A loan is an amount that an organization provides on interest to its employees when employees require financial assistance. Employees can apply for a loan depending on the company policies and guidelines. After approval of the loan, the organization deducts the amount in installments from the subsequent monthly salaries of the employees.
The Loan page in the greytHR Admin portal helps you create a loan for an employee, add the interest percentage, and the number of installments. The page automatically calculates the amount you must deduct monthly from the employee's salary.
Your loan statement displays the following information:
- Loan amount in rupees.
- Rate of interest per annum.
- Installments paid.
- Monthly installments in rupees.
- Balance principal in rupees.
- Transaction history.
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