Interest Free Loan - PTW
Staff can take out an interest free loan to purchase a motorbike and equipment for commuting to work. The maximum amount available is £1000 and the repayment period is 12 months.
A member of staff purchases a motorcycle, but rather than having to buy the machine themselves the University of Bristol will purchase it on their behalf. The member of staff then repays the cost of the loan in 12 monthly instalments directly from their salary. This information is for staff wishing to apply for an interest free loan for a motorcycle purchase only. There is a separate process for staff interested in the bicycle tax benefit scheme.
- Complete section one of the motorbike interest free loan application form - applicants must be salaried members of University of Bristol staff with a Payroll number.
- The declaration on the application form must be completed by the applicant's Head of Department. Only one interest free loan for the purposes of purchasing a motorcycle can be made over any two year period
- Send your application form to the Salaries Office, Senate House. The application must be accompanied by a copy of the written quote from the motorcycle shop for the items that the applicant wishes to purchase.
- If the loan application is successful the Salaries Office will complete Section Two of the form and will raise a cheque payable to the motorcycle shop. Once the cheque has been raised the applicant will be contacted.
- The applicant will then need to collect the cheque in person from the Salaries Office and complete Section Three of the interest free loan application form.
- Once the applicant has presented the cheque to the motorcycle shop, proof of purchase of the motorcycle and/or associated equipment must be presented to the Salaries Office.
- The motorcycle must be predominantly used by the applicant for the purpose of commuting to work on a regular basis.
- The maximum interest free loan that can be applied for is £1000 for motorbikes. Hence if an individual wishes to purchase a motorcycle and/or associated equipment costing over this value, they will need to supply the additional monies when the loan is being applied for in the form of a cheque payable to the "University of Bristol".
- Direct deductions from the member of staff's salary will then commence for 12 consecutive months
Once the Salaries Office have received the completed form you must allow 10 working days for the cheque to be raised and be ready for your collection.
If an employee leaves the employment of the University of Bristol at any time before the whole loan has been repaid, the balance of the loan will immediately become repayable and will be recovered from the employee's final salary. Please note that if the balance of the outstanding loan is larger than the employee's final pay cheque, the individual will be required to repay the total outstanding balance before their last date of employment at the University of Bristol.
Care of the motorcycle is the employee's responsibility, hence it is strongly advised that the employee obtains insurance for their motorcycle. If the motorcycle is stolen during the period of the loan, the loan must still be repaid in full to the University.
If you have any specific questions please contact Tim Smith, the Pensions and Payroll Manager, Finance Office, Senate House. His telephone number is (928) 7907 or email: Tim.Smith@bristol.ac.uk