INDIA INITIAL SETTLEMENT ADVANCE

HANDBOOK (V 1.2)
Contents

1. Why ............................................................................................................................................................................ 3

2. Who ............................................................................................................................................................................ 3

3. What ........................................................................................................................................................................... 3

4. How ............................................................................................................................................................................ 3

5. Responsibilities ........................................................................................................................................................ 4

6. Exceptions ................................................................................................................................................................. 4

7. FAQ............................................................................................................................................................................. 4

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1. Why
Provide an interest free loan advance to help new joiners identify suitable accommodation.

2. Who
Associates up to the level of Programmer Analyst (PA) who are hired in India and on the payrolls of
Cognizant, India and its affiliates.

3. What
A. Definition
New Joiners: Associates who belong to locations other than their location of work.

B. Eligibility

 You can avail an interest free loan (up to a maximum) of INR10,000 (Rupees Ten Thousand Only)
 You can opt for this loan within 90 calendar days of joining Cognizant

4. How
a. You must submit the loan application to your Reporting Manager for approval via email
b. You must raise a request for the advance in MyPay (MyPay -> MyUpdates -> Advances) & submit the
same along with your Reporting Manager’s approval
c. The loan will be recovered in a minimum of one month & a maximum of ten equal monthly
installments from your salary. The first installment will be deducted in the same month when the loan
is disbursed

 Associates travelling outside of India on assignment and on payroll transfer will have to settle the
pending loan in total before the travel
 Associates getting terminated / separated from Cognizant, India and its affiliates will have to
settle the pending loan in total as part of the clearance process
d. You can pre-close the loan or make a one shot payment of the loan amount. You can opt to either
recover the amount from your salary or transfer it to the Cognizant account (Cognizant Technology
Solutions India Pvt Ltd.)details of which are given below

Account Details
Name Cognizant Technology Solutions India Pvt Ltd.
Account No. 5385002604
Type Current account MICR code 400500002
IFSC code CHAS0INBX01
Branch Mumbai
J.P.Morgan Tower,
Bank Address Off C.S.T.Road, Kalina, Santacruz(E),
Mumbai, Maharashtra India 400098.

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  You have to provide a written declaration for the pre-closure or one-shot payment of the loan
and submit it by raising a GSD with the following category, type and item:
o Category – Benefits
o Type – Loans & Gifts
o Item – Initial Settlement Advance

5. Responsibilities

 Associates
o Submit the loan application to their Reporting Manager for approval
o Raise a request for the advance in MyPay, provide relevant details & supporting documents and
submit it for approval
o Provide a written declaration to Finance for the pre-closure or one-shot loan payment
 Reporting Manager: Approve the loan application on email

 HRSS: Approve the loan application in MyPay

 Finance: Track and process the loan

6. Exceptions
 The benefits of this policy are governed by the terms and conditions of employment in practice at
Cognizant. This is subject to change from time to time. Cognizant reserves the right to amend its
policies as necessitated. All statutory requirements are applicable as mandated by law
 All exceptions to this will be directed to HR India Benefits

7. FAQ
a. What do you mean by first month of disbursement?
The first month of disbursement refers to first month in which the disbursement is made and the
installment amount is recovered.

b. When will the first recovery happen?

The first installment will be recovered in the same month when the loan is disbursed.

For more details on this policy, please read

Initial Settlement Advance Policy

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