Step1: Applying for salary advance request is similar to applying for a loan. As show in the below screen employee should select loan type and Salary Advance
Step 2: Once employee applies for a loan it will follow the defined approval process for Loan Application. Once it is approved then request comes to Finance team for loan sanctioning. Before sanctioning the loan please do the Payroll Simulation to check for on going EMI's for employee and decide on salary advance to be given.
For Salary Advance Interest Type rate of interest and processing fee are not applicable. Also employee cannot request for more than one month salary as advance. In this case employee can request for another loan type.
Step 3: Once the loan is sanctioned employee will be notified and employee can request for loan disbursement.
Step 4: Once employee requests for loan disbursement Finance head disburse the loan and EMI's will be initiated similar to regular Loans.