Advance Application

Applying for an advance is the usual procedure in any organization when an employee is in need of immediate funds.

The employee has to follow these following steps to request an advance.

Number – The number option, we have already discussed, when an employee is requesting an advance payment, or when the employee has already taken an advance payment can be viewed in this tab. This acts as a database of proof.

Type of Advance – On request from the employee. It depends on what type of advance the employee needs, below are the few mentioned list for our reference

1. Festival Advance
2. Emergency Loan
3. Marriage Loan
4. Children Education Loan
5. Maternity and Paternity Advance
6. Employee – Higher Education loan
7. Vehicle Loan
8. House Purchase Advance

The employees are entitled to receive these kinds of loans and Advances from the Organization. Periodically the approval of advances is solely on the will of the Organization and the HR. By selecting the loan type, the employee gets into the loan priority.

Expected date – The expected date is the date when an employee expecting the advance requested. It may be favorable for the employee to get the advance on the requested date, but it solely the decision of the organization to issue advance after the clarification from the company.

Amount Required –  The employee needs to enter the amount required, as said earlier the Organization will check the prospectiveness to sanction the amount. The company always set a limit in the advance request. Most of the Organization, always helps the employee to pay the sanctioned amount in Installments. We know from the previous discussion about the types of advances, any employee who has the privilege to apply for the advance, can go for the advance option.

Remarks –  Whatever the employee wants to convey regarding the advance payment or any details related to it can mention in this remarks forum.

The applied Advance will hit the desk of the sanctioning person, which will be also called as Workflow Approval task – “Request by Me”