The loans section allows you to keep track of all the interest-free or concessional loans you have given to your employees.
Add a new loan
- Select the employee’s name from the list for whom the loan is being recorded.
- Then, you can either choose the loan name from the list of loan types or create a new loan type by tapping the “+” button provided on the loan name field.
- Enter the loan amount and instalment amount, which will be recovered in each pay run.
- Enter the disbursement date, the day when the employee is going to receive the loan or the day when the employee received the loan.
- Enter the repayment start date, the day when the employee will start the payback.
- Enable the “Do you want to exempt this loan from perquisite calculation?” toggle button if you want the perquisite calculation to be skipped for this loan. [Any loan less than 20,000 or medical loan can be exempted from perquisite calculation, according to rule 3(A)]].
- The loan amount is recovered in equal instalments from every month’s payroll as a deduction from the employee’s monthly salary.
- Employees can also make loan repayments anytime from the manual payment option towards their outstanding loan amount.
- To make a manual payment choose the loan by clicking on it, select the edit button in the top right corner, and then click the “ADD PAYMENT”
Enter the repayment amount in the box, where you can also view the remaining amount.
Enter the payment date.
Select the mode of payment from the drop-down option, such as cash, bank transfer, check and others.
Mention any reference for the payment to complete the manual payment.
- Loan(s) sanctioned to a particular employee cannot be claimed again by the same employee for the same loan until it is closed.
- In case loan(s) is created by entering the wrong employee’s name, you cannot modify the employee’s name. You can only delete it.
- You cannot alter the other loans details such as loan amount, disbursement date and the repayment start date once the first payment is received.