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[SLoan] What happens if I can't repay?

A late payment penalty of 8% per annum will be charged on a daily basis 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: 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.

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