How to add new loan?

1. Login to SPARC as EmployeeHR.
2. Click on Loan function.function
3. Enter Employee ID and then click on Add New Loan.Loan
4. You can fillFill the following details as below:- 
   • CatagoryCategory : Fill CatagoryCategory as Employee Loan
   • TypLoan Typee : YouLoan canType findrefers 2to differentclassification typesby ofwhich interestsinterest chooseis any onecharged 
     • One is

       Flat Interest : A "flat interest loan" refers to a type of loan where the interest is calculated based on the original loan amount throughout the loan's duration.

     • Other one is

       Reducing Interest : It refers to a method of calculating interest on a loan or credit facility where the interest is charged based on the outstanding balance of the loan. This leads to a gradual reduction in the overall interest cost and the duration of the loan.

   • Date : FillSelect the date from when yourthe Loan is applicable.applicable
   • Amount: Enter the loan amount in Rupees 10000 
   • Interest in % : 2%Rate of Interest
   • Grace Period : 2A Monthsgrace period, refers to a specified period of time during which a Employee is not required to make payments on the loan or is exempt from certain penalties.
   • Tenure : 10"Tenure" Monthstypically refers to the length or duration of a loan
5. Click on Show Schedules.
6. You can find the Recovery Schedule calculation sheet.
7. You can save the sheet (or) cancel.
8. If you choose Reducing Interest as defined in Step-4 and you can do as explained above procedure.