Loans Management

Offer loan advantages to staff as an aspect of your organization's commitment to employee welfare.

Key Features

Many organizations provide financial assistance to their employees through early wage access, bill top-ups, and loans as forms of employer aid. However, managing these financial services carries inherent challenges and risks. To address these, it's essential to employ automated tools for the effective and transparent handling of loan programs. Workplaze Loan addresses this need by offering a robust solution for managing employee loans efficiently, mitigating potential issues.

Adapt to Individual Employee Needs

Offer a variety of loan options like vehicle and housing loans. Authorized personnel can establish multiple loan types, each with distinct interest rates and methods for calculating these rates.

Define eligibility based on employee status, job grade, level, or loan type. Seamlessly integrate with payroll for clear tracking of installment payments.

Automatically deduct loan repayments from salaries or manage ad-hoc payments. Provide options for payment deferment, full or partial early repayments, with loan balances updating after each transaction, keeping employees informed about their payment status and remaining balance.

Link loan management to the termination process. Outstanding loan payments at the time of resignation are included in the offboarding checklist, settled through severance deductions or ad-hoc payments as preferred.

Enable employee cooperatives to handle loan applications and repayments independently, without accessing other confidential data. Automatically deduct payments on behalf of cooperatives and credit these to employee accounts.

Like other Workplaze features, the Loan module comes with dashboard summaries offering quick insights into total loan expenditures, pending loan applications, repayment schedules, and overall loan costs. Alerts and notifications help flag approval or processing delays.

Employee Self-Service (ESS) for Loans

Workplaze incorporates Loan ESS features aimed at enhancing employee independence and saving time for loan administrators and finance teams. Through these ESS functions, employees have the capability to apply for loans and stay informed about their installment payments.

Employees can effortlessly apply for loans through a few simple clicks, with access only to those programs they are eligible for as per company guidelines. Upon selection, they can immediately review the loan terms and conditions. A loan simulation tool is available to help employees calculate potential repayment periods based on various inputs.

The “My Loan History” feature allows employees to track all their approved loans, whether they are currently being repaid or have been fully settled in the past. A concise summary provides information about each loan type, the total amount, and the remaining balance. Detailed views of each loan offer insights into the dates and amounts of installments paid, including interest details.

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