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The phrase "first instalment of" is correct and usable in written English.
It is typically used to describe money that is paid in part payment for something, such as goods or services. For example, "We paid the first instalment of £500 towards the new car."
Exact(60)
The first instalment of the new loan is only $192m.
The first instalment of the series of adverts.
The original said the interview was "the first instalment of [Bill Drummond's] final 100 questions".
Fewer than 700 families have received the first instalment of £335.
Apparently, this is just the first instalment of a two-part suite.
In July 1885, the Pall Mall Gazette published the first instalment of its revelation.
Last Sunday's first instalment of Single Father had 5.1 million (19.1%).
This dense statistical biography of F1, furthermore, is only the first instalment of a projected four.
The Raven Boys is the first instalment of The Raven Cycle series by Maggie Stiefvater.
In the first instalment of this three-parter, style and content enjoyed none of that tension.
The first instalment of Belgravia will be available in app format in April.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com