Interest & Loan Account. 5.1 The Borrower agrees to pay interest on the loan as per rates mentioned the Schedule to this Agreement and which shall be floating/fixed at all times in relation to and linked to the Index Rate as stated in the schedule to this Agreement and the Interest rate at monthly rest calculated on the daily balance of the loan amount.
5.2 The Borrower is aware and confirms that the Bank shall at any time and from time to time be entitled to change the rate of interest depending on the changes in the Index rate or the margin stipulated by the Bank from time to time, and such revised rate of interest shall always be construed as agreed to be paid by the Borrower(s) and hereby secured. Xxxxxxxx further agrees that the interest payable shall be subject to the changes in interest rates made by the Reserve Bank of India (“RBI”) from time to time. Borrowers shall be deemed to have notice of change in the rate of interest whenever the change in the Interest Rate are displayed/notified at/by the branch as per the Scheme of the Bank.
5.3 Interest on the Loan shall begin to accrue from the date of debit to the Loan account simultaneously with the Bank’s disbursement of the Loan by issuing disbursement Payment Order/Demand Draft or otherwise without the Bank concerning itself with the receipt of such disbursement by the beneficiary/recipient and also with the realization of such Payment Order / Demand Draft or the time taken in such realization.
5.4 Interest on the Loan shall be computed and debited to the Loan Account -
i) at the intervals as stated in the Schedule ii) Taking the basis of 365 days a year
Interest & Loan Account. 5.1 The Borrower agrees to pay interest on the loan as may be fixed by the Bank from time to time and which shall be fixed at all times in relation to and linked to the Base Rate of the Bank, as may be prescribed by the Bank and the Carded Rate as prescribed by the Bank, and the Interest rate can be linked to all the rates as above and/or any one or more such rates, rising and falling therewith at monthly rest calculated on the daily balance of the loan amount. The Borrower is aware that the above said rates ie. Base Rates and the Carded Rate are as defined hereinabove in this agreement and declared from time to time by the Bank.
1. Borrower 2. Borrower
Interest & Loan Account. 5.1. The Borrower agrees to pay interest on the Loan as per the Schedule to this Agreement and the Interest rests shal be calculated at the rates more particularly described in the Schedule.
5.2. The Borrower is aware and confirms that the Bank shal at any time and from time to time be entitled to review the rate of interest, and such revised rate of interest shal always be construed as agreed to be paid by the Borrower(s) and hereby secured. Borrowers shal be deemed to have notice of change in the rate of interest whenever the change in the Interest Rate are displayed/notified at/by the Branch as per the Scheme of the Bank.
5.3. Interest on the Loan shal be computed and debited to the Loan Account -
i) At the intervals as stated in the Schedule ii) Taking the basis of 365 days a year
Interest & Loan Account. 5.1. The Borrower agrees to pay interest on the Loan as per the Schedule to this Agreement and the Interest rests shall be calculated at the rates more particularly described in the Schedule.
5.2. The Borrower is aware and confirms that the Bank shall at any time and from time to time be entitled to review the rate of interest, and such revised rate of interest shall always be construed as agreed to be paid by the Borrower(s) and hereby secured. Borrowers shall be deemed to have notice of change in the rate of interest whenever the change in the Interest Rate are displayed/notified at/by the Branch as per the Scheme of the Bank.
5.3. Interest on the Loan shall be computed and debited to the Loan Account -
i) At the intervals as stated in the Schedule ii) Taking the basis of 365 days a year
Interest & Loan Account. A. EDI - Equated daily installment will be deducted on a daily basis from the Axis Bank current account. In case the customer has not made repayment from EDI can do the needful by timely payment of the outstanding Equated monthly installment (EMI) on due date. B EMI – Equated monthly installment will be deducted on a fixed date of the month through E-Nach mandate or Standing instruction whichever repayment option chosen by the customer.
X. Xx per extant guidelines of RBI loan repayment should occur directly from customers account to the bank hence EDI/Daily retention amount will be debited from customers current account with Axis Bank and parked separately in Axis Bank Merchant Cash Advance (MCA) Partition account/GL.Proceeds from the Freecharge QR to be settled by Freecharge in the customer current account with Axis Bank (as per regular business practice) Freecharge Technologies Private limited will act as a Technical Service provider(TSP) in the EDI settlement process.
D. The Borrower(s) agrees to pay interest on the Loan as per the Key Fact Statement and the Interest rests shall be calculated at the applicable rate.
F. Interest on the Loan shall be computed and debited to the Loan Account –
i. At the intervals as stated in the Key Fact Statement
ii. Taking the basis of 365 days a year
iii. At interest rate more particularly described in the Key Fact statement herein or as may be prescribed by the Bank from time to time.
G. Interest Tax and other taxes/levies as may be applicable from time to time on the Loan shall be borne solely by the Borrower.
H. All amounts in default for payment (i.e., not paid by the Borrower when due to the Bank), costs, charges and expenses debited to the Loan account shall attract penal interest accrued at a fixed rate as per the Key Fact Statement.
Interest & Loan Account
