Designing an A+ Employee Travel Policy: What to Know

A good employee travel policy is essential for business travel. Business travel can be great for business so long as everything goes smoothly. A bad business trip can ruin an important deal.

Establishing a good travel policy is the only way to ensure that business trips go well. Luckily, designing a stellar employee travel policy is not as hard as you’d think. There are lots of little tricks to creating a good policy.

These are these essential elements of a good travel policy.

Travel Expenses

Travel costs money.

It might seem silly to spend money when you’re trying to make money.

Instead of thinking about travel as an expense, think of it as an investment. So long as things go well, you will see a return.

Spending more money than necessary isn’t always the way to go. Don’t give your employees permission to buy and do whatever they want in Employee Travel Policy.

Understanding travel expenses will help you design a good policy.

There’s a lot of legal jargon behind business travel. Your legal and financial team should look over everything before setting things in stone.

Here is a good overview of how business travel expenses work.

The things you need to understand our meal allowances, extra expenses, and gas mileage. You also need to think about whether or not your employees are eligible for overtime while traveling.

This information might seem overwhelming at first.

It can take a few trips gone wrong to come up with the perfect policy.

Planning Ahead

Planning is key to good travel. If employees are traveling for conferences or regular trips, planning is easy. Annual conferences usually have their locations and information prepared way in advance. You shouldn’t have any surprise expenses for these. Sometimes an employee might need to travel at the last minute. Or maybe an opportunity comes up while an employee is traveling that would be a shame to miss out on.

Leave extra room in your budget for unexpected expenses and changes. Make a backup plan for when things go wrong. Try to be prepared for every possible situation. You’ll never know when something will come up. Employee Travel PolicyIt’s better to be over-prepared than under-prepared.

Individualization

Everyone travels differently. Some travelers prefer to spend more on meals and less on a hotel room. Others might like a stay in a fancy hotel and cheap meals. Give your employees choices when making decisions. One option is to give Employee Travel Policy along to them with an overall budget and let them decide how to allocate it. Having a set hotel or housing cost isn’t a good option.

If an employee is traveling to New York, they will pay more for a hotel room than an employee going to a small town. Involve your staff in the decision-making process. Ask employees what is most important to them. You might not always be able to give them what they want. They will remember that you asked and that you care.

Clear Communication

Make sure employees understand the Employee Travel Policy. Miscommunications can lead to unwanted expenses. If an employee thinks they can spend whatever they want, they will. Here are some tips on how to communicate with your employees. Ask them if they have any questions or concerns. Double-check that they understand the fine print and that there aren’t any gray areas. Don’t be too harsh on an employee if they make a mistake, especially new staff. If an employee messes up while traveling, make sure they understand why. Reimburse employees as quickly as possible. People don’t like waiting to get their money back.

Flexibility

Things go wrong during travel. A flight or even an entire conference could get canceled at the last minute. When this happens, employees will need to make unexpected expenses. Even if they go over budget, they should be reimbursed for emergency situations. Having a flexible travel policy leaves room for mistakes to be made. If things go wrong, stay on the bright side. Think of it as a learning experience or a way to improve your policy. Your employees will be grateful for your understanding

Conclusion

If you haven’t re-evaluated your Employee Travel Policy recently, now is the time. Every business that involves travel needs a great travel policy. If you don’t already have one, you’re behind.

 

 

Approval loan application

Four Key Differences between Personal Loan and Mortgage

Whether it is touring Europe or buying your dream home, a good way to achieve goals in a timely manner is by taking a loan. These days, loans are offered online and have simple eligibility criteria and are even customised for your needs. You can take a home loan or a mortgage to buy a home or take a loan against your commercial or residential property to fund your business needs. Conversely, you can take an online personal loan to fulfil goals like financing a wedding, paying for your child’s education, meeting healthcare costs, or going on a holiday. With a personal loan, fast approval is a major benefit you can enjoy; while, with a mortgage, you can avail a substantial sum, based on the value of the pledged property.

Take a look at how a personal loan and mortgage differs and choose one on the basis of what suits your needs the best.

Pledging Security

A personal loan is an unsecured form of borrowing credit. This means that you can borrow money without pledging any collateral and the amount you are offered is based on the lender’s assessment of your credit history, income, and other factors.

If you’re wondering how a mortgage loan is different from other types of loans, the answer is simple. A mortgage is a secured form of borrowing, which requires you to pledge your home or property in order to be eligible. This security provides an assurance to lenders, who can seize your property if you cannot repay the loan. 

Benefits offered

Since personal loans are unsecured, there is no property to verify and the application process is easier, simpler, and faster. You can apply online in minutes and certain lenders disburse the money in your bank account as fast as within 24 hours. For example, when you avail for an online personal loan. you can meet urgent needs for finances with ease, as you get instant approval in just 5 minutes and money in your account in 24 hours. Secondly, you can use the loan for any purpose, without any restriction.

Mortgage loans can offer you more funds, usually up to Rs.3.5 crore in contrast to personal loans whose value goes to around Rs.25 lakh. Of course, the actual loan amount depends on the value of the property you pledge. Since the lender needs to verify the property and assess it, the loan takes some time to be disbursed. However, certain lenders have loan application processes in place to do so faster, in as less as 4 days. Mortgage loans also offer you a longer repayment window, extending up to 20 years or more, while personal loans usually come with a tenor of up to 5 years. You can use the money you receive from mortgaging your property for buying another property or for any other purpose you desire.

Interest Rates and Other Extra Charges

The interest rates on pre-approved personal loans are usually higher in comparison to mortgage loans as they are unsecured. However, you can enjoy the lowest interest rate personal loan. if you have a CIBIL score of 750 or upwards, meet all the lender’s loan eligibility criteria, and have a low debt-to-income ratio. Another aspect to remember apart from the interest rates on personal loans is the other fees and charges applicable on an online personal loan. Finding a personal loan lender who offers you low fees and no hidden charges will allow you to have a more affordable experience.

Mortgage loans have a nominal interest rate, but this also depends on your income, CIBIL score history, the value of the property you are pledging and the loan to value ratio. These loans also have fees such as foreclosure charges, part-prepayment fees, and processing charges that add to your cost of borrowing, so ensure you take them into consideration. Another aspect you may be considering is whether mortgaging is better than availing another loan.

Loan Eligibility Criteria

Both these types of loans require you to qualify as per the lender’s eligibility criteria. As a personal loan is unsecured, lenders consider your CIBIL score while gauging your personal loan eligibility. Your CIBIL score gives lenders detailed insights into your cibil score history and helps them judge your creditworthiness. Other pre-approved personal loan eligibility criteria require you to be an Indian resident, between 23 and 57 years, and meet the minimum income criteria.

In the case of mortgage loans, to be eligible you need to be aged between 25 and 70 years and own property in an Indian city. You also need to provide documents of properties that you will put up as collateral and have a steady income.

If you already have a mortgage, you can consider re-mortgaging or doing a balance transfer, by choosing a lender offering you lower interest rates to reduce your EMIs. By mortgaging, you may also get the option of getting a top-up loan, which is also secured by the same property, at a nominal cost by your new lender, which you can use to address additional needs.

However, keep in mind that you also need to pay a balance transfer fee. So, consider re-mortgaging only during the first half of your repayment tenor, as you will be able to save a significant sum during this time. Also remember that taking a top-up loan means that you need to have the income to pay additional EMIs.

After comparing, it is clear that both these loans function differently, but can have overlapping uses. The best thing for you to do is to pick a top-tier lender who offers you a competitive interest rate and other benefits like easy online loan application, a fast sanction, and flexibility in loan repayment. To access funds easily, check your personal loan pre-approved offer here and get instant approval on your personal loan in just 20 minutes with easy and low documentation. Also, you can get quick and 100% online disbursals and no-touch processing process.

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