Grace Period for Instalments
<Enhancements to the existing product>
To attract new incentive-driven customers or motivate your existing cardholders to make a purchase on instalment, you can offer them a grace period. The WAY4 instalment scheme allows you to set the N number of periods when the grace rate is applied instead of the base rate. The portion amount for the grace period can be smaller than for other periods, or be the same.
To reward an existing instalment user, the issuer can apply the grace conditions in the middle of the instalment annuity plan. This can be done via the Change Instalment Plan procedure.
You can also pre-approve the grace conditions for the cardholders who are converting their revolving credit into instalment via self-service channels (WAY4 Digital Banking, WAY4 Wallet, etc.)
In case of partially early repayment, the defined rates and number of periods will stay the same.