Introduction/Purpose:

The Loan and Advance feature in Employee Self-Service (ESS) is designed to facilitate the process of requesting and managing loans or advances for users within an organization. It provides a convenient and streamlined method for users to apply for financial assistance when they require immediate funds for various purposes.

The purpose of the Loan and Advance feature is to offer financial support to users who need it during critical situations or for personal reasons. By integrating this feature into ESS, organizations aim to simplify the loan or advance application process, automate approvals, and ensure transparency in financial transactions.

Process Flow:

How to Navigate:

The navigation to a loan and advance in a employee self service typically involves the following steps:

• Click on the My Info: The My Info icon located in the top right corner of the screen. Clicking on this icon will open the navigation menu, which typically includes links to various sections of the employee self service system.

• Click on the loan and advance: The loan and advance is located under the my-info section. By clicking on the loan and advance, it will display a previously created request with their details.

Listing :

• Requested: This filter allows users to view loan requests that have been submitted by users but have not yet been processed or reviewed. These requests are awaiting approval or further action from the appropriate personnel.

• Pending: The Pending filter displays loan requests that are currently under review or awaiting a decision. These requests have been submitted by users and are being evaluated by the relevant authorities or approvers.

• Approved: With the Approved filter, users can view loan requests that have been reviewed and authorized for processing. These requests have received the necessary approvals and are in the queue for further processing.

• Declined: The Declined filter enables users to see a loan requests that have been rejected or denied during the review process. 

• Filter: The user can filter the loan and advance request and if the user has multiple roles the user can also view the team member loan and advance requests.

• Team Request: The user can view the team member requests, and if it has approval rights, it can accept or reject the team member loan and advance requests. In a team request, the user can view the team request. The user can accept or reject the team requests, and the user can filter the team requests based on the following categories:

• All: It includes all the requests generated by the team members.

• Pending On My Desk: The user can view their pending team request, which the user has to approve/reject.

• Approved By Me: The user can view the approved team request.

• Declined By Me: The user can view the declined team member request.

Recording & Update:

The loan and Advance requests of an employee self services are typically included:

• Loan Type* : This field refers to the type of loan users are requesting, such as personal loan, home loan, car loan, business loan or HRA. Select the appropriate loan type from the provided options.

• Request Date* : This field requires entering the current date when users are submitting the loan request.

• Request Amount* : Enter the amount of money users are requesting as a loan. This should be the total sum you are looking to borrow from the lender.

Note: The Requested amount limit (For HRA maximum limit is HA * 12) and rules and conditions are configured by the organization. 

• Expected Disbursement Date*: Specify the date when users would like to receive the loan amount if it gets approved. This date should be a reasonable estimate based on users needs and the lender’s processing time.

• Repay Installment Count*: This field indicates the number of installments or payments users will make to repay the loan.

• Loan Repay From*: Specify the source from which users will make the loan repayments. This typically includes your gross salary, which refers to users total income before deductions, and manual payment, which means you will manually make payments towards the loan.

• Repay Term*: Select the desired repayment term frequency from the provided options. The options include monthly, annually, quarterly, half-yearly, and weekly. 

Note: “*” represents the mandatory fields to be entered by the user.

The user can perform the following actions in this section:

• Submit for approval: The user will submit the information, and it will be sent for approval.

• Discard: This option allows the user to discard the changes before saving it.

Note: After approval the user can’t update the details.