- Login to greytHR application >> Click on Payroll >> Payroll inputs >> Loan
- Click theCreate New
You will not be able to create a new loan for an employee until his existing loan is completed.
- Date of Loan and Deduct From are populated as the first date of the last payroll processed month. Click to change the respective values.
- Loan Type is populated as Flat Interest. Click the drop down to change the interest type.
- 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.
- Enter the Loan Account No if any.
Other Information - This is not mandatory information and can be entered at a later point in time.
- Check Demand Promissory Note if the employee has submitted a promissory note.
- Select the Perquisite Rate for the loan.
- Enter remarks for the loan
- Save the details
- 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