Loans

Folklore Payroll offers a comprehensive loan module to completely manage all aspects of loans given to employees.

• Facility to create any number of loan types offered to employees like car loans, house loans, furniture loans, salary advance etc.
• Capture extensive information about a loan like loan amount, start and end date, interest type, number of installments, etc.
• Multiple interest types available: flat interest, reducing balance, reducing balance EMI, etc.
• Loan principal and interest deducted are tracked and displayed separately.
• Facility for lump sump repayments outside of payrolls.
• Loans deductions automatically stop after total recovery.
• Automatically considered for recovery during final settlement.
• Various employee-wise and summary loan reports