In most cases, an employee can borrow up to fifty-percent of their vested account balance up to a maximum of $50,000. If the employee has taken out a 401k loan in the previous twelve months, they will only be able to borrow fifty-percent of their vested account balance up to $50,000, less the outstanding balance on the previous loan. The 401k loan must be paid back over the subsequent five years with the exception of home purchases, which are eligible for a longer time horizon.

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Tags: 401k loan limits

This entry was posted on Saturday, June 27th, 2009 at 6:03 pm and is filed under Loan Limits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.