Recording prepayment details

The "Record Prepayment Details” page appears. The system will display the following field at the top right of the page.

Date Format

The date format that is applicable to the login user.

Select the following fields to identify the loan application.

Loan Administration Unit

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

Application Code

The unique code that identifies the loan application.

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The system displays the following field.

Application Date

The date on which the employee applied for loan.

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

Employee Code	The unique code that identifies the employee.
Employee Name	The name of the employee, who has secured the loan.
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 retires from service.
Current Basic	The current gross compensation of the employee as per “Compensation Details”.

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

Loan	The loan granted to the employee. For example, Motor Car loan and House Building loan.
Min. No of Principal Installments	The minimum number of installments through which an employee must repay the principal amount.
Max. No. of Principle Installments	The maximum number of installments through which an employee must repay the principal amount.
Min. No. of Interest Installments	The maximum number of installments through which an employee must repay the interest installment.
Max. No. of Interest Installments	The minimum number of installments through which an employee must repay the interest amount.
Eligibility Amount	The maximum amount of loan the employee can avail.
Loan Interest (%)	The rate of interest payable on the loan.

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

Loan Amount	The amount of loan the employee requires.
Estimated Amount	The expected amount of expenditure on the task for which the employee has secured loan.
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 per principal installment as preferred by the employee.
Desired No. of lnterest Installments	The agreed number of installments through which the employee intends to repay the interest amount as preferred by the employee.
Desired lnterest Installment Amount	The agreed amount per interest installment.
Payable to Employee	Indicate whether the installment is to be paid to the employee or to an external entity. From the drop-down list box, select “Yes”, if the installment amount must be handed over to the employee and “No” for external entity.
Payee Name	The name of the external entity receiving the installment amount. This information is applicable only if you have selected “No” in the “Payable to Employee” field.
Comments	Any remarks or suggestions regarding the loan application.

The following details are displayed in the “Sanction Details” group box.

Sanctioned Date	The date on which the loan amount is sanctioned for release to the employee.
Sanction Amount	The amount of loan sanctioned by the concerned authority. This is the actual amount of loan that is granted to the employee.
Exception	Indicate if stipulated rules have been overridden when sanctioning the loan.
New Loan Interest (%)	The new rate of simple interest.
Exception Reason	The reason for overriding the stipulated rules for loan.

The following details are displayed in the “Schedule Details” group box.

Total Principal Paid	The sum of all the principal installments paid till date.
Balance Principal to be Paid	The amount of the principal amount that is yet to be paid.
Total Interest Paid	The sum of all the interest installments paid till date.
Balance Interest to be Paid	The balance of the interest amount that is yet to be paid.
Total Penal Interest Paid	The amount of penal interest paid till date.
Balance Penal Interest to be Paid	The balance amount of penal interest to be paid.
No. of Principal Installments	The number of installments by which the principal amount is to be repaid.
Principal Installment Amount	The amount of principal payable per installment.
No. of Interest Installments	The number of installments by which the interest amount must be repaid.
Interest Installment Amount	The amount of interest payable per installment.
Loan Recovery Effective From	The date from which the employee must commence loan/advance repayment.

To record prepayment details

Prepayment Type	From the drop-down list box, select the manner of prepayment. For example, Partial payment and Foreclosure.
Amount	The amount prepaid.
Payment Mode	From the drop-down list box, select the mode of payment. For example, Cash, Bank and Payroll.
Effective From Date	The start of the prepayment period.
Effective To Date	The end of the pre-payment period.
Instrument No	The number of the bank instrument.
Instrument Date	The date on which the bank instrument is drawn.
Bank Details	The bank on which the instrument is drawn.
Remarks	Any comments on the bank instrument.
Prepayment Effective Date	The actual date on which the prepayment is made.
Effected	Indicate whether changes can be made to the record in the future. From the drop-down list box, select “Yes” to indicate no changes are allowed and “No” if otherwise.