How can admin add new loan details for an employee?

Adding new loan details for an employee typically refers to the process of including or updating information about a loan that an employee has obtained from their employer or a financial institution.

To add new loan details for an employee, the admin must perform the following actions:

1. From the greytHR Admin login, navigate to Payroll > Payroll Inputs > Loan. The Loan page opens.
2. In the Search by Emp No/ Name box, enter the employee name/number for whom you want to add the new loan details.
3. Under the General tab, click Create New to create a new loan.
   Note: You can create a new loan only for an employee who does not have an existing loan. 
4. From the Loan as on dropdown list, select the current financial year.
5. Under the Loan Details section, from the Date of Loan dropdown calendar, select the issue date of the loan.
6. From the Deduct From dropdown calendar, select the date from which the amount is deducted from the employee's salary. 
7. In the Amount text box, enter the amount of the loan issued to the employee.
8. In the Interest Rate text box, enter the rate of interest applicable to the loan.
9. In the No of Installments text box, enter the number of installments required to pay the loan.
10. From the Loan Type dropdown list, select the type of interest being issued to the employee.
11. In the Loan Account No text box, enter the loan account number if any.
12. Click Save to create a new loan. A success message appears.

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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.