Recording loans & advances

Select "Record Loans & Advances” from the left pane.

The "Record Loan & Advance” page appears. The system will display the following field at the top of the page.

Date Format

The date format that is applicable to the login user.

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Select the following fields to identify the loan / advance application.

Loan Administration Unit

From the drop-down list box, select the loan administration unit.

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Application Code

The unique code that identifies the loan / advance application.

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Select the “Get Application Details” pushbutton.

The system displays the following field.

Application Date

The date on which the loan or advance was applied.

The system displays the following fields in the “Employee Details” group box.

Employee Code	The unique code identifying the employee.
Employee Name	The name of the employee.
Position	The position held by the employee in the organization.
Work Location	The actual place of work.
Date of Retirement	The date on which the employee will retire from service.
Current Basic	The current gross compensation of the employee as per the “Compensation Details”.

The system displays the following fields in the “Loan Details” group box.

Loan	The short description of the loan/advance applied for.
Min. No of Principal Installments	The minimum number of installments through which the principal amount of loan / advance is repaid.
Max. No. of Principle Installments	The maximum number of installments through which the principal amount of loan / advance must be repaid.
Min. No. of Interest Installments	The minimum number of installments through which interest on loan / advance must be repaid.
Max. No. of Interest Installments	The maximum number of installments through which interest on loan / advance must be repaid.
Eligibility Amount	The maximum amount of loan / advance the selected employee can avail.
Loan Interest (%)	The rate of interest on the loan / advance.

The following fields are displayed in the “Application Details” group box.

Loan Amount	The amount of loan availed by the employee.
Estimated Amount	The expected expenditure for which the purpose for which the employee received the loan/advance.
Desired No. of Principal Installments	The agreed number of installments through which the employee intends to repay the principal amount.
Desired Principal Installment Amount	The agreed amount of principal installment.
Desired No. of lnterest Installments	The agreed number of installments through which the employee intends to repay the interest amount.
Desired lnterest Installment Amount	The agreed amount of interest installment.
Payable to Employee	Indicate whether the installment amount must be disbursed to the employee or to an external entity. From the drop-down list box, select “Yes”, if the employee receives installment amount and “No” for others.
Payee Name	The name of the external entity that receives the installment amount. This information is mandatory only if you have selected “No” in the “Payable to Employee” field.
Comments	Any remarks or suggestions regarding the loan application.

To sanction a loan/advance

Enter the following details in the “Sanction Details” group box.

Sanctioned Date	The date on which the loan amount is sanctioned for release for payment.
Sanction Amount	The amount of loan/advance sanctioned by the concerned authority. This is the amount of loan/advance that is eventually granted to the employee.
Exception	Indicate if the stipulated rules were overridden when granting the loan / advance.
New Loan Interest (%)	The new rate of interest.
Approved By	The name of the employee who approved the loans and advances

To record reason for exception

Click the Book icon beside the “Exception Reason” field.

A dialog box opens up.

Enter the details on reasons for rejection.
Select the “OK” pushbutton to save the text and close the window.
Select the “Cancel” pushbutton to close the window without saving the text.

To record disbursal details

Enter the following fields in the “Disbursal Details” multiline.

Disbursal No.	The number of the disbursal event.
Disbursal Date	The date on which the installment amount was disbursed.
Disbursal Amount	The disbursed amount.
Disbursal Mode	From the drop-down list box, select the mode of disbursement. For example, payroll, check or draft or cash.

Note: You need to specify “Instrument No”, “Instrument Date” “Bank Details” and “Remarks” fields only if you have selected “Bank” in the “Disbursal Mode” field.

Instrument No	The number of the instrument.
Instrument Date	The date on which the instrument was drawn.
Bank Details	The bank on which the instrument was drawn.
Remarks	Any comments pertaining to the instrument.
Disbursement Effective Date	The date on which the employee of was disbursed.
Effected	Select “Yes” to indicate the disbursal/schedule details can be changed. Select "No" to indicate only schedule details can be changed. However disbursal details cannot be changed since the loan amount has already been sanctioned for this application.

To record schedule details

The system displays the following fields in the “Schedule Details” group box.

Total Principal Paid	The total amount of principal that the employee has repaid employee till date.
Balance Principal to be Paid	The balance amount of principal that the employee has to pay.
Total Interest Paid	The amount of interest that the employee has paid till date.
Balance Interest to be Paid	The amount of interest to be paid by the employee.
Total Penal Interest Paid	The amount of penal interest paid by the employee till date.
Balance Penal Interest to be Paid	The amount of penal interest to be paid by the employee till date.

Enter the following fields in the “Schedule Details” group box.

No. of Principal Installments	The number of installments through which the employee repays the principal installment.
Principal Installment Amount	The amount of the principal per installment.
No. of Interest Installments	The number of the installments through which the employee pays the interest amount.
Interest Installment Amount	The amount of the interest per installment.
Loan Recovery Effective From	The date from which the loan / advance becomes payable.