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Loan Management

The Loan Management module provides functionalities for managing employee loans within the application.

Features​

  • Loan Applications - Employees can apply for loans through the system
  • Loan Approval Workflow - Multi-level approval process for loan requests
  • Repayment Tracking - Track loan repayments and outstanding balances
  • EMI Calculations - Automatic EMI calculation based on loan terms
  • Loan Reports - Comprehensive reporting on loans and repayments

Requirements​

  • Open Core Business Suite v5.0+
  • PHP 8.2+

Dependencies​

This module has no dependencies on other modules.

Integration with Payroll

When the Payroll module is enabled, loan repayments can be automatically deducted from employee salaries.

Installation​

Enable via Admin Panel​

  1. Log in as administrator
  2. Navigate to Settings > Addons
  3. Find Loan Management and click Enable
  4. Run migrations if prompted

Enable via Command Line​

php artisan module:enable LoanManagement
php artisan migrate

Usage​

Configuring Loan Types​

  1. Navigate to Loans > Loan Types
  2. Click Add Loan Type
  3. Configure loan parameters:
    • Loan type name
    • Maximum loan amount
    • Interest rate
    • Maximum repayment period
    • Eligibility criteria
  4. Save the loan type

Employee Loan Application​

Employees can apply for loans:

  1. Navigate to Loans > Apply for Loan
  2. Select loan type
  3. Enter requested amount
  4. Choose repayment duration
  5. Review EMI calculation
  6. Submit application

Processing Loan Applications​

Managers/HR can process loan applications:

  1. Navigate to Loans > Pending Applications
  2. Review application details
  3. Check employee eligibility
  4. Approve or reject the application
  5. Add comments if needed

Tracking Repayments​

  1. Navigate to Loans > Active Loans
  2. Select a loan to view details
  3. View repayment schedule
  4. Record manual repayments if needed
  5. Track outstanding balance

EMI Calculation​

The system automatically calculates EMI based on:

  • Principal amount
  • Interest rate
  • Repayment period

Formula: EMI = P x R x (1+R)^N / ((1+R)^N - 1)

Where:

  • P = Principal loan amount
  • R = Monthly interest rate
  • N = Number of monthly installments

Viewing Reports​

Access loan reports from Loans > Reports:

  • Active loans summary
  • Repayment status report
  • Outstanding amounts
  • Loan disbursement history
  • Employee loan history

Configuration​

Configure loan settings in Settings > Loan Settings:

  • Default interest calculation method
  • Maximum concurrent loans per employee
  • Minimum employment period for eligibility
  • Approval workflow levels
  • Payroll integration settings
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