Introduction
Welcome to our guide on Loan Applications and Repayment within Empress. This feature is a fundamental tool for businesses that allows employees to apply for loans and defines the repayment process. Let’s take a closer look at how it can simplify and streamline your business operations.
Introduction to Loan Applications in Empress
A Loan Application in Empress is an essential business tool that collects vital information about the loan applicant, loan type, repayment method, loan amount, and the rate of interest. This feature simplifies the process of loan applications and management, making it an efficient task for your HR team.
Employees can initiate a loan application by going to Human Resources > Loan > Loan Application.
Preparing for a Loan Application
Before creating a Loan Application, it’s recommended to have the following information at hand:
- An Employee profile: This contains the employee’s details.
- A Loan Type defined: This outlines the nature of the loan in consideration.
How to Create a Loan Application
Here’s a step-by-step guide on creating a Loan Application:
- Navigate to Loan Application > New.
- Input the Applicant’s name in the designated field.
- Enter the loan details, such as the Loan Type, Loan Amount, and Required by Date.
- Choose the Repayment Method. Empress will automatically calculate details such as the Total Payable Amount and Interest based on the loan information you’ve provided.
- Save and submit your application.
Key Features of Loan Application
Repayment Method
Empress offers two types of Repayment Methods:
Repay Fixed Amount Per Period
To use this method, follow these steps:
- Input the Monthly Payment Amount.
- Save the application.
- The system will then calculate the Total Payable Interest and Total Payable Amount, as well as the Period in Months, based on the Rate of Interest.
- Submit your application.
Repay Over Number of Periods
To use this method, follow these steps:
- Enter the Repayment Period in Months.
- Save your application.
- The system will automatically calculate the Total Payable Interest and Total Payable Amount, including the Monthly Repayment Amount, based on the Rate of Interest.
- Submit your application.
Conclusion
The Loan Application feature in Empress makes the process of applying for and managing loans straightforward and efficient. It ensures all necessary details are captured and calculated accurately, simplifying loan management and tracking for both employees and the organization.
Should you require further assistance or additional non-technical resources, please consult our support center or get in touch with our dedicated customer service team. We’re here to help!