- Employee Purchase Loan Programs
- Available Programs
- Purchase and Loan Procedures
Employee Purchase Loan Programs assist continuing employees in financing certain categories of products. These products are intended to enhance access to technology, and in support of the University’s sustainability goals, access to active forms of transportation. Available programs, as approved by University Senior Management, may change from time to time.
- All continuing employees (faculty and staff) are eligible to apply to the Employee Purchase Loan Program.
- Employees may utilize one or both programs, however only one loan is allowable, per program, per employee until paid in full. The maximum combined employee loan balance shall not exceed $7,000.
- The term of the loan/s shall be from one to three years, repaid from your post-tax salary on a per-pay basis.
- The interest rate charged shall be the prime rate charged by the University’s bank at the time the loan is approved plus 1%, and shall be fixed for the period of the loan; however, during the term of the loan/s, the entire outstanding balance can be repaid without penalty.
- All amounts remaining unpaid at the date of termination of employment must be repaid in full at termination.
- All purchases shall be made through Procurement Services.
- The University accepts no responsibility for misuse of products purchased by employees through the Purchase Loan Programs and asserts that products acquired by virtue of these Programs are strictly non-transferable.
- The employee will not be able to cancel his or her participation in the program once payment has been issued to the vendor.
- All payments to the vendor under these programs will be made by the University. All warranties relating to the purchase will be for the benefit of the employee and all issues arising in relation to the warranties will remain between the employee and the vendor.
- These programs apply only to new purchases.
- The University reserves the absolute right to refuse to grant a loan.
- All benefits which may be granted by the present policy are done so on ex-gratia and without creating any right whatsoever on the part of the employee. Without restriction of this principle, any decision made by the University is not subject to grievance, appeal, review or any informal or judicial recourse. This Policy is not a term forming part of the contract of employment and may be withdrawn at any time.
- Only one loan is allowed per employee until paid in full. The maximum loan shall not exceed $5,000.00.
- The policy owner has the final authority to determine the eligibility of any item submitted for payment/participation under the terms of the Employee Loan Purchase Program.
- All computing devices1 and related peripherals2, including warranties, are eligible in this loan program.
- Home furnishings are expressly excluded (e.g. desks, chairs).
1For the purposes of this program, a computing device is defined as any device which has its own operating system. This would include both fixed and portable devices including tablets, cell phones, smart watches and similar items that provide broad functionality.
2For the purposes of this program, a peripheral is limited to equipment that performs the function of a monitor, a keyboard, a printer, a mouse, speakers or a microphone.
- Only one loan per employee until paid in full. The maximum loan shall not exceed $5,000.00.
- Any bicycle, including electric bicycles, and the following related items are eligible in this loan program:
- Pannier bags
- Safety and accessories
- Security products
- Clothing and shoes are not applicable.
- Complete the Purchase Loan Program Pre-Authorization Form located on Procurement Services’ website and submit to Procurement Services. Include a copy of the quote or screenshot of the item(s) you would like to purchase.
- For purchases of bicycles, it is recommended you test the product at the store prior to purchase. The Store must be capable of providing a quote or pre-sales order to the University. Please contact firstname.lastname@example.org for additional information, if needed.
- Once the loan has been approved by Financial Services, the item(s) will be ordered on your behalf by Procurement Services.
- Procurement Services will confirm with the employee when the item(s) is ready to be picked up and/or a delivery date.
- At the time of confirmation, the employee will be sent the Deed of Loan for signature.
- Payroll deductions will begin on the following pay period after the Deed has been received, and in accordance with the deadline for payroll changes.
As of July 17, 2023, the current interest rate for employee purchase loan programs is 8.20 percent. Calculate your loan and determine your estimated payment by using the following loan calculator. *Loan rates are subject to change.