Personal Loan Agreement for Employee

PERSONAL LOAN AGREEMENT

An agreement is made this ____________ day of _____________ of year ___________.

Employer : ________________________

Employee : ________________________

I/C No.     : ________________________

TERMS AND CONDITIONS

The Employee hereby agrees and covenants with the Employer as follows:-

(1) Loan Amount: RMxx (Ringgit: in words ). No Interest charge.

(2) Loan Tenure: 5 months. Effective from (Date) until (Date).

(3) Monthly Instalment: RMxx  (Ringgit: in words ) The amount will be deducted from the

     Employee’s monthly salary on every 1st of the month. 

(4) The Employee can not terminate his service within 5 months period with effect from

     (Date) until (Date) unless full settlement of the loan.

(5) The Employer reserves the rights to amend, annul or vary any of the aforesaid terms

      & conditions without prior notice.

_____________________________________________________________________________

IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above stated.

SIGNED by the Employer         :____________________________________

                                                NAME   :

                                       I/C NO.:

                                                (MANAGER)

SIGNED by the Employee        :_____________________________________

                                                NAME  :

                                       I/C NO.:

SIGNED by the Witness           :_____________________________________

                                                NAME  :

                                       I/C NO.: