EMI Reschedule 

EMI Reschedule – Easy Monthly Installment. This helps the employee to leisurely work without any hectic issue of paying the amount at one single shot. The purpose of the EMI tool is either to decrease or to increase the monthly EMI which has to be paid by the employee. 

This tool processes the amount which is scheduled to pay per month from the advance payment as it deducts till the EMI it is completed, so this tool helps in processing the monthly payments which can be processed in two ways on request from the employee. 

1. In case, if the employee is unable to pay it can be requested to schedule for the next month. 
2. If the employee has a higher amount more than the payment amount, on the whole, can be or to increase the EMI amount can be processed in this tool. 

For example-  illustrates how the EMI Reschedule tool works. 

To Increase the Monthly EMI 

For example, If an employee has received an advance loan of 1,00,000, in that if he has paid 30,000 for three months, and in the current month, if the employee has more than sufficient fund to pay at this point of time, the employee can request the management to reschedule the EMI process and complete the Repayment.

To Reduce the monthly EMI 

Here the employee who is entitled to pay the installment amount of 1010, requests the HR or the Organization to pay to reduce the monthly installments to 500. But the Organization, in return, approves the amount to be paid can be 700 and reduced to around 310 to pay later or the duration of the installment to be extended, reflected here. 

This tool is both automatic and manual one displays the data as the Advance No is selected with the employee name who is scheduled to pay the EMI’s. 

On approval, this will get reflected in the Advance Repayment.