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.