When handling Home Credit installment business, a liquidated penalty of RMB 30 will be incurred if it is overdue for ten days, an additional penalty of RMB80 will be incurred if it is overdue for more than thirty days, and a total penalty of RMB80 will be incurred if it is overdue for three months. There is a penalty of RMB 340. If the loan is overdue for more than three months, the contract will be terminated and you will be required to repay the loan principal and all interest in full.

Extended reading: The process of buying a mobile phone through Home Credit installment payment:

First of all, if you want to buy a mobile phone through Home Credit installment payment, you need to meet the following conditions:?

Applicants must present their ID cards;

Be between 18 and 55 years old;

They can also provide social security cards, medical insurance cards, bank cards, driver’s licenses, bank statements, One of the documents such as passbook, work ID card or student ID card.

If you meet the above conditions, you can apply for Home Credit installment payment to buy a mobile phone.

Purchasing a mobile phone with Home Credit in installments is a "spend first, pay later" method. This method has been popular abroad for a long time, but it has only started to take off in China in recent years.