All Collections
Payroll
How do I perform an early partial/full recovery on an employee loan?
How do I perform an early partial/full recovery on an employee loan?

Perform an early recovery on an employee loan and readjust loan terms in case of partial recoveries.

Aditya Morarka avatar
Written by Aditya Morarka
Updated over a week ago

To perform an early partial recovery/full recovery for a particular month of an ongoing loan, refer the following steps

  1. All recoveries will needed to be done by your organisation externally.
    ​

  2. Incase of an early full recovery that needs to be done via XPayroll, the loan tenure can be reduced to 1 via this flow.

Step 1

Go to the left nav bar under Pay Employees > Loans

Step 2

Click on manage against the relevant loan

Step 3

Click on loan recovery on the right navigation bar

Step 4

Choose the recovery type

  1. Partial Recovery - To recover a certain amount in advance

  2. Full Recovery - To close the entire loan - amount cannot be edited in this case.

Incase of partial recovery, enter the amount and click Next

Preview your changes, verify and confirm them.

Did this answer your question?