Loan Approval

Implementation Updated by Implementation

What is Loan Approval?

Loan approval process is the method an organization uses to approve loans of employees from two level of approving heads.

Overview -  

With Zenscale Loan Management, It’s an easy task to manage loans availed by an employee of an organization. An employee of an organization can easily apply for a loan.

This request will later get forwarded to appropriate personnel to approve or reject this loan request of an employee. We can define loan repayment installments through the system so that these loan repayments will get reflected in employees’ salary slip.

An employee can easily track the status of their loan request and status of loan repayment in their Employee Self Service Portal (ESS).

Use cases –

Suppose a company name with Abhishek industries. This company provides loan service to its employees. Applied loan applications received to approving heads of loan and after approving loan deduction start from the salaries of employees.

For Example :- Ramesh applies a loan and this loan application going to loan approving heads after first and final approval of heads the HR able to deduct the loan installment from the salaries of employees.

How to apply loan :- Click on "Loan" for applying loan.

Functioning of Loan approval :- Following below steps for loan approval :-

1. Click on Loan folder.

2. Loan > click on unsubscribe apps.

3. Click on loan approval.

4. Click on Subscribe for working of loan approval

5. Refresh the page.

6. Click on Loan approval app and activate the setting

7. Click on Go to Master

8. There is two type of settings in Loan approval.

(a) loan approval designation wise

(b) loan approval ID card wise.

(a) Loan approval designation wise:- In Designation wise setting of loan approval, a specific designation assign for the loan approving. Selected designation members can approve the loan applications.

  • Click on Designation wise setting.
  • Select First approving designation for loan.
  • Mention first loan approval limit.
  • Select Final approving designation for loan.
  • Click on save & continue.
  • Record saved Successfully.

(b) Loan approval ID card wise:- In ID card wise setting of loan approval is using for employee wise assignment for the loan approval. Selected ID card employee can approve the loan applications.

  • Click on ID card wise setting.
  • Select First approving head ID card for loan.
  • Mention first loan approval limit.
  • Select Final approving head ID card for loan.
  • Click on save & continue.
  • Record saved successfully.

How to approve loans :- In Zenscale, user have two level approvals so after applying an employee loan in the first approval going to first head and second approval going to final approval head. After approving first and final approval by loan heads loan amount deduct from the employees salaries You can approve loan by following these steps:-

1.      First login to first head login and approve the loan approval by following steps :

a ) Go to the Approval icon on top right side.

b)  Click on loan approval tab

c) Select an employee which you have approve loan.

d) Click on green color tick icon for approving the approval if user want to reject the approval then click on red color cross icon.

e) For approving approval click on Yes.

f) loan is approved successfully from First User.

2.    Secondly, Final loan head login and approve the loan of an employee with same steps as First approval.

In Zenscale, users have one more possibility, the notification of loan approval also taking through mentioned mail IDs of heads in employee master and users can accept and refuse approvals by mail. The approval showing below:-

Approval mail :- Click on Approve icon for approving and reject icon for rejecting the approval.

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