How can the admin manage a loan when an employee pays EMI using cash, cheque, or a bank transfer?

A loan is an amount that an organization provides on interest to its employees when employees require financial assistance.  

To manage a loan when an employee pays EMI using cash, cheque, or a bank transfer, perform the following actions:

1. From your greytHR Admin login, navigate to Payroll > Payroll Inputs > Loan. The Loan page opens.
2. From the Search Employee search box, select the employee whose loan you want to manage. The employee's loan details appear.
3. Under the Loan Repayments tab, double left-click in the table and enter the details in the Date, To Principal, To Interest, and Amount columns. 
4. Click Save the details. The payment is now reflected under the General tab.

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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.