Configure financing programs for the asset types your organization chooses to support — company car financing, home financing for senior staff, or solar installation financing as an increasingly common benefit. Each financing type can carry its own interest rate, tenure length, and eligibility rules, so a car financing plan for a mid-level manager doesn’t need to follow the same terms as a home financing plan for an executive.
Once a financing agreement is set up, monthly repayments are deducted directly through Payroll — no separate manual tracking required. Because these are long-tenure arrangements, the system maintains an accurate running balance over years rather than months, and flags any changes needed if an employee’s salary structure changes partway through the financing term.
Salary advances are short-term, typically repaid within a year or two with no fixed interest. Employee financing funds larger long-term purchases — like a car or home — usually with fixed interest and repayment terms that can run for several years.
It's most commonly offered to senior or higher-tier employees as part of a retention benefit, though eligibility rules are fully configurable by your organization.
The outstanding balance is factored into final settlement calculations at offboarding, similar to how outstanding loans are handled, so nothing is left untracked.
Yes. Interest rate, tenure, and eligibility can all be set independently for car, home, and solar financing rather than applying one uniform policy across every type.
