Definition
An instalment (primarily British spelling) refers to one of several parts into which something is divided, typically payments. It's analogous to the American spelling 'installment' but used more frequently in British English. Think of it as a fraction of a larger sum, especially in the context of finance. An instalment plan allows you to purchase something expensive, like a car, by making regular payments instead of a lump sum. This division makes purchasing more manageable. It's like reading a long novel chapter by chapter.