Benefits > Team Benefits > Team Loans

Learn to manage loans of your team, from adding new loans to processing it to payroll.

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Adding Loans

Learn to add loans directly from the web app.

You can add loans directly from the web app or import existing loans in bulk.

Step 1: In Team Loans, click "Add Loan"

Step 2: Complete the following fields

• Profile selection - Choose the appropriate profile to which loan should apply
• Loan Types - Check and select the available loan types configured in the benefits settings
• Principal Amount* - The original loan amount requested before interest
• Installment Frequency* - Loan amount period (Bi-weekly, Semi-Monthly, Monthly, Quarterly, Yearly & Equal period installments) 

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.

• Installment Amount* - Specify the amount to be paid per installment
• Number of Installments - The total number of installment months for the loan
• Drawdown Date* - The date of when the loan request originated
• Maturity Date - The date when the final loan installment is due

 provide at least one from Maturity date or Number of Installments

• 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.

• Loan Fee - Any fees associated with processing the loan
  
• Yearly Interest Rate - The annual interest rate applied to the loan amount
• 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.

• Notes - Leave remarks to added loan