Loan Types
A loan type (for example Personal Loan, Medical Loan, Salary Advance) defines what an employee can borrow and over how long. You create the types your company offers before anyone can apply.
Permission note: Managing loan types requires the Manage Loan Settings permission (admins have it by default).
Adding a loan type
Click Add Loan Type and fill in:
| Field | Notes |
|---|---|
| Loan Type name | e.g. Personal Loan, Medical Loan. |
| Amount Limit | Choose how the maximum is capped: Monthly Salary × (a multiple of the employee's monthly salary) or Fixed Amount (a set cap). |
| Min × Monthly / Max × Monthly | For the "Monthly Salary ×" option — e.g. Min 1, Max 2 means an employee can borrow up to two months of salary. |
| Maximum Amount | For the "Fixed Amount" option — a flat cap regardless of salary. |
| Repayment Months | Default number of monthly installments used to repay this type. An approver can still adjust it per loan. |
| Interest Rate (%) | Optional. Leave 0 for an interest-free loan. Interest is added to the total payable and spread across the installments. |
| Minimum Service (months) | Advisory only — used to warn if the employee hasn't worked long enough. It does not block the application. |
| Purpose | A short description shown to employees to explain what the loan is for. |
| Status | Active types are selectable when applying; inactive types are hidden. |
How the maximum is calculated: For "Monthly Salary ×" types, the cap is the multiple times the employee's total monthly salary (initial + increments − decrements). When an employee picks the type on the apply form, the maximum they can request is shown automatically.
Importing a template
To set up quickly, click Browse Templates on the Loan Types page. You'll see several ready-made, brand-neutral sets you can preview before importing:
- General (All-purpose) — Personal / Special / Medical loans.
- Salary Advance (Lite) — short advances for retail/hospitality/hourly teams.
- Technology / IT, Manufacturing / Factory, Healthcare / Clinic, Corporate / Finance — sets tailored to those niches.
Expand a template to see the exact types it contains (amount limit, repayment period, interest, purpose), then click Import to add them to your list. Imported types are ordinary loan types — edit or delete them afterwards as you like.