A Loan Application is a form that includes details about the Loan Applicant, Loan Type, Repayment Method, Loan Amount, and Interest Rate.

Employee can apply for loan by going to:

> Human Resources > Loan > Loan Application

1. Prerequisites

Before creating a Loan Application, it is advisable to create the following documents:

• Employee
• Loan Type

2. How to create a Loan Application

1. Go to: Loan Application > New.
2. Enter the Applicant name.
3. Enter loan information such as a Loan Type, Loan Amount and Required by Date.
4. Select the Repayment Method and based on loan information, information such as Total Payable Amount and Interest will be calculated.
5. Save and Submit.

3. Features

3.1 Repayment Method

There are two types of Repayment Methods in Loan Application:

1. Repay Fixed Amount Per Period

• Input the Monthly Payment Amount.
• Save your changes.
• Upon saving, the Total Payable Interest, Total Payable Amount, and the Duration in Months will be automatically calculated based on the Interest Rate.
• Submit your application.

2. Repay Over Number Of Periods

• Input the Repayment Duration in Months.
• Save your changes.
• After saving, the Total Payable Interest and Total Payable Amount will be computed, along with the Monthly Repayment Amount, based on the Interest Rate.
• Submit your application.

4. Related Topics

1. Loan Type
2. Loan