Integrated Loan and Advances Management

A lot of organizations (especially the larger ones) have a facility through which they provide loans to their employees. If your company is one of these, you are going to need the loan management module on your HRMS. It allows you to define the criteria for the loan including eligibility and policies, as well as the terms of payment based on the type of the loan. Using this module, employees are granted the facility of applying for a loan online over the network. These applications are sent for approval to the HR department or to the people in charge, where they are reviewed. Upon approval these requests can be converted into agreements for the loan. These include the terms of the payments as well as the duration of the loan payments among other factors.

The HRMS Loans and Advances Management offers a full range of automatic loan processing capabilities. Since most loans are processed and paid through the payroll of the person requesting them, it integrates the payroll system into the equation as well. This way, the accounts department need not worry about all of the different loan requests and having to manually calculate the payroll for each of the employees. When the loan management module is updated, so is the payment module and all of the other relevant modules. Employees can also use the ESS module to check out the status of their loans. Some of the other features of the Loans and Advances Management include:

  • Configuration of loan options
  • Flexible payment options for loans
  • Online loan applications
  • Online approval from department heads and managers
  • Online approval from the HR department
  • Interest rate calculator

Loans need not be calculated outside the Payroll.

Why Choose Loans and Advances Management

The Loans and Advances Management software from the Beehive HRMS helps the organization to manage the loans that they have given out to the employees of the company. It also allows the employer to define types of loans provided to the employee. It allows specific rates of interest to be issued based on pay grade and level within the company. The ESS module can be used to request and track loans, as well as to request advances and relief.

  • Easy loan management
  • Access to employees using ESS
  • Customizable rates of interest
Loans and Advances Management
Loans and Advances Management