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When choosing SPayLater as your payment method to purchase items in installments, it’s important to understand how your total repayment amount is calculated.
Below are the standard fees and charges when borrowing from SPayLater:
Fees / Charges | Particulars |
Processing Fee | 0% - 7% of the total checkout amount (i.e. principal), inclusive of (0.75% loan term in days/365) applied on the principal, which will be charged as payment for the Documentary Stamp Tax.
This will be distributed via monthly repayments. |
Interest Rate | 0% - 5% of the total checkout amount (i.e. principal), will be distributed via monthly repayments.
The Interest rate will be based on your credit profile and may differ from the rate offered to other borrowers. |
Late Charge | 2.5% - 5% applied to the outstanding loan amount (including fees and interest), at a monthly rate.
If you have overdue payments from another month, the late charge will be applied to your total overdue amount and will be included in your existing charges. |
⚠️Note No additional or hidden fees will be charged for switching to a longer payment plan. |
How to Compute Your Installment?
Principal Amount: This refers to your total transaction amount.
Selected Payment Duration: This is the number of months in your chosen payment plan (for example: 3 months, 6 months, or 12 months).
Monthly Nominal Interest Rate (NIR): This is the monthly interest rate used to calculate the interest for your specific payment plan.
Interest: This is the actual amount that will be charged based on your principal amount, your selected payment duration, and your monthly NIR.
Total Amount to Repay: This is calculated by adding the Principal amount + Total interest + Processing fee.
Estimated Monthly Installment: This is calculated by dividing the Total amount to repay ÷ selected payment duration.
Sample computation:
Principal Amount | ₱10,000.00 |
Selected Payment Duration: | 6 Months |
Monthly NIR | 3.95% |
⚠️Note Only the principal amount will be used in calculating the interest for the entire payment duration. |
Total computation:
Total Interest for 6 Months | ₱2,370.17 |
Processing Fee Total | ₱34.32 |
Estimated Monthly Installment | ₱ 2,067.42 |
Total Amount to Repay | ₱12,404.52 |
Sample Amortization Schedule for 6 Months (monthly interest computation):
Month | Monthly Principal | Interest | Processing Fee | Total Due |
Month 1 | ₱1417.90 | ₱643.80 | ₱5.72 | ₱2067.42 |
Month 2 | ₱1509.18 | ₱552.52 | ₱5.72 | ₱2067.42 |
Month 3 | ₱1606.35 | ₱455.35 | ₱5.72 | ₱2067.42 |
Month 4 | ₱1709.76 | ₱351.94 | ₱5.72 | ₱2067.42 |
Month 5 | ₱1819.84 | ₱241.86 | ₱5.72 | ₱2067.42 |
Month 6 | ₱1936.97 | ₱124.7 | ₱5.72 | ₱2067.42 |
In this example, the customer pays ₱2067.42 per month for 6 months. The final amount may vary depending on your actual transaction amount, selected payment duration, and applicable monthly NIR.
⚠️Note • The monthly NIR for conversion is the same as the regular SPayLater monthly interest rate used for on-Shopee purchases, but 0% interest promotions do not apply when switching to a longer payment plan. • When you switch your eligible SPayLater transactions into a longer payment duration, your new monthly installment is computed based on your principal amount, newly selected payment duration, and applicable monthly NIR. The total repayment amount is divided across your selected payment duration. • Know more about switching to a longer payment plan. • Available payment durations may include 3, 6, or 12 months, depending on your current SPayLater eligibility and available options. |