1. For Installment Repayment Type

For the repayment type of installment, lenders will get an additional 3% as a late fee.

2. For Lump-sum Repayment Type (paid at the end of the lease term)

For the lump-sum payment type, lenders will get 1.5x of the daily interest which will be calculated starting from the 1st day of late payment.

Due to daily calculations and the possibility of processing delays from the bank, the lender will receive a late fee a maximum of 3 (three) working days after the date of the borrower’s successful payment.

For example, the loan will be matured on January 1 and the payment date of the borrower is January 2.

But, in this case, there was a bank clearing issue that caused the money to be received on January 4.

So, the calculation of late fees is 1 day (calculated from January 1 to January 2).