A loan is a financial arrangement where an organization provides a certain amount of money to its employees, typically with interest, to assist them with their financial needs. Employees can apply for a loan based on the policies and guidelines set by their company.
To apply for a loan on behalf of an employee, the manager must perform the following actions:
- From the greytHR ESS portal, navigate to Salary > Loans and Advances. The Loan and Advances page opens and displays My Loan and Apply Loan tabs.
- Click the Apply Loan tab. The page displays the Apply, Pending, and History tabs.
- Click the Apply tab to apply for a loan. A form appears.
- Under the Apply tab, from the Applying for loan dropdown list, select the employee for whom you want to apply for the loan.
- From the Loan Type dropdown list, select the required type of loan: the Loan Limit, Max Tenure, and Interest Rate auto-populates.
- In the Loan Amount textbox, enter the required loan amount.
- In the Loan Tenure textbox, enter the loan duration.
- From the EMI Start Month dropdown list, select the EMI starting month.
Note: After entering the loan amount, loan duration, and EMI starting month, you can view the Calculations card, which displays the Monthly Loan EMI, Interest Amount, and Total Payable.
- In the Remarks description box, enter a valid remark.
- Click Add Attachment. A dialog box appears.
- Browse to the folder in your system, select the file and click Open to attach the document related to the loan.
- Click Apply. The Apply Loan pop-up appears.
- Click Confirm to apply for a new loan.
Note: You can also view the pending loan applications and history of the loan application under the Pending and History tab. You can view the details such as Loan Type, Loan Amount, Loan Tenure, Applied By and Applied On under each tab.
❓FAQs- To read more FAQs about Apply loan for an employee, click here.
📃Documentation- To learn more about the loans and Advances page, click here.
▶Video- To watch videos on the ESS Manager portal, click here.
📢Product Update- To read about the product update, click here.