Definitions
- Referring to a portion of a larger sum of money that is paid in regular intervals. - Talking about a scheduled payment plan for a loan or debt. - Describing a series of related events or actions that occur over time.
- Referring to the act of giving money in exchange for goods or services. - Talking about the total amount of money owed for a purchase or debt. - Describing the process of settling a financial obligation.
List of Similarities
- 1Both involve the exchange of money.
- 2Both are used to settle a financial obligation.
- 3Both can be made in regular intervals.
- 4Both can be part of a larger sum of money.
What is the difference?
- 1Frequency: Instalment refers to payments made in regular intervals, while payment can be a one-time transaction or a series of transactions.
- 2Purpose: Instalment is often used for loans or debts, while payment can be for goods, services, or any other financial obligation.
- 3Amount: Instalment refers to a portion of a larger sum of money, while payment can refer to the entire amount owed or a smaller portion.
- 4Schedule: Instalment payments are usually scheduled in advance, while payment can be made at any time.
- 5Flexibility: Payment is more flexible and can be made in various forms, such as cash, credit card, or online transfer, while instalment payments are often set up in advance and have less flexibility.
Remember this!
Instalment and payment are both terms used in finance and refer to the exchange of money. However, the difference between them lies in their frequency, purpose, amount, schedule, and flexibility. Instalment refers to payments made in regular intervals and is often used for loans or debts, while payment can be a one-time transaction or a series of transactions for goods, services, or any other financial obligation.
