Generally, the loan installments are automatically deducted from the monthly payroll based on the amounts mentioned in the loan schedule.
You have the option to override the loan installment manually and in bulk.
In the manual process, you can change the loan installment amount for subsequent months, whereas in the bulk process, it can only be done for the current payroll month.
To manually make changes in loan installments.
On the home page, click “Transaction.”
Scroll down and click on “Salary, Loans, and Advances” under “Spend, Loan Management.”
Click on “Disburse Loans” under “Workflow.”
You can view the list of loan records on the Disburse Loan page.
Search for the employee/loan name for which you wish to make the changes.
Click on the View/Edit option.
On the loan schedule page, click the “Reschedule” icon in the installment grid.
After clicking the Reschedule icon, the system will take you to the reschedule pop-up window where you can change the loan installment amounts.
The difference in loan amount can be either adjusted in the subsequent months, or the same can be adjusted by adding a new installment month.
Click Extend Month to add a new installment. An extra month will be added to the list to update the difference loan installment amount.
Click “Apply” to save.
To make bulk changes in loan installments.
On the home page, click “Payroll.”
Click “Run payroll.”
In the Pay Adjustment section, click “Import Loan Adjustment” in the drop-down.
Click “Download template.”
Update the details under the “Import Loan Adjustment” sheet in the generated Excel workbook and “save” the file.
Fixed duration: In this type of adjustment, the monthly installment will be changed according to adjustments made. The deduction for the following months will change based on the deduction in this month.
Fixed EMI: In this type of adjustment, the EMIs remain unchanged post-adjustment.
Based on the adjusted amount, an extra EMI gets added to handle the adjusted amount.
Click “Choose file” and select the file.
Click “Import.”
