How can admin revise the loan, if an employee requires top-up on the existing loan?

A top-up loan refers to an additional loan that can be obtained by an individual with an existing loan. 

To revise the existing loan if an employee requires a top-up on the existing loan, the admin must perform the following actions:

1. From the greytHR Admin portal, navigate to Payroll > Payroll Inputs > Loan. The Loan page opens.
2. In the Search Employee search box, search for the employee whose loan you want to top up and revise. 
3. Click the Loan Revision tab. A form appears.
4. In the Top Up amount textbox, enter the revised amount the employee wants as a loan.
5. In the New Interest Rate textbox, enter the required rate of interest.
6. In the New Loan Period textbox, enter the duration of the loan. The Loan Amount, Loan Type, Principal Balance, Current Interest Rate, Total Installments, and No. of Installments Paid textboxes auto-populate.
7. Click Save to revise the existing loan.

Click here to subscribe to our help videos

Related Links:

Video- To watch the video on Managing employee loan, click here.

FAQs- To read more FAQs about the Loan, click here.

Documentation- To learn more about Loans, click here.

Product Update- To read about the product update, click here.