charged annually on the loan amount.

Both the parties have agreed to the above mentioned terms and conditions and put their signature below:

Signature of the employee:                                                               Signature of the employer:

Bale Slater                                                                                            Tom Hanks

(Accountant, Deal Finance Limited)

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