A loan Waiver is the writing off of the outstanding loan and there will be no further recovery.
Loan Closure is the final step of the Loan process where the loan is closed due to clearance of loan outstanding/premature closure of the loan/fulfillment of all the contractual terms and conditions.
This feature allows you to waive/close the pending loan amount for the selected employees.
On the Home Page click “Transactions”
Go to “Spend, Loan Management”.
Click “Salary, Loans, and Advances”.
Click “Closure/Waiver” under “Workflow”.
Enter the “Waive Date”.
Enter the “Employee Name”.
Select the “Loan Name” from the drop-down.
The “Loan Amount” and the “Amount Paid till date” will be displayed.
The “Waived Amount” column will display the total balance amount of the Loan.
Enter the “Comments” e.g., the reason for waiver/closure.
Click “Reset” if you want to refresh the data entered and re-enter
Click “Save” to save the data and the entire amount will be waived off.
The list displayed will reflect the name of the employee for whom the loan was closed/waived.
Click “View” and you will get the message for that employee- “Selected employee doesn’t have pending loans”.
If you wish to repay a part of the loan and have the balance waived off, follow the below steps:
Use the Manage Pay option to record the part payment received. For more details on “How to Manage Loan Payments” click the below link
How to Manage Loan Payments: Help Center (freshdesk.com)
Use the waive or close the loan option to waive the balance loan amount.