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[SFinancing-i] What happens if I can't pay?

A late payment charge of 8% p.a. will be charged daily.

The late payment charge is triggered when there is an outstanding balance from 0001 hours on the day after the due date. For example: Due date is on 1 Oct. A late payment penalty will be incurred when there is outstanding balance as at 0001 hours on 2 Oct.

Illustration of late payment charge calculation:

Actual payment amount: RM3,000, Overdue: 10 days
Total late payment charge: RM3,000 x 8% x (10/365 days) = RM6.58
Total payment: RM3,000 + RM6.58 = RM3,006.58

The financing request function will also be frozen on the due date until the instalment has been fully repaid. You can repay the instalment through the following payment options:

ShopeePay e-wallet
Online Banking

For the avoidance of doubt, the Late Payment Charge consists of ta’widh (compensation charge) of up to one percent (1%) per annum on the overdue instalments and gharamah (penalty charge) for the remaining percent (%) of the Late Payment Charge on the overdue instalments (gharamah shall be channeled to charity). The combined rate of both ta’widh and gharamah imposed on the overdue instalments shall not be compounded on the total outstanding instalment and shall not exceed 100% of the total outstanding principal amount.

SFinancing-i is a service provided by SeaMoney Capital Malaysia Sdn Bhd.

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