Loans & Advances

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The loan is an amount borrowed for a specific period to fulfill a specific financial need like purchasing an asset, or making payments, or buying an apartment.This loan amount shall come with the promise to payback, tenure of payment and medium of payment i.e. installments, full payment, part payment etc.
Advances are different from loans. They are given against a promised service or goods to be received by the company. Generally, advances are short term, as compared to loans. Many organizations have the facility to provide loans and advances to their employees in hours of needs. In case your company does, then it is a must for you to automate this process than by getting Beehive’s loan management application. Our application permits you to define the criteria’s, eligibility and policies, with the terms of payment and the types of loans offered.

Loans & Advances

With the employee self-service portal, the employee can apply for loans online from any device that has web connectivity as we are software. Such applications for loans are then automatically forwarded to all the stakeholders who are concerned with loans and advances as per the pre-defined workflow. Notifications shall also be initiated to the human resource department. The concerned person can either approve or disapprove basis consideration. In case the loan application has been the process of changing that application to an agreement shall be initiated, Which shall include the terms of payment, the duration of the payment, mode of payment among other factors.
Beehive’s Loan and the advance application overall range of automatic loan processing capabilities. As such loans are generally adjusted during the payroll, so all of the required data related to the loan shall be forwarded to the finance department which shall be automatically processed and paid through the payroll of the person requesting them, since our system has the capability of integrating with any financial software this process shall be seamlessly handled.

The finance department shall be spared from varied payroll calculations for these employees and waste precious time having to do the calculations manually. Loan and advances being directly interlinked with our payroll management application shall be upgraded with the rest of the modules on application. The employee self- service option keeps the employee up to date with the contemporary status of their loan. Beehive’s loan and advance application provides the facility to extend an Advance against future business expense to an employee and adjusting for the same against actuals.

Since our software allows you to define the different types of loans, agreements, whether against collateral or not, with or without a guarantor, the rates of interest to be charged, at which the loans can be offered to an employee. These rules can differ for employees belonging to different locations, grades, departments etc., Can also be based on factors like seniority, salary etc. An add on setting option in our software helps in a deduction of the loans Instalments directly from the salary payable to the employee, the adjustments are done during the calculation phase itself.