This feature allows admins to add a season ticket loan into PayFit, which can be deducted from an employee's payslip.

✅ PayFit will automatically calculate the monthly deduction applied to the employee depending on the total cost of the loan and length of time selected.

✅ You can choose the description that will appear on the employees payslip (e.g season ticket loan).

✅ Loan repayments can be added in bulk if you need to add multiple loan repayments in a month.

✅ You're able to run reports on loan repayments by choosing it as a dimension Custom Reports

❌ You cannot customise the amount of the monthly deduction - if you wish to choose the exact value to deduct per month, please use the additional deduction feature instead.

❌ You're able to input a loan of any size, which may result in a negative payslip if the deduction is larger than the employee's income. Please be aware of this when adding the loan.

1️⃣ Go the My employees > Choose the correct employee > Pay items > Add a new deduction.

2️⃣ Select Loan repayment in the Deduction type section.

3️⃣ Input the details of the loan and PayFit will calculate the correct repayment value based upon the value of the loan and the end date of the repayment. Then click save loan repayment ✅

The Season Ticket loan repayment will then display in the employee section under Additional deductions.

The deduction for the Season Ticket loan will also now be visible on the employees payslip.

If you have multiple season ticket loans to add at the same time, you can do so by going to:

Pay Items > Additional Deductions > Select other type of deduction: Loan Deductions > Import Loan Repayments.

Download the excel > populate the relevant fields and drag and drop the completed sheet back into PayFit to upload. For more information on how to complete a bulk upload, please take a look at this article.