An employee loan is a smart way to borrow loans from the employer when an employee is in an emergency or financial difficulty. An employee loan is a money provided to an employee in advance. Asking for a loan from your employer would be a better idea as your employer can provide you money in more favorable terms than a bank. The employee can pay back the loan according to the repayment method decided and like all other loans, employee loans have interest rates which are favorably low as compared to other loans. The policies and procedures must be clear before providing loans to an employee.
Zimyo’s Employee Loan
Zimyo Payroll Software allows you to manage the employees’ loans and advances based on the workflow designer. The dynamic workflow designed helps to configure and authorize the loans based on the dynamic workflow that can help to schedule the loans based on the time at which the loan can be recovered from each employee. Employees can keep a track of the advance and claims that you owe to the employees and get the status for the reconciliation for the same. Zimyo Payroll provides loan repayment through the EMI option which lets the employees define a fixed EMI according to the repayment ability of the employee.