Loan Closure
Loan Closure
Close outstanding loans via early settlement, full recovery, or waivers — with complete audit trail and closing balance reporting.
The application allows users to close the loan before the Loan Tenure if the employee chooses to settle the remaining balance. Once settled, the loan status will be updated accordingly in the system.
Access the loan grid and select the employee record for whom the loan closure needs to be processed manually.
Once the employee record is selected, click the "Closure" button.
Enter the necessary details, including the remaining amount to be settled, and any other relevant information.(Mode of payment,Payment Date,Document No,Bank Name,Branch Name)
After updating the details, submit the closure request.
After submission, the loan status will change to Closed, indicating that the loan has been fully settled and closed.
To perform automatic loan closure
After the EMI has been fully paid, in the final month of payment, the loan status will automatically change to Closed by the application. This ensures that once all repayments are completed, the loan is marked as fully settled without requiring manual intervention.
Fig: Loan Pre-closure
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