Benefits > Team Benefits > Team Loans

Restructured Loans refer to existing loans that have been modified to make the terms more manageable for the employee. This restructuring can occur due to various reasons, such as late payments, missed payments, or a need for more favorable repayment terms.

Restructuring is often used as a way to avoid default and to help employees keep up with payments under more manageable terms.

Learn how to restructure loans in KAMI.

STEPS

Only role with Loans Manager write access can restructure an employee's old loan into a new loan.

Step 1: Create the new loan for restructuring - In Benefits >Team Benefits >Team Loans, click either Import or Add Loan.

A new loan will generate a Loan ID, you can find the Loan ID beside the Loan Type's name. Copy and paste it somewhere to note as you'll need it later.

Step 2: Restructure loan - In Team Loans page, find the employee's loan that you'd like to restructure and click it, a pop up window will show up. Click "Restructure" to cancel the old loan and create a new one.

Select the Loan ID of the new loan you created earlier or choose to Create Restructured Loan.

By selecting Create Restructured Loan, you agree that system will automatically calculate the loans based on the Loan Type's settings selected.

Once a loan has been successfully restructured, a browser notification will appear. The old loan's status will change to Restructured and it'll be it inactive, no installment payment shall be made going forward as it is a closed loan already.

Step 3: See restructured loans - To view the restructured loans, in Team Loans page, filter the status to "Restructured".

That's it! Easily restructure your employee's loans in KAMI with just simple steps. Contact our Support Team at support@kamiworkforce.com if you have any questions.