Loan Application

Loan Application

A loan application is a document that includes details on the loan applicant, the loan type, the repayment method, the loan amount, and the interest rate.

To apply for a loan, an employee need visit:

Human Resources > Loan > Loan Application

1. Prerequisites

The following documents should be made before creating a loan application:

• Employee
• Loan Type

2. How to create a Loan Application

1. Access the Loan Application > New page.

2. Type the applicant's name here.

3. Add loan details like the loan type, loan amount, and due date.

4. Choose the Repayment Method, and data like the Total Due Amount and Interest will be calculated depending on the loan details.

5. Publish and save.

3. Features

3.1 Repayment Method

There are two types of Repayment Methods in Loan Application:

1. Repay Fixed Amount Per Period

• the amount of the monthly payment.

• Save.

• After saving, the Total Due Interest and Total Payable Amount will be determined based on the Rate of Interest, coupled with the Term in Months.

• Submit.

2. Repay Over Number Of Periods

• Put "Repayment Period in Months" there.

• Save.

• After saving, the Total Payable Interest and Total Payable Amount will be determined depending on the Rate of Interest, coupled with the Monthly Repayment Amount.

• Submit.