Loan & Advance

The Loan & Advance module allows employees to apply for loans and salary advances, with automated repayment tracking through payroll deductions.

Required Plan: Pro or Premium

Dashboard

The Loan & Advance page shows:

• Active Loans/Advances — Currently active with outstanding balances
• Pending Approval — Applications awaiting review
• Total Outstanding — Sum of all outstanding loan amounts
• Closed / Repaid — Fully repaid loans

Loan Types

Configure loan types under Configuration & Setup → Payroll Management → Loan Types:

• Salary Advance
• Personal Loan
• Emergency Loan
• Custom loan types

Each type has:

• Name and description
• Maximum amount limit
• Maximum repayment period
• Interest rate (if applicable)

Application Process

Submitting an Application

1. Navigate to Loan & Advance
2. Click + New Application
3. Fill in:
   • Loan type
   • Amount requested
   • Repayment period (months)
   • Reason for the loan
4. Submit for approval

Approval Workflow

• Applications go to HR/Admin for review
• Reviewer can approve, reject, or request modifications
• Approved loans generate a repayment schedule

Repayment

• Repayment installments are automatically deducted during payroll processing
• View repayment schedule for each loan
• Track paid vs remaining installments
• Defer option allows postponing a monthly installment

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