Loan Master

General Description:
Header Fields Description:
Detail Fields Description:
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General Description:

The Loan Master screen is used for maintaining master information about various loans that are disbursed by an organisation. Details like Loan Code, Loan Name, Type of Interest, Chart Name etc. are maintained through this process.

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Header Fields Description:

Loan CodeUnique Code associated with each loan

Nature of payment It indicates whether principal is paid back first or interest or both together

Type of Interest Can be of three types. 1) Simple Interest, 2) As per Chart or 3) Reducing Balance method for Interest Calculation.

Chart Name Will have to be entered if "Type of Interest" is "Chart".

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Detail Fields Description:

Loan Detail Code Indicates the loan sub code. Logically for a Loan code defined in Loan Master Frame, there can be multiple "sub loans" with variations in amount and eligibility.

Eligibility Factor 1) If value is "Greater" then the employee will be paid either % of number of month's salary or maximum limit whichever is greater. 2) If value is "Lesser" then the employee will be paid either % of number of month's salary or maximum limit whichever is lesser. 3) If value is "Flat Amount" then the employee will be paid the maximum limit (Loan Amount). 4) If value is "Salary" then the employee will be paid % of number of month's salary.

Maximum Limit Indicates the Maximum limit of the Sub Loan.

Maximum Loan (%) Indicates the % of Property Price that can be given as a loan.

No. Of Month's Salary Indicates the Maximum Loan amount in Number of Months of Salary.

Minimum Years in Service Number of years of service for an employee before qualifying for a loan

Minimum Years of Remaining service Minimum years of service left with the organisation if an employee is to be sanctioned a loan.

Applicable to All If checked, the sub loan is applicable to everyone in the organisation. If not ticked, then eligibility rules will have to be defined through the loan eligibility screen. If for a sub loan, this field is ticked off, then there can be no other sub loans defined for the main loan.

Company Policy Start Date It is the date from which the sub loan is valid. Cannot be a future date.

Company Policy End Date It is the date till which the policy is valid.

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