It helps you to define different types of Loan that could be provided to an employee based on the company policy and rules. you can also define specific interest rates, EMI which can be issued to Employees depending on the category ,grade or seniority as per the company norms.
Loans Request can be made by employees by using Employee Self-Service and which can be approved by their higher authority or HR Professionals.
Employee can request for a relief for a particular month or early Repayment or restructuring of the Loan depending on company policy. Loan Installments can be preset for deduction in the monthly payroll cycle.
Multiple Loan types can be defined in system.
Employee can make request for loan from employee self-service module.
The request will automatically get forward to employee's higher authority or hr department.
Employee can view their submitted loan request status.
Automatically loan emi deduction from employee salary every month.
Employee can track their loan amount and pending deductions at their employee self-service.