Definition, Meaning & Synonyms

instalment-plan

noun

ɪnˈstɔːlmənt plæn

Definition

A payment plan where a borrower agrees to pay the total amount due in smaller, scheduled payments over a period of time.

Examples

Many consumers opt for an instalment plan when buying expensive electronics to manage their budget more effectively.
She chose an instalment plan for her new car, making monthly payments that fit her financial situation.

Meaning

An instalment plan allows individuals to make purchases without paying the full amount upfront, instead spreading the cost over several months or years.