Bike Loan Scheme

As well as the Cycle to work Scheme, the University offers staff an interest-free loan to buy a bicycle and all the safety equipment you need, with up to a 12% discount from local retailers

The loan cannot be more than your monthly net pay (to a maximum of £2000) and you must be on the main payroll as a permanent member of staff or have a contract for at least 12 months. The loan is repayable over 12 months and is deducted from your monthly pay.

First, choose where you want to get your bike from. You can get a discount from any of these local shops:

Application process
  1. Obtain a written quote from your chosen retailer (if using an online retailer, make sure they will accept a cheque or credit payment from the University)

  2. Complete and sign the Bike Loan - the form will need to be countersigned by the local Departmental Administrator. 

  3. Send the completed documents to the Payroll Department, Oxford University, 23-38 Hythe Bridge Street, Oxford, OX1 2ET or email the application and retailer’s quote to payroll@admin.ox.ac.uk

  4. Allow time for the University’s payment to appear in the retailer’s account – applications received by 17.00 on a Tuesday will be with the retailer the following Wednesday
  5. Confirm payment received by the retailer and arrange collection of your new bike

If you buy your bike from Halfords, you will need to pay upfront in full before setting up your loan:

  1. Purchase the bicycle and associated safety equipment from a Halfords store and make sure you get a receipt
  2. Complete and sign the application form Bike Loan – please note you don’t need to provide your bank details as these are held by the Payroll team
  3. Email a scanned copy of the receipt to payroll@admin.ox.ac.uk
  4. Our loan will be set up repayable in 12 monthly instalments deducted from your salary
Terms & Conditions

Conditions to your loan:

  • the equipment must be for your personal use
  • you are responsible for insuring your bike for loss, theft and personal accident – the University will not make any refunds or replacements for lost or stolen bicycles and equipment
  • repayments of the loan from your monthly pay will start on the first available pay period after we receive your application
  • if you leave the University before you have paid off your loan, the University will deduct the balance from your final pay – if this is not possible, you will receive an invoice to be paid within 30 days
  • if you lose your bike or it is stolen before the end of the loan period, you will still have to pay the outstanding balance
  • the loan is not a taxable benefit unless you also have other loans from the University with a total balance of more than £10,000
  • if you do not repay your loan the University will notify HM Revenue & Customs who may treat the whole of the outstanding balance as a taxable benefit

Bike Loan Form

Click here to download the Bike Loan application form.

DOWNLOAD

Contact us

Sustainable Travel team

+44 (0) 1865 2 88782

travel@admin.ox.ac.uk

 

Further information