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Select "Apply for a Loan / Advance" from the left pane.
The "Apply for Loan / Advance” 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. |
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Loan Unit |
The loan unit for which you must apply the employee loans and advances. |
Enter the following fields to identify the loan / advance application.
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Application No |
From the drop-down list box, select “New”. |
The system displays the following field.
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Application Date |
The date on which the employee applied for loan/advance. By default, the system displays the current date. |
Employee Details
The system displays the following details in the “Employee Details” group box.
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Employee Code |
The unique code that identifies the 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 retires from service. |
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Current Basic |
The current base compensation of the employee as per “Compensation Details”. |
To select a loan/advance
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 you want 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 the loan / advance is recovered. |
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Max. No. of Principle Installments |
The maximum number of installments through which the principal amount of the loan / advance is recovered. |
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Min. No. of Interest Installments |
The minimum number of installments through which the interest on the loan/advance is recovered. |
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Max. No. of Interest Installments |
The maximum number of installments through which the interest on the 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. |
To create a loan/advance application
Enter the following fields in the “Application Details” group box.
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Loan Amount |
The amount of loan that the employee requires. |
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Estimated Amount |
The expected expenditure for the purpose for which the employee requires the 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. |
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Desired Principal Installment Amount |
The agreed amount of principal installment. |
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Desired No. of lnterest Installments |
The agreed number of installments through which the employee intends to repay the interest amount. |
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Desired lnterest Installment Amount |
The agreed amount of interest installment. |
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Payable to Employee |
Indicate if the installment must be disbursed to the employee or an external entity such as an authorized person or 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 external entity that receives the loan/advance amount. This information is mandatory if you have selected “No” in the “Payable to Employee” field. |
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Loan Commodity |
From the drop-down list box, select the commodity for selected loan type. The combo is loaded with the values as defined in quick codes. For example, if the loan type is selected as “Car Loan”, select the loan commodity as “Car”. By default, the system displays “Not Applicable”. |
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Loan Sanctioned Worklocation |
From the drop-down list box, select the work location at which the loan is sanctioned. The system displays blank by default. |
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Comments |
Any remarks or suggestions regarding the loan application. |
Select the “Save” pushbutton.
The system assigns a unique number to the loan/advance application. It also displays the following field.
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Status |
The status of the loan / advance application. The system sets this field to “Pending Authorization”: |
To modify loan/advance application
Select the number of the loan / advance application you want to edit in the “Application No” field.
Select the “Get Application Details” pushbutton.
The system displays the details of the selected loan/advance application.
Modify employee, loan and application fields.
Select the “Save” pushbutton.
The status of the application is set to “Pending Authorization” by the system.
To delete a loan/advance application
Specify the 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.
To create a loan/advance application
To modify a loan/advance application
To delete a loan/advance application