Generally, the loan instalments are automatically deducted based on the amounts mentioned in the loan schedule in the monthly payroll.
You have the option to override the loan instalment manually and in bulk as well. In the manual process, you can change the loan instalment 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 instalments.
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”.
On Disburse Loan page, you can view the list of loan records.
Search for the employee/loan name for which you wish to make the changes.
Click on View/Edit option.
On the loan schedule page, click the “Reschedule” icon in the instalment grid.
After clicking on the Reschedule icon, the system will take you to the reschedule pop-up window. You can make the changes in the loan instalment amounts.
The difference of loan amount can be either adjusted in the subsequent months or the same can be adjusted by adding a new instalment month.
To add a new instalment, click on Extend Month button. An extra month will be added to the list wherein you have to enter the difference loan instalment amount.
Click “Apply” to save.
To make bulk changes in loan instalments.
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 instalment will be changed according to adjustment made in this month. The deduction for the following months will change based on the deduction in this month.
The EMI for the last month of the loan gets increased or decreased based on the adjustment made.
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.