Loans & Advances

Manage employee financial aid, loans, and salary advances.

Policy Setup

Before processing loans, define your policy:

• Maximum Loan Amount (e.g., 3x of Basic Salary).
• Interest Rate (if applicable).
• Maximum Installments (EMI tenure).

Applying for a Loan

Employees request loans via the "Finance" section of their dashboard. They specify the amount and preferred repayment months.

Approval & Disbursal

1. Manager/Finance Admin reviews eligibility.
2. Upon approval, the loan is "Disbursed".
3. This can be tracked as a manual payment or added to the next payroll.

Repayment

EMIs are automatically deducted from the monthly payroll.

• Auto-Deduction: The payroll processing engine detects active loans and deducts the EMI.
• Pre-payment: Employees can choose to settle the loan early by paying the remaining principal.

Advance Salary

Short-term interest-free advances, typically recovered in full in the immediate next payroll.