Request for a loan

A Loan Application is a piece of paper that has information on the person applying for the loan, the type of loan, the repayment method, the amount of the loan, and the interest rate.

Employees can get a loan by going to: Loan Application > Human Resources > Loan

1. Things you need to do

It is a good idea to make the following documents before you start a Loan Application:

1. Employee Loan Type 2. How to fill out a Loan Application

Click on: Loan Application > New.

Type in the name of the applicant.
Fill out the loan details, including the type of loan, the amount, and the date it is due.
Choose the Repayment Method, and the system will figure out things like the Total Payable Amount and Interest depending on the loan details.
Save and send.
Apply for a Loan

3. Characteristics

3.1 How to pay back

There are two kinds of Repayment Methods you can choose from when you apply for a loan:

1. Pay a set amount each period

Type in the amount of the monthly payment.
When you save it, the Total Payable Interest, Total Payable Amount, and Period in Months will all be figured out depending on the Rate of Interest.
Fixed Amount for Repayment Each Period

2. Pay back over a number of periods

Enter the number of months in the repayment period.
Save.
Once the information is saved, the Monthly Repayment Amount, Total Payable Interest, and Total Payable Amount will be calculated based on the Rate of Interest.
Send. Send.