The Loan Management module allows HR to create loan types, record employee loans, manage repayments, and track deductions in payroll.
1 Creating Loan Types
Navigate to Loan Management → Settings.
Create multiple loan types as required (e.g., Housing Loan, Personal Loan, Car Loan).
Save each loan type.
This provides a structured way to categorize and manage different loan schemes.
2 Adding a Loan Entry for an Employee
Navigate to Loan Management → Activities → Employee Loan Entry.
Enter the necessary details:
Loan Amount
Repayment Details (installment schedule, duration, etc.)
Deductions Details (amount to deduct per payroll)
Click Save.
The loan amount will be automatically deducted in the payroll process according to the repayment schedule.
3 Bulk Loan Entry (Optional)
Use the Loan Import feature to enter loan details for multiple employees at once.
Ensure all required fields are filled in the Excel template.
Upload the completed file to update employee loans in bulk.
This is useful for organizations processing loans for multiple employees simultaneously.
4 Loan Settlement
Navigate to Loan Management → Activities → Loan Payment.
Select the employee and mark the loan as settled when the repayment is complete.
Save the record.
This ensures the employee’s loan status and payroll deductions are accurately updated.
✅ Outcome:
Loans are categorized and managed systematically.
Payroll deductions are automated.
Bulk entries and settlements are tracked efficiently.