Personal Computer Loans - Conditions
The University will make an interest free loan of up to £1000 to members of staff for the purchase of personal computers on the following conditions:
- Staff are eligible to apply for a loan if they have been employed by the University for at least one year and expect to remain in its service during the following year.
- The personal computer must be relevant to their work at the University and the application has to be supported by the Dean of School/Head of Office.
- Applications should be made on the form available from Finance together with the Dean’s or Head's statement of support and sent to the Director of Human Resources for approval. It will normally take 3/4 weeks before the loan payment can be made. The application should be submitted no more than 3 months before the anticipated date of purchase, and will be rejected if submitted more than one month after the date of purchase.
- The staff member must provide proof of purchase of the equipment to the Director of Human Resources for record purposes. If sufficient proof is not provided the University may charge interest on the loan at rates determined by the HM Revenue and Customs. This interest, if charged, will normally be taken from salary with the final loan instalment.
- The equipment purchased is the property of the staff member and all matters such as guarantees, servicing, repairs, insurance, etc. are entirely the responsibility of the staff member.
- Employees will repay the loan over the course of 12 months by monthly deduction from salary. Deductions will commence with the first salary payment after receipt of the loan. If the loan is for an amount which is not exactly divisible by the number of repayments an adjustment will be made to round up all deductions except the last one which, as a result, will be a little less than the other deductions.
- In the event of the employee leaving, the deductions will, as far as possible, be amended so that the remaining balance of the loan will be spread over the number of salary payments anticipated. This includes taking the full balance in the final payment if only one payment is anticipated.
- The University reserves the right to withdraw the scheme, or vary or add to these conditions at any time. If it were to prove necessary to withdraw the scheme, this would not affect loans which had already been granted nor the repayment arrangements.
Note
Under present taxation law the loan will be non-taxable and free of any interest or administration charges. However loans in excess of approximately £5000 (variable according to interest rates) could attract tax on the notional interest benefit of the loan and this could apply if the applicant had another loan, (e.g. for a season ticket) since the interest calculation would be on the total of the loans.
DATA PROTECTION ACT: The information which you give will be used only for the purpose for which it was collected. It will not be disclosed to any third party, except within the terms of the Act. It will be kept securely, and will be kept no longer than necessary