Loan Module FAQs

Frequently Asked Questions for the Loan Module

1. Can I use a loan offer template for multiple loan policies?

Answer: Yes, once the loan offer template has been created, it can be used in multiple loan policies.

2. I noticed that the monthly repayment for the loan taken is more that one-third of my monthly net, what could be the reason for this?

Answer: The admin needs to edit the loan policy affected to confirm if the "Loan Repayment Mode" is selected as "None". If this is the case, then it needs to be changed to "Monthly Net" or "Monthly Gross".

3. Can an employee have multiple guarantors accept/decline a loan request?

Answer: Yes, an employee can have multiple guarantors. This needs to also be setup by the admin on the loan policy concerned.

4. We run two batches of payroll and I want employees' loan repayment to appear in batch 2, how can I do this?

Answer: In the loan policy concerned, edit it and scroll to the part where "Payroll Batch" appears, then select the preferred batch and save the changes made.

5. An employee was not included in payroll run for this month and the employee's loan repayment is meant to start this month, how can I change the repayment month to next month that the employee would be in the pay period?

Answer: Admin can go to the employees' loan offer tab, filter by the employee's request and change the repayment date as seen in the screenshots below.

Please note that the loan request MUST be approved before such changes can be made.