The Salary Loan Agreement is a specialized financial instrument used in the Philippine context when an employee seeks to obtain a loan that will be repaid through regular salary deductions. This document type is particularly relevant in the Philippine market where salary-deduction lending is a common practice regulated by both banking and labor laws. The agreement must comply with various regulations including the Truth in Lending Act, Labor Code provisions regarding salary deductions, and BSP circulars on consumer protection. The document typically includes detailed loan terms, amortization schedules, employer obligations for salary deduction, and mandatory disclosures required by Philippine law. It serves as a three-way agreement between the lender, borrower, and employer, ensuring proper documentation and protection for all parties involved.
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1. Parties: Identification of the Lender and the Borrower, including complete details as required by Philippine regulations
2. Background: Context of the loan agreement, including the Borrower's employment status and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement, including financial terms as required by the Truth in Lending Act
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and complete breakdown of fees and charges as required by RA 3765
5. Interest Rate and Charges: Detailed breakdown of interest rates, processing fees, and other charges in compliance with BSP regulations
6. Term and Repayment: Loan duration and detailed repayment schedule, including salary deduction mechanisms
7. Salary Deduction Authorization: Authorization for the employer to deduct loan payments from salary, compliant with Labor Code requirements
8. Representations and Warranties: Borrower's declarations regarding employment status, capacity to pay, and other relevant matters
9. Events of Default: Circumstances constituting default and corresponding consequences
10. Remedies: Lender's rights and remedies in case of default
11. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Co-Borrower Provisions: Additional terms when a co-borrower is involved in the loan agreement
2. Insurance Requirements: Terms regarding mandatory or optional loan insurance coverage
3. Prepayment Terms: Conditions and calculations for early loan repayment
4. Change of Employment Provisions: Procedures and requirements in case the borrower changes employers
5. Electronic Transactions: Terms for electronic payment systems and communications when applicable
6. Data Privacy Consent: Specific provisions for data handling and privacy when additional privacy requirements apply
1. Schedule 1 - Loan Amortization Schedule: Detailed breakdown of monthly payments, including principal and interest components
2. Schedule 2 - Truth in Lending Act Disclosure Statement: Mandatory disclosure of effective interest rates and total cost of credit as required by RA 3765
3. Schedule 3 - Salary Deduction Authorization Form: Standard form for employer implementation of salary deductions
4. Appendix A - Requirements Checklist: List of required documents and conditions precedent
5. Appendix B - Contact Details and Payment Instructions: Detailed contact information and payment procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Human Resources Services
Legal Services
Public Sector
Healthcare
Education
Manufacturing
Retail
Technology
Business Process Outsourcing
Construction
Transportation
Relevant Teams
Human Resources
Legal
Finance
Compliance
Payroll
Credit and Collections
Risk Management
Employee Benefits
Treasury
Operations
Relevant Roles
Human Resources Manager
Finance Manager
Legal Counsel
Compliance Officer
Payroll Manager
Credit Officer
Loan Officer
Employee Benefits Manager
Risk Manager
Treasury Manager
HR Operations Manager
Financial Controller
Corporate Secretary
Benefits Administrator
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