Authorizing loans & advances application
|
|
|
|
|
|
|
Select "Authorize Loans & Advances Application” from the left pane.
The "Authorize Loans & Advances Application” 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 field.
|
Loan Administration Unit |
From the drop-down list box, select the loan administration unit. |
Enter the following fields to identify the loan / advance application.
|
Application Code |
The unique transact number that identifies the loan / advance application. Help Available |
You can modify the following fields in the “Application Details” group box.
|
Application Date |
The date on which the loan or advance was applied on behalf of an employee. |
|
Inactive |
Select the checkbox to indicate this application must not be taken up for processing by the system. |
The following fields are displayed 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 basic salary earned by the employee as per “Compensation Details” as on current date. |
Select the "Details" pushbutton.
The following fields are displayed in the “Loan Details” group box.
|
Loan |
The loan or advance required by the employee. |
|
Min. No of Principal Installments |
The least number of installments through which the principal amount of loan / advance can be repaid. |
|
Max. No. of Principle Installments |
The most number of installments through which the principal amount of loan / advance can be repaid. |
|
Min. No. of Interest Installments |
The most number of installments through which interest on loan / advance can be repaid. |
|
Max. No. of Interest Installments |
The least number of installments through which interest on loan / advance can be repaid. |
|
Eligibility Amount |
The maximum amount of loan / advance the employee can avail. |
|
Loan Interest (%) |
The simple rate of interest on the loan / advance. |
You can modify the following fields in the “Application Details” group box.
|
Loan Amount |
The amount of loan requested by the employee. |
|
Estimated Amount |
The expected amount of expenditure for the purpose for which the employee received the loan. |
|
Desired No. of Principal Installments |
The 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. |
|
Desired Principal Installment Amount |
The amount per principal installment. Note that you must specify this field, if you have not specified the number of principal installments in the previous field. |
|
Desired No. of lnterest Installments |
The 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. |
|
Desired lnterest Installment Amount |
The amount per interest installment. Note that you must specify this field, if you have not specified the number of interest installments in the previous field. |
|
Payable to Employee |
Indicate whether the installment is to be disbursed to the employee or to an external entity. Select “Yes”, if the installment amount must be handed over to the employee and “No” for others. |
|
Payee Name |
The name of the external entity receiving 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 view or edit document details before authorization
Click the “Documents Details“ link at the bottom of the page.
The “Document Details for Loan / Advance Application” page appears.
Edit the required fields.
To authorize a loan/advance application
Select the “Authorize” pushbutton.
The following field is displayed.
|
Status |
The status of the loan / advance application. The system sets this field to “Authorized”: |
To reject a loan/advance application
Enter the following field.
|
Rejection Reason |
The cause for rejecting the loan / advance application. This field is mandatory if you want to reject a loan application. |
Select the “Reject” pushbutton.
The system sets the "Status" field to “Rejected”:
To delete a loan/advance application
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. Verify the details before you delete the record.
Select the “Request for Deletion” checkbox.
Select the “Delete” pushbutton.
Note: You can delete a loan / advance application only if it is authorized.
Hyperlinked topics below
Use this page to authorize or reject loan / advance application.
To view or edit document details before authorization
To authorize a loan/advance application
To reject a loan/advance application
To delete a loan/advance application