Loans

The Loans module in Zoho Payroll helps you manage all the loans that you’ve provided to your employees. You can deduct repayments from the employees’ salaries each month, set perquisite rates and record manual repayments as well.

In this page,


Recording Loans

To record a loan,

Record Loan

Note: Perquisite rate is the percentage of the loan amount which will be considered as a perquisite. It should ideally match the rate provided by the State Bank of India.

Note: If you have enabled Zoho Books integration, you can select the bank account through which the loan was disbursed under Paid Through Account.

Record Loan Details

Your employees can view the details of the loans they’ve received by logging in to their employee portal.


Recording Manual Repayments

Once you’ve recorded a loan, the repayments will be automatically deducted from the employee’s income each month. You can also record manual repayments by following these steps:

Record Repayments

Note: If you have enabled Zoho Books integration, you can select the bank account to which the loan was repaid under Deposit to Account.

Record Repayment Details

Managing Loans

You can manage created loans by following these steps:

Note: Perquisite rate is the percentage of the loan amount which will be considered as a perquisite. Ideally, it should match the rate provided by the State Bank of India.

Manage Loans

Deleting Loans

Prerequisites

To delete an open loan:

To delete an open loan which was involved in a pay runs or multiple pay runs and has associated perquisite calculations, revert the pay run and then follow the mentioned steps above.

Delete Loans

Deleting a Manual Repayment

You can delete manual records of loan repayment in the Loans module as long as the payroll for the repayment month is not processed. If the pay run is processed, you will have to revert the pay run and then delete the loan repayment record. To delete:

Delete Manual Payment
TOP