In the loan management module of HR HUB:
- Advance Amount: This is a short-term financial assistance given to an employee, typically repaid through future salary deductions. It is usually smaller and meant for immediate needs.
- Loan Amount: This is a larger sum provided for longer-term financial requirements, often with a formal agreement on interest rates and a structured repayment plan over an extended period.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article