What happens if I miss my instalment payments?
Failure to meet your repayment obligations may result in the following:
- Late Payment Interest: Charged at 8% per annum on overdue amounts.
- Right to Set-Off: The Bank reserves the right to deduct outstanding amounts from any of your accounts maintained with the Bank, with prior notice of at least 7 calendar days.
- Legal Action: Failure to settle overdue amounts may impact your credit rating, making it difficult to obtain future financing.
- Repossession of the Motorbike: The Bank reserves the right to repossess the motorbike under the following conditions:
- Two (2) consecutive missed instalments.
- Failure to pay the final instalment.
- Four (4) consecutive missed instalments by the next of kin, in the event of the Hirer’s demise.