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Employee Loan Management
This module enables companies which provides employee loans to define and manage employee loans. Employees can request loans, which are then reviewed and approved. For the approved loans, repayment schedule for the entire loan cycle can be generated and automatic deduction from salary can also be set up.
Loan Type
To create a new Loan Type go to:
Human Resources > Employee Loan Management > Loan Type > New Loan Type
Configure Loan limit and Rate of interest.
Employee Loan Application
Employee can apply for loan by going to:
Human Resources > Employee Loan Management > Employee Loan Application > New Employee Loan Application
In the Employee Loan Application,
- Enter Employee details and Loan details
- Select the repayment method, and based on your selection enter Repayment Period in Months or repayment Amount
On save, Employee can see Repayment Information and make changes if required before submitting.
Employee Loan
Once the Loan is approved, Manager can create Employee Loan record for the Employee.
Human Resources > Employee Loan Management > Employee Loan > New Employee Loan
In the Employee Loan,
- Enter Employee and Loan Application
- Check "Repay from Salary" if the loan repayment will be deducted from the salary
- Enter Disbursement Date and Account Info
- As soon as you hit save, the repayment schedule is generated.
Loan repayment deduction from Salary
To auto deduct the Loan repayment from Salary, check "Repay from Salary" in Employee Loan. It will appear as Loan repayment in Salary Slip.
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