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Loan Setup

Discussion in 'Oracle HRMS & Payroll' started by Rayoons, Sep 2, 2013.

  1. Rayoons

    Rayoons Active Member

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    Dear All,

    we facing an issue regarding the Loan, when employee take loan from the Bank The company pays the loan benefits to the employee how we can define it?



    Ex: if basic salary = 5000

    Bank give him 60,000 and the benefits will be 20,000



    company will take the 20,000 /12 = 1666 this what we will pay to the employee monthly.


    Thanks
     
  2. malinda

    malinda Active Member

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    Hi Sir can you help the issue of oracle loan deployment as well as setup
     
  3. Aditya85

    Aditya85 Active Member

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    You create an information element with 'benefit Amount' and 'Total no of installments' and 'Current installment'-update recurring. and write a fast formula.
    create one deduction element for monthly recovery and current installment.
    create one balance -- add information element pay value benefit amount and subtract monthly recovery.

    in fast formula you take balance amount from balance and total installment,current installment from info element.
    default current instalment will be 0.
    Monthly recovery = balance amount/(Total installment - current installment)

    current installment = current installment+1