Set Off the Loan

Implementation Updated by Implementation

What is Setoff loan ?

A set-off loan is a process that gives authority to the settlement of mutual debt between a creditor and a debtor through offsetting.

Overview -  

Set off the loan is a feature that is using for loan clearance. Many organizations give loans to their employees and maintain total data manually. In Zenscale we can provide many types of loan services for closing and maintaining data after clearance of loan.

Set off loan also a loan closing app when the employees clear their loans before completing the time period of the closing loan. The reports about loan showing transparent data to check when and how the loan is closed.

Zenscale provides a more secure option for loan closing. While setting off the loan Administration can use approval system. As a result, without permission HR can not close or clear any employee's loan.

 Use cases 

Suppose a company name with Abhishek industries private limited. This company gives loans to their employees when they need extra money. In this company Ashok working as an operator. He is applying loan for 5000/- but after 1 installment deducting from the loan, he paid his pending 4000/- in cash to the company. In this condition, HR using Set off the loan to close his loan so the pending installment does not deduct from his salary.

How to Set off loan: - Following below steps for performing Set off loan:-

1. Click on Loan Folder.

2. Loan > Click on apply loan

3. Apply loan > Set Off the loan.

4. Select an employee ID card which you want close in loan pending amount of loan reflect right side when you select ID card of an employee.

5. Select month and year when you want to close loan.

6. Add amount which you want to close with the help of pending loan amount.

7. Add Description

8. Click on apply and continue.

If user using Loan approval then this loan application will go for approval to loan approving heads.

Click here" Loan Approval" to know how to approve loan.

How did we do?

Loan Re-adjust