Add Loan Types

What is a Loan?

A Loan is an amount of money borrowed from a company, financial institution or government office. It is expected to be paid including any interest or other finance charges accrued.

System-defined Loan Types

SSS

The SSS loan is a cash loan offered to all SSS members who are employed, currently- paying self-employed or voluntary members.

PAG_IBIG

The Pag ibig Loan, also known as the Multi-Purpose Loan, is offered by the Home Development Mutual Fund. It is a cash loan available to all qualified HDMF members.

GAP Loan

A GAP Loan is a loan option given to companies using Salarium which allows them to set a minimum net take home pay for their employees. When the calculated net take home pay of an employee is less than the set amount, the company will automatically provide the difference of the minimum net take home pay and the actual amount. This amount will then be considered as a loan.

Sample Scenario:

Minimum Net Take Home Pay	PHP 5,000.00
Actual Employee Take Home Pay	PHP 3,800.00
GAP Loan Amount	PHP 1,200.00 (5,000 - 3,800)

For other loan types that are company-specific, you can manually add other loan types.

Add Loan Type

To add a Loan Type:

1. From the Top Navigation Bar, click Settings > Company Payroll Settings > Loan Type Settings.

2. Click Add Loan Types.

3. Enter the Loan Type name on the field.

To enter multiple loan types, separate each item with a comma (,).

4. Click Submit.