Our client, is giving a loan to employees. But have a query on few of their loan conditions:
The loan amount will be repaid over period of 5 years, i.e. 60 equal installments which will be deducted from salary.
1. If the employee wants, he can repay the loan outstanding amount at one go any time during the loan, but he cannot do this more than once, i.e. he cannot have multiple part repayments. Is there any way for the system to prevent part payments by employee more than once.
2. Secondly, regarding the loan interest:
Is there any way these conditions of loan interest can be provided?
Request if somebody can advise me on the above points