Employee Loan
Manages the process of loaning money to employees, from requirement processing to permission approval and payment.
Workflow Steps
Step 1 - Loan Application Submission
Employee submits a formal and confidential loan application via an HR portal, specifying the amount, reason for the loan, and desired repayment period.
Step 2 - Eligibility & Policy Review
HR and Finance departments automatically review the application based on pre-set company policies, employee tenure, and eligibility criteria.
Step 3 - Approval & Agreement Generation
If approved, a formal loan agreement detailing the repayment schedule and terms is automatically generated and sent to the employee for electronic signature.
Step 4 - Disbursement & Automated Repayment
Once signed, the loan amount is disbursed with the next payroll. Automated payroll deductions are set up for repayment according to the agreement, and the employee receives a clear statement.
The Purpose of Employee Loan
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