Loans and Advances Management

Loans and Advances: Manage the workflows

Processing and Better Compliance

Eligibility configuration:
Loans types, interest rate and calculation (Fixed / Fluctuating) process can be set up also, applicability and eligibility for the loan and advances can be defined based upon the employee category / date of joining / length of service etc..
Approval workflow:
Employees can apply for the loan and can see the status of their loan application in their secure ESS portal. Employees would be able to select the loan / advance amount as per the set eligibility and that would help approving authorities to take instant decisions on the request. .
EMI / Loan Statement:
EMI frequency & Payment mode can be configured as per the company process and mutually agreed mode between employee and organization. Employee can see the complete loan balance statement in the ESS also, while calculating EMI schedule loan perks get calculated automatically and gets considered in the routine payroll and tax calculation.

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