I’ve been working with this public limited company for the past 12 years. I took a society loan of ₹7 lakhs from them and have been paying it back through my salary. Now, I’m thinking of leaving for a better opportunity, but I’m worried about the loan. I also took a home loan and am currently struggling financially, so I can’t repay the loan immediately. Could you advise me on the process of leaving the company and what alternatives I have? I already used my PF for my home loan, leaving me with about ₹2.5 lakhs in total PF and gratuity.

Apni Law
Apni Law
Law Forum › Category: Labour & Service › I’ve been working with this public limited company for the past 12 years. I took a society loan of ₹7 lakhs from them and have been paying it back through my salary. Now, I’m thinking of leaving for a better opportunity, but I’m worried about the loan. I also took a home loan and am currently struggling financially, so I can’t repay the loan immediately. Could you advise me on the process of leaving the company and what alternatives I have? I already used my PF for my home loan, leaving me with about ₹2.5 lakhs in total PF and gratuity.
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Apni Law Staff asked 1 year ago

I’ve been working with this public limited company for the past 12 years. I took a society loan of ₹7 lakhs from them and have been paying it back through my salary. Now, I’m thinking of leaving for a better opportunity, but I’m worried about the loan. I also took a home loan and am currently struggling financially, so I can’t repay the loan immediately. Could you advise me on the process of leaving the company and what alternatives I have? I already used my PF for my home loan, leaving me with about ₹2.5 lakhs in total PF and gratuity.

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Best Answer

Apni Law Staff answered 1 year ago

You should discuss your situation with your company’s HR department. They can help you negotiate a settlement for the society loan, potentially by adjusting your PF and gratuity, or setting up a repayment plan. Consider exploring options like a personal loan to consolidate your debts and reduce your monthly burden.

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