Introduction/Purpose:

The Loan Request module in HRMS (Human Resource Management System) serves as a centralized database to manage various types of loan requests generated by users within an organization. The purpose of the loan request is to view and add the loan request to the HRMS system, like a personal loan, car loan, or home loan.

Dependency:

• Company Employee: The user must be a registered employee of the company. The employees are only eligible to submit loan requests through the ESS system and after loan request is approved by the line manager and the HOD the loan request comes in the HRMS system.

• Mandatory Field: The Employee, Request Date, Choose Loan, Interest Rate, Loan Duration (In Years), and Repay Term fields must be declared as necessary within the system for the employee to request the loan. This field is essential for the system’s addition and modification of loan requests.

Process Flow:

How To Navigate: 

The navigation to a Loan Request in a HRMS typically involves the following steps:

• Click on the main navigation icon: The main navigation icon located in the top  right corner of the screen. Clicking on this icon will open the navigation menu, which typically includes links to various sections of the HRMS system.

• Click on the Loan & Advance section: The loan request is located under the transaction section. By clicking on the loan request, it will display an employee name, request code, loan name, amount, interest rate, loan duration, repay term, added by, added date, approval by, expected disbursement date, approval date, approval status and action.

Listing: 

• Filter : User can filter the data based on the following categories:
  • Request Code
  • Employee Name
  • Loan Name
  • Amount
  • Repay Term

• Quick Search: By using this feature, users can quickly search for specific records within a listing. By using the filter search based on the respective column details.

• Hide And Show Column: By using this feature, the user can customize the display of columns in a listing. Users can select the column name and show specific columns based on their preferences.

• Show All Listing Records: By using this feature, the user can refresh the listing records within the system.

• Advanced Search: By using this feature, the user can use the advanced filter option to find the listing records within the system.

• Delete Row: By using this feature, the user can remove a specific record from a listing.

• Export: By using this feature, the user can extract data from the system and save it in a compatible format like Excel, CSV, or PDF (only PDF supports landscape and portable formats).

• Pagination: By using this feature, the user can view the records of the various pages and also increase or decrease the listing rows in a page.

• Import: By using this feature, the user can bring data from external files into a system. By entering the below details:

• Upload Sheet: This field allows you to upload a data file containing information related to the loan group. It provides a way to import data in bulk, such as loan group details or associated information, from an external file into the system for processing or analysis.

• Date Format: The date format field specifies the format in which dates are represented in the uploaded data file. 

• Date Time Format: The date time format field specifies the format in which date and time values are represented in the uploaded data file.

The user can perform the following actions in this section:

• Discard: This option allows the user to discard the changes before saving them.

• Submit: This option allows the user to submit the loan request to the system.

Recording & Update:

The loan request in HRMS typically include the following:

• Employee*: Specify the name or identification of the employee who is requesting the loan.

• Request Date*: Enter the date on which the loan request is being submitted.

• Choose Loan*: Select the type of loan the employee wishes to apply for from the available options.

• Disbursement Request Date: Enter the preferred date for loan disbursement if it differs from the request date.

• Loan Category: Specify the category or purpose of the loan (e.g., personal loan, advance).

• Interest Rate*: State the applicable interest rate for the loan. This could be a fixed rate or a variable rate depending on the organization’s policies.

• Interest Calculation Term: Indicate the method for calculating the interest on the loan.

• Loan Details: Provide any additional details related to the loan, such as special terms, conditions, or requirements.

• Request Amount: Enter the amount of money the employee is requesting as a loan.

• Loan Repay From: Specify the date from which the loan repayments should start.

• Deduction Component: Determine the specific component from which the loan repayments will be deducted (e.g., monthly salary, bonus).

• Loan Duration (In Years): Enter the desired duration of the loan in years.

• Guarantor Type: Choose the type of guarantor for the loan. It can be an internal guarantor (e.g., another employee) or an external guarantor (e.g., a family member or friend).

• Internal: If an internal guarantor is selected, provide the necessary details about the guarantor.

• External: If an external guarantor is selected, provide the necessary details about the guarantor.

• Repay Term*: Specify the repayment terms for the loan (e.g., monthly installments, quarterly installments).

• Remarks: Include any additional comments or notes related to the loan request.

• Yearly Installments: Calculate and display the number of installments to be paid per year.

• Total Installments: Calculate and display the total number of installments required to repay the loan.

• Documents: If any supporting documents are required for the loan request, specify the document type and attach the necessary files.

The user can perform the following actions in this section:

• Discard: This option allows the user to discard the changes before saving them.

• Submit: This option allows the user to submit the loan request to the system.