Companies are sometimes sympathetic when employees make heavy financial commitments like purchasing a house, a vehicle or a computer and offers assistance in the form of a loan. Although the process of the application can be complex but these benefits are extended once in a lifetime. The difficulty often lies with the deduction for the installment and the integration with payroll in an accurate and timely manner.
KaiZenHR Enterprise Loan Management is able to compute loan interest and create repayment schedule. This module will provide the necessary information to payroll to facilitate monthly deductions.
Some key features of the module includes:
- User definable types of loans.
- Supports multiple loans for each employee
- Ability to define multiple borrowers for each loan
- Maintain and tracks Progressive Payment and Repayment Installments
- Maintains complete records of loan principal repaid and interest earned.
- Scriptable Loan Repayment Schedule Generation supports Yearly Rest, Monthly Rest, Fix Rated type of loans
- Auto Calculation of progressive and repayment interest with ability to apportion amount among borrowers of the same loan.
- Maintain full loan balance reporting.
- Provides comprehensive analysis and operation tracking reports
- Maintains multiple companies database
- Integration to Payroll for Benefit-In-Kind Tax Reporting
- Loan calculator online for simulation of loan installment based on principal, interest and tenure details
- Loan balance viewing online