View Processed Loans Details - A summary of the activity

Through this activity, you can view details of processed loans and advances for a specified payroll and payset.

 You can view the following details of a processed loan/advance application.

•  Name and description of the loan

•  Name and code of the employee

• Outstanding amount of principal and interest

• Principal, interest and penal interest recovered from the employee as per the scheduled loan recovery dates

Payment Default: When an employee fails to pay a principal installment as specified in the loan/advance application, the number of the subsequent principal installments will increase. For example, if an employee fails to pay the fourth principal installment, then the hitherto fifth installment becomes the sixth installment. Thus with each defaulted installment, the total number of installments will increase. The employee will be charged additional interest on the outstanding amount only. Though there is no reduction in the amount of principal that must be repaid, as a result of default in payment, the employee will have to pay more interest than was originally estimated.

This same procedure is followed when employees fail to pay Interest and Penal Interest installments.

Getting familiar with the pages inside

Hyperlinked topics below

Prerequisites

Loan/Advance applications must be processed.