This module of HR Mangtaa enables the user to create and manage employee loan and advance policies. Employees can request loans which are then reviewed, approved, and converted to loan agreement which include terms of payment, interest rate, and the life of the loan. In the case of a simple advance the system just notes the amount given as an advance. During the payroll process the payroll module will take any outstanding loan or advance payments and consider those when calculating the individuals payout for the month.
- 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.
- Automatic carry forward facility for outstanding payments is also available.