ADVANCE SALARY

1.      Employee calls our IVR (1800-258-3009) to register his/her request for a salary advance by selecting an amount and keying in the last 4 digits of the card to confirm.

2.      After the deadline for the month, the list of eligible requests is consolidated by NiYO and shared with the corporate.

3.      Corporate gives us their attendance data and approves/reduces the amount to be disbursed as advance on their behalf.

4.      Advance Salary will be credited between 20^th to 25^th of every month.

5.      Corporate gives out salary on regular date next month

6.      NiYO recovers the advance given along with a processing fee of 2% in an automated manner.

7.      Next month, when salary is disbursed, NIYO recovers loaned amount + fees automatically.

CHARGES:

Advance Amount	Charges
Rs. 1000/-	Rs.20
Rs. 2000/-	Rs.40
Rs. 3000/-	Rs.60

In case of disputes or non-utilization, the charges will be reversed on a case-to-case basis

  

EXAMPLE:

Opening Balance: Rs.500

DATE	DESCRIPTION	DEPOSIT	WITHDRAWAL	BALANCE
25/2/18	Salary Advance Loan	Rs. 1000		Rs.1500
25/2/18	Withdrawal		Rs.600	Rs.900
7/3/18	Salary	Rs.5000		Rs.5900
7/3/18	Loan Recovery		Rs.1000	Rs.4900
7/3/18	Loan Fee		Rs.20*	Rs.4880

   

*Included GST