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This page allows you to add or edit loan details for an employee. The user interactions on this page are:

General

Loan Repayments

Loan Revision

General

This tab allows you to add or edit the loan details of a selected employee.

Add a new loan

  1. Click the Create New button.

    You will not be able to create a new loan for an employee until his existing loan is completed.

  2. Date of Loan and Deduct From are populated as the first date of the last payroll processed month. Click to change the respective values.
  3. Loan Type is populated as Flat Interest. Click the drop down to change the interest type.
  4. Enter the loan amount, interest rate and number of installments as per the organization policy and press the Enter key. Installment details are calculated and displayed.
  5. Enter the Loan Account No if any.

    Other Information - This is not mandatory information and can be entered at a later point in time.
  6. Check Demand Promissory Note if the employee has submitted a promissory note.
  7. Select the Perquisite Rate for the loan.
  8. Enter remarks for the loan
  9. Check the box Loan Completed to close the loan and provide the Completed Date.

You can close the loan of an employee at any point in time, irrespective of the number of due installments.

Edit an existing loan

  1. In the Loan as on drop down, select the loan to be edited and edit any of the loan details fields.

View Loan Details

  1. Click the Loan Details tab to view the loan deduction details.

You can view the loan deduction details for a month only after processing payroll for that month.

 

Loan Repayments

This tab allows you to capture the loan repayments made by the employee.

The loan repayment date must be equal to the first day of the last payroll processed month.

 

Loan Revision

This tab allows you to capture the top up repayment amount or the loan revision details like New Interest Rate and New Loan Period. Once the top up amount or the loan revision details are saved, you will be able to view the same in the table shown below.

 

Related Concepts

Salary Structure

Salary Advances and Recovery

Salary Disbursement

Bonus

 

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