Apply for loan

The Loan and Advances page in the greytHR ESS portal allows you to apply for a loan and view your existing loan details. As a manager, you can also apply for a loan on behalf of your team member. The page displays the list of active and closed loan applications.

You can view the following tabs on the page:

1. My Loan - The tab displays all the active and closed loan details.

2. Apply Loan - The tab enables you to apply for a new loan. You can also view the pending loan applications and the history of the applied loan.  

You can perform the following actions on the Loan and Advances page:

1. View existing loan details.

2. Apply for a new loan.

3. Apply for a loan on behalf of your team member.

4. Withdraw the loan application.

To view the Loan and Advances page, click Salary > Loan and Advances.

View existing loan details

To view the existing loan details, perform the following actions:

1. On the Loan and Advances page, click the My Loan tab. The page displays all the active and closed loan application details.
   Each card displays Loan Type, Loan Amount, Monthly Installment, Installments Paid, and Loan Tenure details.
   You can also view more details such as Interest Rate, Installments Paid, Monthly Installment, and Balance Principal by clicking View Details.

Apply for a new loan

To apply for a new loan, perform the following actions;

1. On the Loan and Advances page, click Apply Loan tab. The form opens.

2. From the Applying for Loan dropdown list, select Me.

3. From the Loan Type dropdown list, select the required loan type. The Loan Limit, Max Tenure, and Interest Rate auto-populates.

4. In the Loan Amount textbox, enter the required loan amount.

5. In the Loan Tenure textbox, enter the loan duration.

6. From the EMI Start Month dropdown list, select the EMI starting month.
   Note: After entering the loan amount, loan duration, and EMI starting month you can view the Calculations card which displays the Monthly Loan EMI, Interest Amount, and Total Payable.

7. In the Remarks description box, enter a valid remark.

8. Click Apply. The Apply Loan pop-up appears.

9. Click Confirm to apply for a new loan.

Apply for a loan on behalf of your team member

To apply for a loan on behalf of your team member you must enable the Apply Loan on Behalf of Employee option from the user settings. 

To enable the option, perform the following actions:

1. From the greytHR Admin portal, navigate to the Settings icon > User Administration > User > User Roles. The User Roles page opens and displays the list of user cards.

2. Select the required user card and click the Edit icon. A form appears.

3. From the Category dropdown list, select the option Select Category.

4. Using the Search box, search for Apply Loan on Behalf of Employee. The table appears with the Read Access and Write Access columns.

5. Select the Read Access and Write Access options using the checkbox.

6. Click Save to enable the option.

Once you enable the option you can apply for a loan on behalf of your team member. To apply for a loan, perform the following actions:

1.  On the Loan and Advances page, click Apply Loan tab. A form opens.

2. From the Applying for loan dropdown list, select the employee for whom you want to apply for the loan.

3. From the Loan Type dropdown list, select the required loan type. The Loan Limit, Max Tenure, and Interest Rate auto-populates.

4. In the Loan Amount textbox, enter the required loan amount.

5. In the Loan Tenure textbox, enter the loan duration.

6. From the EMI Start Month dropdown list, select the EMI starting month.
   Note: After entering the loan amount, loan duration, and EMI starting month you can view the Calculations card, which displays the Monthly Loan EMI, Interest Amount, and Total Payable.

7. In the Remarks description box, enter a valid remark.

8. Click Add Attachement. A dialog box appears.

9. Browse to the folder in your system, select the file and click Open to attach the document related to the loan.

10. Click Apply. The Apply Loan pop-up appears.

11. Click Confirm to apply for a new loan.

Note: You can also view the pending loan applications and history of the loan application under the Pending and History tab. You can view the details such as Loan Type, Loan Amount, Loan Tenure, and Applied On under each tab.

Withdraw the loan application

To withdraw the loan application, perform the following actions:

1. On the Loan and Advances page, click Apply Loan tab. A form opens and displays the Apply, Pending, and History tabs.

2. Click the Pending tab. The list of loan applications appears.

3. Select the required application. The application expands.

4. Click the Withdraw button. The Withdraw loan pop-up appears.

5. Click Confirm to withdraw the selected loan application.
   Note: You can view all the withdrawn applications under the History tab.

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