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[SLoan] What happens if I can't repay?
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A late payment penalty of 8% per annum will be charged daily from the date of default in repayment until the sum is paid.
The penalty is triggered when there is outstanding from 00:01 due date +1 day. For example: The due date is on 1 Oct. A late payment penalty will be incurred when there is an outstanding at 00:01 on 2 Oct.
Illustration of late payment penalty calculation:
Actual repayment amount: RM3,000
Overdue: 10 days
Total late payment penalty: RM3,000 x 8% x (10 days/365) = RM6.58
Total repayment: RM3,000 + RM6.58 = RM3,006.58
The withdrawal function will be frozen if there is any overdue until the installment has been fully repaid. You can repay the installment through the following payment options:
(a) ShopeePay; or
(b) Online Banking
