Many companies support their employees in case of cash requirement by providing them interest free or minimal interest rate loans. Employees can apply for loans online through ESS. Instant approvals by boss and HR online. HR can design the Loan payment system as per employee. Auto calculation of interest, and all other calculation options are available. EMI are auto deducted in Salary and receipts are generated . Various options available for settlement of loan and for redesigning of existing loan pattern.

Loan portal - General Activities!

Employees can request loans which are then reviewed, approved, and converted to loan agreement which include terms of payment and the life of the loan / Loan payments are processed automatically through the payroll at the end of each pay period / Advances can also be managed similarly / An organization can create multiple loan types / Different payment methods to repay loan amount can also be defined within the system.