There is a 1.5% penalty fee incurred (calculated based on the total late payable amount) for instalment payments that are more than 7 days late. Hence, to avoid any penalty, do ensure that your FavePay Later payment card is correctly updated and that it has sufficient funds for any upcoming instalments!
Notice:
Effective 30th September 2022, FavePay Later is no longer available. Fret not, your instalments will still be charged on monthly basis following your payment schedule.