Icon Venture Capitals PayEx is a microlending app which allows users to apply for a micro loan (RM3,000 to RM5,000) with a comfortable repayment schedule up to 5 years.
Fees & Charges:
Minimum duration of payment: 48 months
Maximum repayment period: 60 months
Max. Annual Percentage Rate (APR): 15%
Processing Fee (Includes Legal Fee, Stamp Fee, and Service Fee):
1. Stamp Duty: 0.5% on loan amount,
2. Admin Fee of RM43.20 (inclusive of 8% SST)
Both stamp duty and admin fee will be incurred upon first loan repayment.
Early Termination Fee: Customer will be charging a penalty at 12 months interest for early settlement.
Late Payment Interest: 8.00% per annum * number of overdue days
Late payment penalty is applied in next repayment invoice if repayment is not done within 7 calendar days from date of repayment schedule.
Calculation of the Loan
Loan Example:
Loan Amount: RM3,000.00
Tenure: 5 years
Interest Rate: 15.00%
Total payable: Loan + Total interest amount
RM3,000 + RM2,250 = RM5,250 to be paid over 5 years
Monthly repayment: Total payable/tenure(months)
RM5,250/60 months = RM87.50 per month
------------------------------------------------------------------------------------
Late Payment charge example:
Repayment schedule on 1st January but payment was only made on 8th January. Late payment charge will be added in next repayment invoice (February).
Calculation:
Monthly repayment amount + (overdue repayment amount * 8%/365 * number of days late)
RM87.50 + ((RM87.50*8%)/365)*7 days = RM87.63