Benefits > Team Benefits > Team Loans

Migrate your existing or new loans in bulk via Import Loan.

>VIEW LIVE APP SIMULATOR

How to import loans

Firstly get the import template from the Team Benefits > Team Loans page, click the "Download Template" and an Excel file format will automatically be downloaded.

Tip: KAMI can automatically calculate your loans based on the fields you will input.

When the Calculation is NO

The system will calculate the loan based on the rates you will provide in the templates.

Fields you need to complete:

• Employee ID* - Required
• Employee Name - Optional
• Calculate - NO
• Drawdown Date* - The date when the loan originated
• Loan Amount* - The original principal amount requested before interest
• Loan Types - Check and select the available loan types configured in benefits settings
• Yearly Interest Rate - The annual interest applied to the loan amount
• First Installment Start Date - The initial date set for the first installment of payments to begin.

First Installment Start date can be same as Drawdown date, but should not be less than the Drawdown date and not eqal to the installment dates. If left it blank, it will automatically set to drawdown date.

• Scheduled Maturity Date - The date when the final loan installment is due
  

 provide at least one from Maturity date or Number of Installments

• Installment Period - Loan amount frequency (Bi-weekly, Semi-Monthly, Monthly, Quarterly, Yearly and Equal period)

If you select Monthly, there will be one installment every month. If you select Semi-Monthly, there will be two installments every month.

If you select Equal period, the installments will be in equal days based on drawdown and maturity date. For example, if the drawdown date is Januart 1st and Maturity date is March 31st of next year and has 40 installment, the system will find the total number of days from drawdown date to maturity to divide in the provided number of installments, resulting to 11 days interval of each installment.

• Number of Installment Months - The total number of installment months for the loan
• Installment Dates - The specific days of the month on which the installment payments are scheduled to occur.

Bi-Weekly and Semi-Monthly requires two installment start date, while Monthly, Quarterly and Yearly can have one installment start date. Quarterly and Yearly do not require to provided installment start date as the system will be based it on the first installment start date.

E.g. If you select Semi-Monthly as installment frequency, first installment start date is 1st, and installment dates is 11th and 26th, the payment date of loans will occur every 11th and 26th day of the same month. If no dates are selected, by default it will be 15th and 30th day of the month.

If you select Monthly as installment frequency, first installment start date is 1st and installment dates is 10th, the payment date of loan will occur every 10th day starting from the same month. But if, installment date not provided, less or equal to the date of first installment start date e.g. 15th, the payment date of loan will start every 15th day of the following month.

• Installment Amount*- Specify the amount to be paid per installment

Other fields to input on the template:

• Loan Account Number
• Installment Grace Period - If payment can be delayed by Daily or Monthly basis
• Installment Grace - The exact number of days or months in delaying the payment

E.g. If Daily is selected as Grace Period & 15 is added as Installment Grace, payment can be delayed by 15 days from Installment date.

• Number of Paid Installments - The number of months that have already been paid. Put 0 if there's no installment month that has been paid yet
• Outstanding Balance - The remaining amount to be paid by the employee
• Total Interest Paid - The amount paid for the interest rate
• Total Principal Paid - Loan Amount less (Monthly Installment Amount * Paid Months)

When the Calculation is YES

Let the system calculate the loan based on the settings configured in Loan Types.

If calculate is yes, you are required to just complete the following fields in the template.

• Employee ID* - Required
• Employee Name - Optional
• Calculate - YES
• Drawdown Date*
• Loan Amount*
• Loan Types
• Number of Installments Months
• Number of Paid Installments