INSTALMENT Meaning and
Definition
-
An instalment, also known as an installment in American English, refers to a portion or segment of a larger sum of money that is paid at regular intervals over a specified period. It typically represents the division of a total cost, debt, or payment into smaller, manageable payments. Instalments are commonly used in various financial transactions, including purchases, loans, and agreements.
The term installment is frequently used in the context of consumer financing, wherein it allows individuals to make a large purchase or acquire a service by spreading the cost over a prolonged period. This is particularly advantageous as it enables individuals to manage their financial obligations and budget more effectively. For example, when purchasing a household item like a refrigerator or a car, individuals often have the option to pay for it in monthly instalments rather than paying the full cost upfront.
Each instalment consists of a predetermined amount or set of payments, which can be equal or vary over time. The specific terms of an instalment payment are generally outlined in a contract or agreement between the parties involved. Failure to make the required instalment payments may result in penalties, such as late charges or termination of the contract, depending on the terms and conditions set forth.
Overall, instalments serve as a convenient and structured method of payment, enabling individuals to acquire goods or services while spreading the financial burden over a specified time frame.
-
The act of giving possession to an office with the usual ceremonies; part payment, as of a sum of money.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for INSTALMENT *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for INSTALMENT
Etymology of INSTALMENT
The word "instalment" is derived from the Old French term "estalment", which was a combination of the verb "establir" (meaning "to establish") and the suffix "-ment" (indicating a state or condition). The Old French word referred to the act of establishing or fixing something, and it later evolved to specifically denote the partial payment of a debt or sum of money. The term subsequently entered Middle English as "instalment", with the same meaning that it holds today.
Similar spelling words for INSTALMENT
- instrumental,
- institute,
- install,
- installment,
- instilment,
- instillment,
- instantiate,
- installing,
- instantiation,
- instrument,
- instance,
- incitement,
- installation,
- instability,
- inositol,
- instantly,
- instant,
- instrumentate,
- instauration.
Infographic
Add the infographic to your website:
