Introduction
Loans refer to financial arrangements where an employer provides funds to an employee for a specific purpose, typically with an agreement for repayment over a defined period of time.
BizGaze’s “Loans & Advances App” provides several features that help businesses efficiently manage and streamline their loan processes. It empowers businesses to effectively manage their loan programs while providing employees with a seamless and convenient loan experience.
Stage Workflow
| Stage name | Description |
| Draft | The initial phase where loan application is created but not yet submitted it for approval |
| Approval | The loan application is reviewed and considered by the relevant authority |
| Disbursement | Once the loan application is approved, the loan amount is ready to be disbursed to the employee. |
| Active | The loan is currently active and the employee is in the process of repaying the loan |
| Closed | The loan is fully repaid by the employee, and all obligations are fulfilled. |
| Rejected | The stage of the loan application where it is reviewed and denied by the relevant authority. |
Portlets & Widgets
In the layout view, a Portlet accurately represents each functionality, and its corresponding data is precisely viewed as a Widget. The following section includes the default portlets and widgets of the Loans & Advances app.
Loan Details
Loan Details widget encompass the specific information such as the loan amount, interest rate, repayment period, installment frequency, and any additional terms and conditions associated with the loan.
| Field name | Description |
| Loan Amount | Displays total Loan amount of the employee. It represents the principal amount of the loan before interest or any additional charges are applied. |
| Loan Code | The system generated code or short name of the Loan is displayed |
| Perquisite Rate | Displays perquisite rate of the loan. Also known as Interest Rate or Per annum Interest Rate, is the percentage charged by the lender on the outstanding loan amount. |
| Requested On | Displays the date on which the Loan or advance is requested by the employee. |
Disbursal details
A loan is disbursed when the bank delivers the agreed-upon amount deposited into the borrower’s account after verification and approval and is available for use.
This widget contains the Loan disbursement details and installment details.
| Field name | Description |
| Disbursement Date | Date of loan disbursement is displayed. Disbursement Date refers to the specific date on which the loan funds are officially released and made available to the borrower. |
| Installment Amount | Installment amount of loan is displayed. The predetermined sum of money that the borrower is required to repay at regular intervals, typically monthly, towards the loan |
| Total Installments | Total number of installments that need to be made to fully repay the loan |
| Paid Through Account | Displays account loan installment’s payment account. It refers to the designated bank account through which the borrower makes the loan repayments |
Repayments
It is the process of returning the borrowed money and fulfilling the loan obligations. It involves making regular payments, usually in the form of installments, towards the loan, according to the agreed repayment schedule.
This widget contains the Repayment details of the Loan.
| Field name | Description |
| Repayment Date | The scheduled date on which an employee is required to make a loan repayment |
| Journal No | A unique identifier or reference number associated with a specific loan transaction. |
| Amount Repaid | The sum of money an employee has returned towards the repayment of their loan. |
| Remaining Amount | Displays the outstanding balance or the remaining unpaid portion of a loan. User can click on the hyperlink at the top right corner for detailed data about the remaining amount of the loan |
| Field name | Description |
| Amount Repaid | Displays the amount Repaid of the total loan amount. It refers to the total sum of money that has been already paid towards a loan. User can click on the hyperlink at the top right corner for detailed data about paid amount |
| Installments Remaining | Displays the number of remaining payments or installments yet to be made to fully repay a loan. User can click on the hyperlink at the top right corner for detailed data about the remaining installments |
| Remaining Amount | Displays the outstanding balance or the remaining unpaid portion of a loan. User can click on the hyperlink at the top right corner for detailed data about the remaining amount of the loan |
Reason
This widget shows the short notes or description about the reason for the Loan
Activity Log provide users with essential information, notifications, and real-time updates to keep them engaged and informed about key activities in apps related to updates, notifications, and stage changes.
| Field name | Description |
| Comments | User can write short notes or comments about the Loan |
| Audit | |
| Created Date | Date when the Loan record is created |
| Created By | User’s name who created the loan |
| Last Updated Date | Last updated stage of the loan |
| Last Updated By | User’s name who last updated the loan’s stage |
| Status | Displays current status of the loan |
| Time-Line | This widget tracks all the activities within the app. |