Icon PayEx 4+

Icon Venture Capital's 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 RM42.40 (inclusive of 6% SST)



Both stamp duty and admin fees 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
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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