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Loan Management

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

Features​

  • Loan Requests - Employees can apply for loans through the system
  • Loan Approval Workflow - Review, approve, reject, and disburse loans
  • Loan Types - Define different loan types with configurable parameters
  • Repayment Tracking - Track loan repayments, record payments, and manage overdue items
  • EMI Calculations - Automatic EMI calculation based on loan terms
  • Loan Reports - Loan summary, outstanding loans, overdue payments, and disbursement reports
  • Employee Self-Service - Employees can request, view, and manage their own loans
  • Mobile App Support - Employees can request and track loans via the mobile app

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 Loan Management > 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

Managing Loan Requests​

  1. Navigate to Loan Management > All Loan Requests
  2. Review loan applications
  3. Use the approval workflow to process loans:
    • Review - Mark a loan as under review
    • Approve - Approve the loan request
    • Reject - Reject the loan request
    • Disburse - Mark the loan as disbursed
  4. View loan details including repayment schedules

Tracking Repayments​

  1. Navigate to Loan Management > Repayments
  2. Record loan payments
  3. View repayment history
  4. Waive individual repayments if needed
  5. Send payment reminders to employees

Overdue Repayments​

Navigate to Loan Management > Overdue Repayments to view all overdue loan payments and send reminders (individual or bulk).

EMI Calculation​

The system provides an EMI calculator that computes monthly installments based on:

  • Principal amount
  • Interest rate
  • Repayment period

Viewing Reports​

Access loan reports from Loan Management > Reports:

  • Loan Summary Report - Overview of all loans and their statuses
  • Outstanding Loans Report - Currently active loans with outstanding balances
  • Overdue Payments Report - Payments that are past their due date
  • Loan Disbursement Report - History of loan disbursements with chart data

Employee Self-Service​

Employees can manage their loans from Self Service > My Loans:

  1. View all personal loan requests and their statuses
  2. Request a new loan from Self Service > Request Loan
  3. View loan details and repayment schedules
  4. Edit or cancel pending loan requests

Loan details are also visible on the employee profile tab.

Configuration​

Configure loan settings from Loan Management > Settings:

  • Loan Number Prefix - Prefix for auto-generated loan numbers (e.g., LN-001)
  • Round EMI To Nearest - Round calculated EMI amounts to the nearest value (whole number, ten, hundred, or smallest unit)

Changelog: View version history

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