Employees are allowed to get multiple loans at a time. Each loan EMI will be deducted during the salary calculation. And you can define the employee maximum loan availability from the settings. And also from each employee profile.
This will show the EMI start date and end date of payment. You can configure the start date, based on the start date, we can able to configure the end date with the help of periods.
EMI can be added automatically on the employees' Payslip form during the generation of payslip and Payout.
We can edit the loan amount and its periods, before it start collecting installments.
In the middle of the month also the employee can able to settle the loan balance from the loan inquiry page.
Employee Loan will calculate the Monthly EMI and maximum allowed EMI for an employee for a month
While creating the allowances you need to define some loan entries. Which will have some GL account codes, those loan allowances are available in the loan types page in a drop down to create multiple loan types. There you can able to create multiple loan types from the loan allowances.
Now you can goto loan entry page to create employee loans. There select employee and it will show the maximum availability of EMI to the employee. Once you finalize the period and start date. It will calculate the EMI amount with the loan interest rate. And also end date, here the end date is tentative one. So it's expected loan close date. Even the employee finish their loan before the end date through some sales commission and other ways.
Inquiry and Reports
You can take PDF reports and its due balances. And also you can check that from inquiry page.