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What is the amount of penal interest when there is arrears in interest
21-Dec-2023 (In Banking / Finance Law)
What is the legal amount of penal interest when there is arrears in interest?
Penal interest is charged usually at the rate of 2% p. a. over and above the contractual rate of interest by banks, in case of arrears of interest. However, some banks charge a higher rate also. Check your loan documents.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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