The repayment date is the date you are targeting to repay, and you can choose between day 1 and day 61 from the day you withdraw. The date you select lets you know the interest you will be charged. We encourage you to choose a date to repay that aligns with your salary, business income, or another form of income to make it easier for you to repay.
If you do not pay by your repayment date, you will be charged a daily interest fee until the expiry of the grace period.
A one-off late payment interest fee of 8% of the outstanding balance will be charged after this period elapses
For example, if you withdraw on April 1st, you can pick any day between April 1st and May 30th as your repayment date. Say you chose April 30th as your repayment date. We encourage you to ensure you repay on this selected repayment date to stay within your budget.
If you do not repay on April 30th, additional interest will be charged daily on your balance. If you don't pay day 61(in this case by May 31st) you will be charged a one-off late payment interest of 8% on the balance.