Personal Loan - company to take ownership of repayment..!!
hello all, I was trying to avail a personal loan from IBQ or Doha bank but both the banks have asked to provide a letter in their format stating that my company will take ownership of the loan repayment, in case the employee leaves or is terminated from the job.
The company is only ready to give a salary assignment letter to the bank and not the letter as above.
Wanted to check, if anyone has faced a similar problem.....as I don't think any company would take responsibility of repaying a personal loan that an employee has taken...!!
xceptional great is correct, i have take two personal loans and that is what company gives.
Normally, the companies issue a letter to bank stating that the final settlement of the employee (loan borrower) upon his/her end of services shall be transferred to the bank.
The amount of final settlement may be less, more or equal to the outstanding loan amount, companies would never take full liability.
Approval of banks also depends on the status/reputation of loan applicant's Employer.