All continuing employees (faculty and staff) eligible for a computer purchases loan, can complete a Computer Purchase Loan Program Form and submit to Purchasing Services. Please include a copy of the quote or screenshot of the item(s) you’d like to purchase. Employee’s can only have one loan at a time.
Guidelines for the program include:
- Employee is not eligible for more than one loan at a time
- The maximum loan shall be no more than $5000
- The term of the loan shall be from one to three years. Once initially agreed upon, the term shall be fixed. However, during the term of the loan, the entire outstanding balance (principal only) can be repaid without penalty on the 1st of any month
- Where loans are granted, the interest rate charged shall be the prime rate charged by the University’s bank at the time the loan is granted plus 1% and shall be fixed for the period of the loan
- All amounts remaining unpaid at the date of termination of employment must be repaid in full at termination
- All purchases shall be made through Purchasing Services at the prevailing prices
Further details outlining eligibility and restrictions please contact, Gina Maddalena, Manager, HR Operations and Systems.
Contact Purchasing (ext. 3622) with your filled out computer purchase-employee payroll deduction form and quote.