Loan Re-adjust

Implementation Updated by Implementation

What is Loan Re- Adjust?

Loan Re-adjustment is a change made to the terms of an existing loan by HR or Loan Approving head. It may involve changes in the amount of applied loan and change the number of installments.

Overview -  

Loan Readjustment using to modify Loan Related amounts and installment. If HR can add the current amount of loan in the previous loan amount without entering another loan application then that entry can be modified accordingly.  If any entry is filled by mistake then that entry can also be modified.

Use cases 

Suppose Manohar Singh working as an operator in Abhishek industries. He applies a loan for 5000/- in January 2019. His time limit of loan payment defines by HR as 5 installments. But suddenly he needs an extra 5000 /- due to some personal issues. In this condition HR using Re- Adjustment and they add 5000/- the amount in his pending previous pending amount and reset his number of installment.

How to user Loan Re-adjustment :- Following below steps for functioning of loan readjustment:-

1. Click on loan folder.

2. Loan > Click on Apply loan.

3. Apply loan > Loan Re- Adjustment.

4. Select an employee which you want changes in loan

5. Add Current amount to be added in previous loan

6. Edit no. of installment if required

7. Click on additional for changes in loan apply date if required

8. Click on apply & 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 Approval

Set Off the Loan