Requesting Loans and Salary Advance
Accessible to : Employees
If you are eligible for loans or salary advance as an employee you would be able to request a loan or a salary advance from this tab.
You can also view status of your in-process Loan and Instalment change requests as shown below.
1. Click on "Request New Loan" button to submit a new loan request. The page shown below will open.
Note - Indian payroll rules allow companies to pay a loan at a subsidized interest rate but it then attracts a "perquisite tax". Such loans are classified as "With Perq" loans.
2. Select Loan description from drop down then enter requested amount and monthly recovery. Once data complete click on "Submit for Approval".
Once you submit your loan it will go for approval to you manager or department head as per the company policy. After approval it will go to the payroll manager for disbursement.
You can see where your request for New loan is pending. Once all the recoveries are done the status of loan would change to "Closed".
Activities which can be done from this page
1. Use "Deduction Details" button to see details of loan recovery for an existing
or closed loan.
2. "Hide" a closed loan record and "Recall" a hidden record
3. Request for a change in monthly instalment.
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