The Employee Loan Agreement is a crucial document used when an employer in Indonesia provides financial assistance to an employee through a formal loan arrangement. This agreement is particularly relevant in situations where employees require financial support for personal or professional development purposes, and the employer is willing to provide such assistance as part of their employee benefits program. The document must comply with Indonesian labor laws, particularly Law No. 13 of 2003 on Manpower, and financial regulations governing lending practices. It includes detailed terms about the loan amount, interest rates, repayment schedule through salary deductions, and provisions for early repayment or employment termination. This type of agreement helps protect both parties' interests while maintaining transparency in the employer-employee relationship.
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1. Parties: Identifies the employer (lender) and employee (borrower) with their complete legal details
2. Background: Establishes the context of the loan, employment relationship, and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest Rate: States the applicable interest rate and calculation method
6. Repayment Terms: Details the repayment schedule, installment amounts, and payment method, typically through salary deductions
7. Security and Collateral: Specifies any security or guarantees required for the loan
8. Employee Representations: Employee's confirmations regarding their financial situation and ability to repay
9. Default and Consequences: Defines events of default and their consequences
10. Termination of Employment: Procedures for handling the loan in case of employment termination
11. Governing Law: Confirms Indonesian law as the governing law
12. Dispute Resolution: Specifies procedures for resolving any disputes
13. Execution: Signature blocks and execution requirements
1. Insurance: Required when loan agreement includes mandatory life or payment protection insurance
2. Guarantor Provisions: Included when a third-party guarantor is required for the loan
3. Early Repayment: Details terms for early loan repayment when this option is offered
4. Additional Security: Used when specific assets or documents must be pledged as additional security
5. Variation of Employment Terms: Included when loan affects other employment terms or benefits
6. Tax Provisions: Required when loan has specific tax implications or benefits
7. Confidentiality: Added when specific confidentiality requirements beyond standard employment terms are needed
1. Repayment Schedule: Detailed breakdown of payment dates, installment amounts, and amortization schedule
2. Salary Deduction Authorization: Form authorizing employer to make loan repayment deductions from salary
3. Loan Application Form: Employee's original loan application with supporting documentation
4. Guarantor Details: If applicable, complete information about the guarantor and their obligations
5. Employee Benefits Statement: Current statement of employee's salary and benefits relevant to loan repayment capacity
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Mining and Resources
Technology
Retail
Healthcare
Education
Construction
Telecommunications
Professional Services
Hospitality
Transportation and Logistics
Relevant Teams
Human Resources
Finance
Legal
Payroll
Compliance
Risk Management
Employee Benefits
Corporate Secretariat
Relevant Roles
Human Resources Director
Finance Director
Legal Counsel
HR Manager
Payroll Manager
Finance Manager
Compliance Officer
Employee Benefits Administrator
HR Business Partner
Chief Financial Officer
Company Secretary
Risk Manager
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