Loan Application is a document which contains the information regarding the Loan Applicant, Loan Type, Repayment Method, Loan Amount and Rate of Interest.
Employee can apply for loan by going to:
> Human Resources > Loan > Loan Application
Before creating a Loan Application, it is advisable to create the following documents:
2. How to create a Loan Application
- Go to: Loan Application > New.
- Enter the Applicant name.
- Enter loan information such as a Loan Type, Loan Amount and Required by Date.
- Select the Repayment Method and based on loan information, information such as Total Payable Amount and Interest will be calculated.
Save and Submit.
3.1 Repayment Method
There are two types of Repayment Methods in Loan Application:
1. Repay Fixed Amount Per Period
- Enter the Monthly Payment Amount.
- Once saved, based on the Rate of Interest, the Total Payable Interest and Total Payable Amount will be calculated along with Period in Months.
2. Repay Over Number Of Periods
- Enter the Repayment Period in Months.
- Once saved, based on the Rate of Interest, the Total Payable Interest and Total Payable Amount will be calculated along with Monthly Repayment Amount.