Loan Management (New Feature)
The Loan Management module enables organizations to manage employee loans in a structured, transparent, and automated manner. Admins can define loan types, configure rules and permissions, and handle approvals and settlements, while employees can apply for loans and track repayments through the web or mobile app. The module also includes an EMI calculator to help employees estimate repayments before applying.
Key Rules
Employees cannot apply for a new loan if:
A previous loan is pending approval, or
An active loan is not fully settled
EMI calculation is available on both web and mobile apps
Salary must be configured to enable salary-based loans or settlements
Web (Admin & Employee) – How It Works
Admin (Backend) Flow
Create Loan Types
Define loan categories (e.g., Salary Advance, Personal Loan).
Configure Loan Settings
Set permissions, loan limits, loan code prefix, and salary requirement.
Review & Approve / Reject Loan Requests
On approval, the system automatically generates the repayment (EMI) schedule.
Handle Settlement Requests
Approve or reject settlement requests submitted by employees.
Settlement Processing
Salary-based settlement: Automatically settled after payslip processing.
Manual settlement: Settled immediately upon admin approval.
Employee (Web) Flow
Apply for Loan
Use the EMI calculator to preview repayment details.
Track Loan Status
View approval status and repayment schedule.
Apply for Settlement
Choose settlement type:
Manual or Salary-based
Full or Partial settlement
Mobile App – How It Works
Apply for Loan
Employees can submit loan requests directly from the app.
EMI calculator helps estimate monthly repayments before applying.
View Loan & Repayment Details
Track loan status, EMIs, and outstanding balance.
Apply for Settlement
Request settlement by selecting:
Manual or Salary-based
Full or Half settlement
Automatic Validation
The app prevents loan applications if another loan is pending or unsettled.
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