A guide to IPP by Pine Labs if you are a customer to a senangPay merchant.
A. What is 0% instalment payment plan?
0% Instalment Payment Plan (0% IPP) is an instalment plan that allows you to split your retail purchases or services into monthly instalments with no interest charged.
B. How does IPP Pine Labs work?
The 0% IPP will be requested on the Pine Labs terminal and posted in full to your account. Your bank will then take approximately four (4) to eight (8) days to process your request from your purchase date, provided the IPP merchant settles the transaction on the day itself, and is subjected to the bank’s approval. The first instalment will be billed to your account after the purchase has been successfully converted to the 0% IPP.
C. Tenures
How are the monthly instalments calculated?
The monthly instalments are calculated as your IPP purchase amount divided by the instalment period that you have selected.
E.g.: You’re purchasing a RM600 item on 6-months' tenure
| Settlement month | Payment amount | Interest |
| Month 1 | RM100 | 0 |
|
Month 2 |
RM100 | 0 |
| Month 3 | RM100 | 0 |
| Month 4 | RM100 | 0 |
| Month 5 | RM100 | 0 |
| Month 6 | RM100 | 0 |
What are the available instalment tenures?
Up to 24 months, subject to the bank’s approval.
Can I change my instalment tenures upon purchase?
No.
Can I change my instalment payment amount?
No. It will be divided automatically according to the tenure period.
D. IPP eligibility
How much can I pay with IPP?
Up to your available credit limit.
E. Conversion period for cardholders
- Affin Bank: Up to 5 working days
- Alliance Bank: Within 7 working days
- AmBank: Within 14 business days
- HSBC Bank: 3–5 working days
- OCBC Bank: Within 7 working days
- RHB Bank: Up to 8 working days
- Standard Chartered Bank): Within 5 business days
- UOB (Coming soon): Up to 8 working days
F. Refunds
I am not satisfied with my purchase. How do I cancel and refund my instalment?
You will need to contact the merchant for a refund and your bank to cancel the instalment.
I have cancelled my transaction and receive my refund from the merchant. How do I cancel charges on my card?
The instalment plan will not be cancelled automatically even though you have been refunded by the merchant. You will need to contact the bank to terminate the instalment plan. Otherwise, the instalment plan will continue.