TERM LOAN

12 Months Ended

Dec. 31, 2020

On December 23, 2014, MYR2,300,000 (approximately $657,507) term loan was granted to the Company for the purchase of a four-story office with a repayment period of 240 months.

The term loan was secured by the title deed for the said property and guaranteed by directors of the Company. The term loan is subject to an interest charges at 2.10% per annum below the Bank’s Base Lending Rate (“BLR”) with daily rests. The BLR is currently at 6.85% for December 31, 2020.

On July 27, 2015, the Company made a drawdown of MYR2,300,000 (approx. $609,554) on the term loan. The repayment started effectively on September 1, 2015 with a fixed installment of MYR14,863.14 (approx. $3,561) for 240 installments.

The outstanding balance of the term loan is $375,466, of which $32,058 is due within one year and classified as short term, and $343,408 is due after one year, and has classified as long term.

Interest expenses were $15,436 and $23,576 for the years ended December 31, 2020 and 2019, respectively.

	December 31,		December 31,
	2020		2019
Repayable within 1 year.	$	32,058	$	22,533
Repayable within 2 year		33,132		23,287
Repayable within 3 year		34,242		24,385
Repayable within 4 year		35,389		25,508
Repayable within 5 year		36,575		26,680
Repayable after 5 year		204,070		336,064
Total Due from		375,466		458,457

Umatrin Holding Ltd 10-K