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Create, view and edit loan

Updated inΒ March- 2024 |Β Subscribe to watch greytHR how-to video

A loan is an amount that an organization provides on interest to its employees when employees require financial assistance. Employees can apply for a loan depending on the company policies and guidelines. After approval of the loan, the organization deducts the amount in installments from the subsequent monthly salaries of the employees.

The Loan page in the greytHR Admin portal helps you create a loan for an employee, add the interest percentage, and the number of installments. The page automatically calculates the amount you must deduct monthly from the employee's salary.Β 

To view the Loan page, click Payroll > Payroll Inputs > Loan.

You can perform the following actions on the Loan page:

  1. Create a new loan.

  2. View the existing loan details.

  3. Add/edit the loan repayment details.

  4. Revise an existing loan.

Create a new loan

To create a new loan for an employee, perform the following actions:

  1. On the Loan page, from the Search Employee search box, enter the name or number of the employee for whom you want to create a loan.

  2. Under the General tab, click Create New. The form appears.
    Note: You can create a loan for the selected employee only if he/she has completed his/her previous loan.

  3. Under the Loan Details section, from the Date of Loan dropdown calendar, select the starting date of the loan.

  4. From the Deduct From dropdown calendar, select the monthly installment deduction date.

  5. From the Loan Type dropdown list, select the required option.

  6. In the Amount text box, enter the loan amount.

  7. In the Interest Rate text box, enter the required interest percentage.

  8. In the No of Installments text box, enter the number of installments.

  9. In the Loan Account Number text box, enter the loan account number, if any.Β 

  10. The Installment Details and Completed Date auto-populate based on the details you have filled in.

  11. Under the Other Information section, select the Demand Promissory Note checkbox if applicable.

  12. In the Perquisite Rate text box, enter the required value.

  13. In the Remarks text box, enter the remarks, if any.

  14. Click Save to create the loan for the selected employee.

View the existing loan details

When the employee pays the monthly installment, the Loan Details tab displays the installment amount. To view the details of an existing loan, perform the following actions:

  1. On the Loan page, click the Loan Details tab. The page displays the complete installment details such as Transaction Type, Date, Amount, To Principle, To Interest, Actual Principle, and Actual Interest.

Add/edit the loan repayment details

When the employee pays the amount using a cheque, bank transfer, or any other payment mode, the admin must add that amount in the Loan Repayment section. The amount mentioned in the section is not a part of the installments deducted from the salary.

To add/edit the loan repayment details, perform the following actions:

  1. On the Loan page, click the Loan Repayments tab. The table appears.

  2. In the table, left-click the row to edit repayment details. You can click the last row to add a new row and enter more details.

  3. In the newly added row, under the Date dropdown calendar, select the required date.

  4. Under the To Principal column, in the selected row, enter the repayment amount.

  5. Under the To Interest column, in the row, enter the interest amount. The Amount and Modified Date column auto-populates.

  6. Under the Remarks column, in the selected row, enter the required remarks, if any.

  7. Click Save to update the changes.

Revise an existing loan

If the employee request to increase the existing loan amount, the admin can quickly revise the loan amount in the Loan Revision section.

To revise the loan amount, perform the following actions:

  1. On the Loan page, click the Loan Revision tab. The form appears.

  2. In the Top Up amount textbox, enter the revised amount the employee wants as a loan.

  3. In the New Interest Rate textbox, enter the required rate of interest.

  4. In the New Loan Period textbox, enter the duration of the loan.

  5. The Loan Amount, Loan Type, Principal Balance, Current Interest Rate, Total Installments, and No. of Installments Paid textboxes auto-populate.

  6. Click Save to revise the existing loan.

Note: You can directly visit the Salary page from the General/Loan Details/Loan Repayments/Loan Revision by clicking the Back to Salary button.

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