in·stall·ment / inˈstôlmənt/ (chiefly Brit. in·stal·ment) • n. 1. a sum of money due as one of several equal payments for something, spread over an agreed period of time: the first installment of a grant for housing the purchase price is paid in installments. 2. any of several parts of something that are published, broadcast, or made public in sequence at intervals: filming the final installment in his Vietnam trilogy. 3. the process of installing something; installation: installment will begin early next year.
Regular, partial portion of the same debt, paid at successive periods as agreed by a debtor and creditor.
An installment loan is designed to be repaid in certain specified, ordinarily equal amounts over a designated period, such as a year or a number of months.