ClayHR Employee Loans allows employees to apply for available workplace loans, review repayment estimates, submit supporting documents, and track the request through approval, acceptance and repayment.

Open your Loans tab

1. Open your employee profile and navigate to Financials.
2. Select Loans to review existing applications and loans.
3. Click Start Loan Application.

1. Enter the request

1. Select a Loan Type, such as Personal, Vehicle or Mortgage Loan, from your organization's available types.
2. Enter the Loan Amount, Loan Period (Months) and Purpose of Loan.
3. Review the dynamically calculated Estimated Repayment Details: monthly payment, total payment and total interest. Estimates use the selected loan type's interest rate and your requested amount and duration.

2. Provide financial information

Complete the fields for Actual Net Income, Available Net Income, Bank PF and Employee PF (provident fund). ClayHR sums the PF contributions. Existing loans and their installments are shown in Existing Loans Summary; the New Repayment Details section shows your combined exposure if the request is approved.

Eligibility: The example configuration requires the installment-to-income ratio to be below 50%. A ratio outside the permitted limit is highlighted in red and prevents submission. This is an illustrated customer policy rather than a universal loan-policy threshold.

3. Upload supporting security

Attach your most recent payslip and any requested additional supporting documents. The form also supports information about other security, such as Treasury Bills or Fixed Deposits. Additional documentation may be required when the loan exposure exceeds provident fund security.

4. Submit the application

Review the loan details, repayment estimates and documents. Save a draft for later if the option is available, or select Save Loan Application to submit the request. Depending on the configured process, the application may be routed automatically or require a loan manager to initiate approval.

5. Monitor the approval

Open Loan Application Details from the Loans list. The page displays the application number, loan details, applicant information, existing loan summary, estimated repayments, attachments and approval information. Approvers review the request, record their decisions and may add comments.

Once all approvals are complete, an email asks you to review and accept or decline the approved terms.

6. Accept or decline

1. Open the approval notification or the application details page.
2. Review the approved amount and monthly installment, along with the available acceptance letter, terms and repayment schedule.
3. Read the acknowledgments and select Accept Loan or Decline Loan.
4. Confirm acceptance when prompted.

Accepting a loan does not mean it has been disbursed. HR or the loan manager must finish creating or finalizing the loan and coordinating the payment.

7. Track your loan

After the loan is disbursed, return to Financials > Loans. Active loan records show details such as loan type, principal, interest rate, period, remaining balance and repayment progress. Repayments are designed to be linked to payroll deductions.

Related articles

Configuring Loan Types and Approvals | Managing Disbursement and Repayment