How to add a new loan?

Follow the below path to add new loan details of an employee on greytHR

1. Login to greytHR application >> Click on Payroll >> Payroll inputs >> Loan
2. Click theCreate New

        You will not be able to create a new loan for an employee until his existing loan is completed.

2. Date of Loan and Deduct From are populated as the first date of the last payroll processed month. Click to change the respective values.
3. Loan Type is populated as Flat Interest. Click the drop down to change the interest type.
4. Enter the loan amount, interest rate and the number of installments as per the organization policy and press the Enter Installment details are calculated and displayed.
5. Enter the Loan Account No if any.
   Other Information - This is not mandatory information and can be entered at a later point in time.
6. Check Demand Promissory Note if the employee has submitted a promissory note.
7. Select the Perquisite Rate for the loan.
8. Enter remarks for the loan
9. Save the details
10. You can close the loan of an employee at any point in time, irrespective of the number of due installments by clicking on Loan Completed

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