My Loan Status

My Loan

An employee loan, also known as a salary advance or payroll loan, is a type of loan provided by an employer to its employees. It allows employees to borrow money from their employer to meet immediate financial needs or emergencies. The loan amount is deducted from the employee's future salary or wages, typically in instalments, until the loan is fully repaid.

The My Loan page in the SPARC allows you to view the status of the personal loan of the employee.

To view the My Loan page, Login to SPARC > Menu  > Click on My Loans.

In SPARC My loan/employee loan starts by HR-approved loan details into SPARC and the steps are as follows 

1. Login to SPARC as User Employee
2. Go to Menu and Click on My Loan function and the screen looks like below.
3. The above screen displays you have opted the loan from the employer previously.
4. Click on More details to see complete loan details and the screen looks like below.
   1. Loan ID: It is the Loan Id number.
   2. Category: Loan type category
   3. Loan Amount: Amount of loan you opted 
   4. Recovered: Amount of loan recovered till month
   5. Balance: Balance Amount to be recovered
   6. Actual Status: Loan Amount recovered status is shown as Actual
   7. Balance Status: The balance amount to be recovered status is shown in the Scheduled