Tracking the payment of loans of employees shouldn’t be as stressful as it is.
Whether the loan is to be paid at once or by installments you have nothing to worry about. In fact, .CONNECT PERSONNEL offers you a wide range of interest rate, be it simple, compound or amortized interest, so you have no challenge if the loan accrues interest or not.
.CONNECT PERSONNEL automatically deducts the loan from the employee’s salary at the stipulated time and stops once the loan has been paid in full.
Now, let’s examine the EASY steps to employees’ loan deduction
1. Create The Loan Type
We have different types of loan; car loan, medical loan, housing loan, school loan, personal loan, salary advance etc. The first step is to create the specific type of loan. Indicate the payment mode; whether the employee is paying back by cash, check or salary deduction. Then indicate the interest type.
2. Attach Loan To Employee
Attach the loan to the person of interest. Set up the amount that was loaned to him/her, the payment period and the person that approved the loan. If the loan is to be paid by salary deduction, set up the loan deduction start date.
THAT’S ALL!!!
.CONNECT PERSONNEL will automatically deduct the loan starting from the scheduled period of payment. It stops when the loan has been paid in full
And in a situation whereby the employee wants to be granted a relief from loan payment for a particular period, the software allows that. Its flexibility is awesome.
.CONNECT PERSONNEL is a software developed by ETN.CONNECT NIGERIA. We are a software development company that provides all software-related applications that puts your company ahead of all others. Kindly contact any of our business solutions specialists on 08037217281, 08031920068 & 08156697808 or visit our website www.etnconnect.com
