Employee Loan Advance Salary Approval Form
At times, your workforce may need financial assistance when their basic pay doesn’t suffice. And who else can help the employees better than their employer in the time of need? Help them raise a request for a loan or salary advance with appropriate reasons.
Use our employee loan request form template to help them make an appeal for the same.Download Now!
Mentioned below are key pointers that need to be present while making the plea so that the request is justified and seems acceptable:
What is an Employee Loan Request Form?
Employee Loan Request Form is a document used by employees to apply for loans and by the supervisors for approving loans or salary advance requests in an organization as per the company loan policy.
“32% of workers are looking to change jobs in 2019, citing low pay or a lack of benefits (15%) and poor company culture (10%) as the reasons.” – CareerBuilder
Why is an Employee Loan Request Form important?
An employee loan request form is necessary for the employees to understand loan policies of the company and comply with them. It is important for the employer/supervisor to know the reasons behind the loan request. It maintains legitimacy in the loan application & approval process.
You can create loan policies by specifying eligibility criteria, maximum number of EMIs allowed, and interest type and also get auto-approvals of loan using the Payroll Software by HROne. Besides, the regular payroll operations become faster, simpler, and more efficient.