- An employee can generate a loan request.
- The current month's installment is automatically listed in the pay slip.
- Configure different loan policies.
- The loan amount is deducted from the salary
- Assign approval authority.
Receiving a fixed salary at the end of every month should ideally guarantee financial security, but sometimes, there is a possibility of you facing a shortage of money due to unseen situations. In such scenarios, Quick HCM enables its employees to request a part of their salary in advance and covering it up in later installments. The Salary advance modules allow employees to further track their payment collection stages accurately, & give them the facility of installing payments into equal monthly, quarterly or annual installments using an automated loan and installments computation. Furthermore, employees can follow up on their status and activate auto-installment payments from the employee’s salary.