The installment rate is calculated at 1.5% of the order amount per month, divided equally over the chosen payment plan.
Here's a scenario where a user purchased an item at RM700 (without vouchers) with a Pay-In-6 payment plan:
- Installment rate of 1.5% per month: RM10.50 (RM700 x 1.5%)
- Total installment rate amount: RM 63 (RM10.50 x 6 months)
- Final bill after adding installment rate: RM763 (RM700 + RM63)
- How much to pay per month: RM127.17 (RM763 / 6 months)
Note: Installment Rate is previously known as Service Fee