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Sonnenglas Microloan Program


The SONNENGLAS Microloan Program is established to provide financial support to employees experiencing urgent financial needs. This interest-free loan program is designed to assist employees in dire financial situations, ensuring their well-being and financial stability.
Eligibility and Application:
All employees of SONNENGLAS South Africa who earn below the BCEA threshold are eligible to apply for a Microloan. Applications must be submitted through the digital form available on the SONNENGLAS intranet.
Loan Details
Loan Amount:
Employees can apply for loans up to 8,000 ZAR.
In exceptional circumstances, higher loan amounts may be considered. The loan is always given for a specific purpose.
Interest:
The Microloans are offered at 0% interest.
Repayment Terms:
The standard payback schedule is over 12 months.
In exceptional cases, a longer repayment term may be arranged.
Salary Deductions for Repayment:
Repayment is facilitated through monthly deductions from the employee’s salary.
The deduction amount is calculated to ensure it is spread evenly across the payback schedule.
The employee’s salary will not fall below the Living Wage as per DSL (Decent Standard of Living) after deduction.
The loan repayment will only utilize the difference between the Living Wage and the employee’s actual salary.
The employee’s average salary will be used as a basis for formulating the repayment plan.
Procedure
Application Review: Applications will be reviewed confidentially by the designated committee.
Approval Process: Approval will be based on the assessment of the employee’s financial need and repayment capability.
Agreement: Upon approval, the employee will be required to sign a loan agreement outlining the terms of repayment.
Confidentiality:
All applications and information related to the Microloan Program will be treated with the utmost confidentiality.
Program Voluntariness and No Entitlement:
Participation in the Microloan Program by Sonnenglas is completely voluntary and discretionary.Sonnenglas reserves the right to modify, suspend, or discontinue the program at any time. There is no entitlement to a Microloan, and the decision by Sonnenglas to offer a Microloan to an employee is based on the assessment of each individual case.