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Loan Management
Loan Management
In a company the loans disbursed to an employee have to be scrutinized from time to time and entries must be made regularly to keep the record up to date. HRMS has a unique and powerful loan management module that facilitates your HR department in performing loan related activities. The loan management module makes loan application and its approvals more transparent and helps maintain a loan master to record the loan entries for all employees. The posting of interest can also be done on time through the system. You can create various loan types, loan entitlement groups and assign the groups to particular grades. Interest slabs for loans can also be defined and the related document types for each loan can be recorded.
Highlights
- Maintain the loan opening balance along with the loan type, the amount and the application ID
- Edit the repayment period, rate of interest, interest calculation method, and the installments
- View loan applications by employees along with the loan type, loan status and the amount applied fo
- Approve loan applications made by employees
- Make entry for loan disbursement with the disbursement mode and the disbursement date.
- Attach the required documents in disbursement
- Provide for loan prepayment with the prepayment mode and if prepayment is made in part or in full
- Post loan interest at the predefined rate of interest
- Automatic interest calculation for Loans with EMI option
- Auto/manual deduction from pay slips till full recovery of loan
- Provision of lump sum loan recovery
- Month wise Breakup Report for installments deducted
- Management of multiple loan through single deduction from salary
Key Benefits:
Efficient loan management
Transparency for the employees and HR department
Reduce the time and resources spent in interest calculation and other related entries
Streamline loan management processes
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