Creating loan/advance application
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Select "Create Loan/Advance Application” from the left pane.
The "Create Loan/Advance Application” page appears. The system will display the following field at the top right of the page.
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Date Format |
The date format that is applicable to the login user. |
Select the following field.
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Loan Administration Unit |
From the drop-down list box, select the loan administration unit. |
Enter the following fields to identify the loan / advance application.
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Application No |
A unique transaction number to identify the loan / advance application. Help Available |
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Application Date |
The date on which the employee applied for loan/advance. Note that the date of application must not be a future date. |
Enter the following field in the “Employee Details” group box.
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Employee Code |
The unique code identifying the employee. Help Available |
Select the “Get Employee Details” pushbutton.
The system displays following details for the selected employee.
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Employee Name |
The name of the employee. |
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Position |
The position held by the employee. |
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Work Location |
The actual place of work. |
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Date of Retirement |
The date on which the employee will retire from service. |
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Current Basic |
The basic salary of the employee as per “Compensation Details”. |
Enter the following fields in the “Loan Details” group box.
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Loan |
From the drop-down list box, select the loan or advance that the employee wants to avail. |
The system automatically displays the following fields.
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Min. No of Principal Installments |
The minimum number of installments through which the principal amount of loan / advance is recovered. |
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Max. No. of Principle Installments |
The maximum number of installments through which the principal amount of loan / advance is recovered. |
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Min. No. of Interest Installments |
The minimum number of installments through which the interest amount of loan / advance is recovered. |
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Max. No. of Interest Installments |
The maximum number of installments through which the interest amount of loan / advance is recovered. |
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Eligibility Amount |
The maximum amount of loan / advance that the employee can avail. |
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Loan Interest (%) |
The rate of interest on the loan / advance. |
Enter the following fields in the “Application Details” group box.
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Loan Amount |
The amount of loan the employee requires. |
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Estimated Amount |
The estimated amount of expenditure for the purpose for which the employee applies for loan. |
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Desired No. of Principal Installments |
The agreed number of installments through which the employee intends to repay the principal amount. Note that if you specify the number of installments in this field, you need not specify the principal installment amount in the next field. |
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Desired Principal Installment Amount |
The agreed amount of principal installment. Note that you must specify this field, if you have not specified the number of principal installments in the previous field |
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Desired No. of lnterest Installments |
The agreed number of installments through which the employee intends to repay the interest amount. Note that if you specify the number of installments in this field, you need not specify the interest installment amount in the next field. |
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Desired lnterest Installment Amount |
The agreed amount of interest installment. Note that you must specify this field, if you have not specified the number of interest installments in the previous field. |
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Payable to Employee |
Indicate if the installment amount must be disbursed to the employee or to an external entity such as an authorized person or an organization. From the drop-down list box, select “Yes”, if the employee receives the installment amount and “No” for others. |
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Payee Name |
The name of the organization or person who receives the installment amount. This information is relevant and mandatory if you have selected “No” in the “Payable to Employee” field. |
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Comments |
Any remarks or suggestions regarding the loan application. |
Select the “Save” pushbutton.
The system displays the following field.
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Status |
The status of the loan / advance application. The system sets this field to “Pending Authorization”: |
Specify the transaction number of the loan / advance application you want to edit in the “Application No” field.
Select the “Get Application Details” pushbutton.
The system displays details of the specified application.
Modify employee, loan and application fields.
Select the “Save” pushbutton.
The status of the application is set to “Pending Authorization” by the system.
Specify the transaction number of the loan / advance application you want to delete in the “Application No” field.
Select the “Get Details” pushbutton.
The system displays details of the specified application. View the details and verify the record before you delete.
Select the “Request for Deletion” check box.
Select the “Delete” pushbutton.
Hyperlinked topics below
Use this page to record the details of loan/advance applications of employees.
