Bicycle Loan Scheme Policy

1.2.1 The Royal College Of Art Bicycle Loan Scheme supports a greener approach to safe staff travel to and from work.

1.2.2 The Royal College of Art will provide an interest free loan up to the value of £750 for staff wishing to purchase a bicycle and safety equipment for travel to and from work.

1.3.1 Employees must have completed their probationary period of service at the time of application.

1.3.2 Employees with at least one year remaining till the end of their contract of employment are eligible for a bicycle loan.

1.3.3 No employee in the process of repaying a season ticket loan will be entitled to a bicycle loan.

1.4.1 Bicycle loan forms are available on the Intranet. Staff should complete the form attaching receipts for bicycle and safety equipment and return this form to the personnel office. Applications for loans will not be considered without a receipt demonstrating the purchase of bicycle and or safety equipment within the last 6 months.

1.4.2 Staff may not reapply for a bicycle loan within 3 years of the previous application.

The Royal college of Art will provide a loan up to the value of £750. The loans are paid by cheque and are usually available within 10 days of application.

1.6.1 Bicycle loans are interest free and repayments will be made by monthly salary deduction through payroll. The amount of the loan will be deducted from the employee’s salary over a 10-month period.

1.6.2 If a member of staff leaves the College before the loan is repaid, the outstanding balance will be due in full and deductible from the final salary payment.

1.6.3 If the staff member is no longer in possession of the bicycle for any reason, for example theft, repayment of the balance of the outstanding loan will still be required.