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Fixed Loan Installment Recovery#

There is an option available in the application to manually define the monthly installment amount and tax amount that can be deducted. In that case, the monthly installment amount and the interest amount specified, will override the system calculated installment amount and deduct only what is given manually.

Preferences has to be set for this feature to take effect.

1. Go to System > Payroll Configure > Payroll Repository
2. Under Net Pay > Total Deductions select the Loan component.
3. Now select the Agent Info > Loan Agent and check the box next to Enable Manual Loan Installment
4. Click Save to store the details.

Workings of how the installment gets calculated

1. Go to the Total deductions component under Salary Information and edit the required loan field
   1. The actual Loan Amount
   2. Interest Rate
   3. Total amount with interest
   4. Manually entered Fixed Principal
   5. Manually entered Fixed Interest amount
2. Now, the system will deduct, Rs. 5010 for the first two installment months and the remaining interest amount of Rs. 10 every month for the remaining (subsequent) months until completion.