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Icon PayEx

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

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

Icon PayEx

by Icon Venture Capital Sdn Bhd
Icon PayEx
Icon PayEx
Icon PayEx

What is it about?

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.

Icon PayEx

App Details

Version
1.1.4
Rating
(8)
Size
69Mb
Genre
Finance Utilities
Last updated
August 1, 2024
Release date
August 7, 2023
More info

App Store Description

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 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
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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

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