How to add a loan amount to an individual employee

In Keka, organizations can configure a loan policy with specific terms and conditions for employees, such as minimum employment term, minimum/maximum salary, and EMI terms. Additionally, employers can define categories of loans that employees can request, such as education, housing, or personal emergencies.

There are 2 methods to add a loan amount to an individual employee.

Method 1

Log in to your Keka portal. Then, use the search bar and choose the employee. Once the employee profile is open, click on Finances (1) and then on Loans (2). Against Loan Summary, you will find a document icon. Click on it to know about available loan policies. Now, click on + Add New Loan (3).

    On clicking + Add New Loan, a window will open where you can choose a Loan Category.  

Here, you can only choose from the loan categories already available. To learn how to create a new category, click here.

Then add the Loan Amount and the annual Interest rate. Next, select the type of rate of interest calculation and the month from which the EMIs will start deducting. Also, fill in the repayment term.

Lastly, decide on the disbursal mode and the release date.

You can also add a Note for future reference. Once done, click Save. Method 2

Log in to your Keka portal. Click on Payroll (1). Go to Loans (2). Under Loans, find + Add New Loan (3). Click on it to open the Add New Loan window. Here you can search and choose the employee.

 Here you can search and choose the employee.  

Once you select the employee, you will be able to pick the Loan Category and Disbursal Mode. You can also add the Loan Amount, Repayment Terms, Notes for reference, etc. Once done, click Save.

We hope you found this document helpful. Please refer to the other articles if you have any more queries. You can also talk to our product experts if necessary.