Meaning & Definition of word "Installment"

Installment

/ɪnˈstɔːlmənt/

1. An installment is a part of a larger payment that is paid at a particular time until the total amount has been paid.
- Example: I decided to pay for the new car in monthly installments.
2. An installment can also refer to one of a series of payments made to settle a debt.
- Example: The final installment of the loan is due next month.
3. An installment may also mean a portion of a book, movie, or television series that is released in parts over time.
- Example: The latest installment of the book series was released last week.
4. In finance, an installment can pertain to a fixed amount of money paid at regular intervals.
- Example: Each installment of his student loan is automatically deducted from his account.

Early 19th century: from French 'installement', from 'installer' meaning 'to set up'.

installment plan:

A systematic method for paying off a debt in intervals.

pay in installments:

To break down a total payment into smaller amounts paid at different times.

first installment:

The initial payment made in a series of payments.

amortization:

The process of gradually paying off a debt over time.

credit:

The ability to borrow money or access goods and services with the understanding of future payment.

debt:

An amount of money borrowed by one party from another.

Meaning: Split payment

Example Sentence: I'm putting that phone on split payment.

Meaning: Paying in chunks

Example Sentence: I prefer paying in chunks rather than all at once.