Issue personal, medical, education, and other loans with EMI, Bullet, or Manual repayment. Octal HR calculates the schedule and deducts from payroll every month automatically.
HR creates a loan, the system builds the repayment schedule, and each month's EMI is deducted from payroll automatically. Finance sees outstanding balances and overdue EMIs in real time — no spreadsheet needed.
Once a loan is created, Octal HR generates the full EMI schedule. Each month, the instalment is deducted from payroll automatically — the employee's payslip shows the loan deduction line item, and outstanding balance updates in real time.
Personal, Medical, Education, Home, Vehicle, Emergency, and Other — each with its own workflow and approval chain.
Adjust the loan amount and tenure in the create form — the monthly EMI and total repayment update instantly before you submit.
EMI (equal monthly), Bullet (one lump sum at end), or Manual (irregular payments entered by HR) — match the repayment to your policy.
Each month's EMI is deducted from the payroll run automatically — no manual journals, no reconciliation work.
If an EMI is missed — e.g. employee has insufficient net pay — HR and Finance are alerted and the installment flags as overdue automatically.
Employees see their full loan schedule, outstanding balance, and payment history from their self-service portal — no need to ask Finance.
Manage every employee loan — from issuance to full repayment — without a single manual entry.