Define Loans Types

In order for the self-service loan requests automation process on the system to function correctly, it is important to set and define the types of loans available for employees to apply for, so that these types appear to employees when submitting a request, in addition to their direct impact and the reflection of their deductions on the payroll.

The loan policy of the institution and managing loan types can be defined by following the steps below:

Access the settings page.
Go to the Payables tab.
Click on the Loans section from the options menu on the Payables page.

Definition of Loan Types:

Here, all types of loans can be defined and made available for employees.

To add a new type of loan, you can follow these steps:

Click on Add New Loan.
Fill in the required data for this loan.
Specify the method and mechanism of reflecting the payment method for this type of loan (within the payroll or out of the payroll, and set the default regarding the calculation method that aligns with the institution's policy).
Click on Create.

Note:

All loans that are defined in this section will be available and visible to employees to choose from when applying for a loan."