How to foreclose a loan?

When an employee’s financial situation improves — due to a promotion, bonus, or new job — they may decide to repay their loan early.
This early repayment before the loan tenure ends is called a loan foreclosure.

Here’s how you can foreclose a loan in progress on Keka.

Steps to Foreclose a Loan

1. Go to Payroll → Loans.

2. Click on the Loans tab and select Outstanding Loans.

3. From the list of ongoing loans, find the employee whose loan you want to foreclose.

   

4. Under the Actions column, click View.

   

5. In the Loan Details window, click Click Here in the ribbon.

   

6. The Change Term or Override Loan for Upcoming Payment window will open.

7. Under What do you want to do with this loan EMI?, select Prepay Balance.

8. Choose Prepay Complete Balance (Foreclosure).

9. Select a Repayment Mode — Salary Deduction, Bank Transfer, or Cheque.

   

10. Enter the required details and click Save.