Your first monthly installment payment will commence one month after receiving your approved loan into your bank account. As per your personal loan’s terms and conditions, your monthly installment due date can fall either on the first or in the middle of the month. If, at any time of the installment period, you are not able to commit to the full amount, you can pay a minimum amount as recommended by the bank. Doing so will save you from being penalised for late payment, however, attract finance charges between 15% - 18% p.a. on the remaining unpaid balances.