SmartHCM offers a comprehensive loan module to completely manage all aspects of loans given to employees. It provides the flexibility required in creating, maintaining, and processing various types of loan, and takes care of management with its comprehensive reporting facility. Furthermore, since it is highly parameterized, the various control functions allow management to design and immediately implement loan products to satisfy individual client markets.
- Facility to create any number of loan types offered to employees like car loans, house loans, furniture loans, salary advance etc.
- Capture extensive information about a loan like loan amount, start and end date, interest type, number of installments, etc.
- Online application and approval of loans through ESS.
- Facility for lump sump repayments outside of payrolls.
- Loans deductions automatically stop after total recovery.
- Automatically considered for recovery during final settlement.
- Various employee-wise and summary loan reports.
- Management of multiple of loan through single deduction from salary.