Deferred Loan

Payroll → Loan → Deferred Loan

Deferred Loan refers to a type of loan where the repayment or deduction of the loan starts after a specific deferment period such as Grace period. If an employee takes a loan with a deferred repayment period of 3 months, their salary will remain unaffected during those 3 months. Once the repayment starts, a fixed amount (e.g., 50000/-) will be deducted monthly from the employee's salary until the loan is repaid.

Users can configure a deferred loan by providing the required information, including the employee's name, the loan name, and the deferment period (in months). Additionally, the user must select the approval authority for the loan and then submit the configuration for processing.

• Related Articles

• Loan

  Payroll → Loan This feature allows payroll administrators to record, manage, and recover employee loans through payroll.Loans can be given for personal, medical,or any other organization-approved purposes. Common loan types are Emergency Loan, ...

• Loan Types

  Payroll → Loan → Loan Types To configure loan types, follow these steps: Enter the Loan Name to identify the loan type (e.g., Personal Loan, Education Loan). Choose whether the payment type will be processed immediately or aligned with the salary pay ...

• Loan Closure

  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. To perform Pre-Closure Access the loan grid and ...

• Income Under Section 24

  Self -occupied Property Navigate to Tax and Statutory Compliances → Tax Declaration → Income Under Section 24 → Self-Occupied. If the employee is repaying a home loan for their self-occupied property,provide the following details. Click the +Add ...

• Full and Final Settlement

  Before generating the salary payslip, if any employee is exiting the organization (due to resignation, retirement, or termination), the payroll administrator can initiate a Full & Final (F&F) Settlement. This ensures that all pending earnings, ...