Provides seamless integration between HR, Accounting & Payroll App to directly manage different types of employee loan requests, identify and mark an employee as a ‘Loan Defaulter’ or with an option to ‘Allow Multiple Loans’ assignment for specific employees, along with the capability to skip loan installments.
Ensures that the loan amount deductions are reflected in the payroll accordingly.
Comprehensive view with an Employee loan dashboard.
Loan request email notification is sent to the approver
Employee gets an email notification - once approved or rejected
Approver approves or rejects loan request and the decision/result for that loan request gets sent to the employee as an email notification
Mandatory field for loan rejection reason - 'Reason for Rejection'
Approver has to fill the mandatory field with the reason for loan rejection when rejecting an employee loan request , 'Reason for Rejection' - for e.g. Reason for Rejection: multiple loan requests made in the past month
Mark an employee as a 'Loan Defaulter'
HR admin/approver can select the corresponding checkbox to mark an employee as a 'Loan Defaulter' - for e.g. if previous loans were unpaid or not paid on time
Automatic loan rejection for an employee who is a 'Loan Defaulter'
Employee that has been marked as a 'Loan Defaulter' gets an automatic loan rejection email notification once the loan request is created - Reason for Rejection: Loan Defaulter
Email notification for the employee once the loan is paid
Employee receives an email notification once the loan payment is processed successfully
Limits for employee loan requests
HR admin/manager can set a limit for the number of loan requests that can be made by an employee per year
View employee loan request attached to the employee
HR admin/manager can view the loan request made by an employee when accessing that employee's details
Employee request for skipping installment
Employee can create a request for skipping installment, by selecting 'Skip Installment' for specific number of months required
Approval or rejection email notification
Approver can either approve or reject the request, email notification is then sent to an employee accordingly
Once approved, carried to another date (Moves the final installment month/date further)
If the request is approved, that skipped installment is carried to another date, which consequently moves the final installment month/date further
Skipped Installment account entry
Skipped Installment account entry is automatically created