Default in repayment of amount now imposed interest over it
07-Dec-2023 (In Civil Law)
I had borrowed Rupees 2000 from slice pay app, since i could not pay back the money on time , now I'm charged with penalty charges but according to section 73 of indian contract, I'm I entitled to pay only 2000rs plus the interest charge . I'm I liable to pay the penalty charges??
While borrowing Rs. 2000 from this app you must have agreed to penalty as one of conditions before getting this loan. However you have overlooked this condition while agreeing to the terms and conditions.
As per section 73 of Contract Act you will have to pay a fine that was pre-determined in the contract or an amount that will be decided by the court. As the amount is very small in your case, the company won't charge any fine practically if talk to them
As per section 73 of Contract Act you will have to pay a fine that was pre-determined in the contract or an amount that will be decided by the court. As the amount is very small in your case, the company won't charge any fine practically if talk to them
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