Common use of Brief procedure for Recovery of Overdues Clause in Contracts

Brief procedure for Recovery of Overdues. Borrowers are already explained, about the entire process for repayment of the loan inter alia in respect of tenure, amount and periodicity of EMI & Pre-EMI, mode of repayment of the loan at the time of documentation for the loan. • No notice, reminder or intimation is required to the borrower, as they are already aware of his/her obligation under the Loan Agreement to pay the EMI and or Pre-EMI regularly on due date in accordance with the agreed schedule. • In case of non-payment of Pre-EMI and or EMI by the due dates, WEHFL will remind the borrowers through telephone calls, written communications by post and electronic medium or personal visits by WEHFL's authorized personnel at the communication addresses provided by the borrower. • In event of default in payment of instalment of loan it shall attract the penal interest as per loan agreement. Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case to case basis.

Brief procedure for Recovery of Overdues. Borrowers are already explained, about the entire process for repayment of the loan inter alia in respect of tenure, amount and periodicity of EMI & Pre-EMI, mode of repayment of the loan at the time of documentation for the loan. • No notice, reminder or intimation is required to the borrower, as they are already aware of his/her obligation under the Loan Agreement to pay the EMI and or Pre-EMI regularly on due date in accordance with the agreed schedule. • In case of non-payment of Pre-EMI and or EMI by the due dates, WEHFL XXXXX will remind the borrowers through telephone calls, written communications by post and electronic medium or personal visits by WEHFLXXXXX's authorized personnel at the communication addresses provided by the borrower. • In event of default in payment of instalment of loan it shall attract the penal interest as per loan agreement. Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case to case basis.

Brief procedure for Recovery of Overdues.  Borrowers are already explained, about the entire process for repayment of the loan inter alia in respect of tenure, amount and periodicity of EMI & Pre-EMI, mode of repayment of the loan at the time of documentation for the loan. •  No notice, reminder or intimation is required to the borrower, as they are already aware of his/her obligation under the Loan Agreement to pay the EMI and or Pre-EMI regularly on due date in accordance with the agreed schedule. •  In case of non-payment of Pre-EMI and or EMI by the due dates, WEHFL XXXXX will remind the borrowers through telephone calls, written communications by post and electronic medium or personal visits by WEHFLXXXXX's authorized personnel at the communication addresses provided by the borrower. •  In event of default in payment of instalment of loan it shall attract the penal interest as per loan agreement. Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case - to - case basis.

Brief procedure for Recovery of Overdues.  Borrowers are already explained, about the entire process for repayment of the loan inter alia in respect of tenure, amount and periodicity of EMI & Pre-EMI, mode of repayment of the loan at the time of documentation for the loan. •  No notice, reminder or intimation is required to the borrower, as they are already aware of his/her obligation under the Loan Agreement to pay the EMI and or Pre-EMI regularly on due date in accordance with the agreed schedule. •  In case of non-payment of Pre-EMI and or EMI by the due dates, WEHFL XXXXX will remind the borrowers through telephone calls, written communications by post and electronic medium or personal visits by WEHFLXXXXX's authorized personnel at the communication addresses provided by the borrower. •  In event of default in payment of instalment of loan it shall attract the penal interest as per loan agreement. Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case to case basis.