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Assignment Letter

The document is a letter of assignment from an employee to Khushhali Microfinance Bank, authorizing the bank to adjust any outstanding loan liabilities against the employee's terminal benefits upon their departure. It states that if terminal benefits are insufficient to cover the loan, the bank can recover the remaining balance through security provided by the employee. This assignment is binding on the employee's legal heirs and representatives.

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IrFan Abbas BaLoch
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38 views1 page

Assignment Letter

The document is a letter of assignment from an employee to Khushhali Microfinance Bank, authorizing the bank to adjust any outstanding loan liabilities against the employee's terminal benefits upon their departure. It states that if terminal benefits are insufficient to cover the loan, the bank can recover the remaining balance through security provided by the employee. This assignment is binding on the employee's legal heirs and representatives.

Uploaded by

IrFan Abbas BaLoch
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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HR Department

Khushhali Microfinance Bank Limited


Islamabad.

Subject: LETETR OF ASSIGNMENT

In consideration of Khushhali Microfinance Bank Limited hereinafter


referred to as the “Bank” extending to me a loan, in accordance with
the Employees’ Loan Policy, I hereby unconditionally and irrevocably
authorize and assign to the Bank all rights to adjust all and any
outstanding liabilities relating to or incidental to the loan disbursed to
me against any accrued terminal benefits (including salary, gratuity
and insurance etc.) where applicable, at the time of my ceasing to be
an employee of the Bank for any reason whatsoever.

In the event that the amount due, in the form of terminal benefits, is
insufficient to liquidate my entire liability under the loan, the Bank shall
be entitled to recover the balance amount including, but not limited to,
all costs and expenses that may be incurred by the Bank, by enforcing
the security furnished by me to the Bank for purposes of securing
repayment of the outstanding loan amount, after adjustment of the
terminal benefits, in accordance with the Employees’ Loan Policy.

This assignment shall be binding upon my legal heirs and legal


representatives and shall serve as a first charge, in favor of the Bank,
upon all terminal benefits due to me at the time that I cease to be an
employee of the Bank.

Yours faithfully,

Signature: __________________________

Employee Name: __________________________

Employee No: __________________________

Designation: __________________________

Location: __________________________

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