Common use of Interest & Loan Account Clause in Contracts

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 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 a) The Borrower agrees rate of interest on the Loan amount shall be as specified in the sanction letter and / or welcome letter and/or key fact statement hereof. b) The rate of interest stipulated in the Schedule shall remain fixed during the term of the Loan facility. The Bank shall, however, at its discretion, be entitled to revise from time to time, upwards or downwards, the rate of interest applicable for the Loan during the subsistence of the Agreement. Such variation(s) would be subject to the terms of sanction letter and would be intimated to the Borrower(s) and binding upon the Borrower(s). c) Interest and all charges shall accrue from day to day and computed on basis of 360 days a year and actual number of days elapsed. d) The Borrower(s) shall pay all duties, cess, license fees, taxes, insurance premiums and other charges/outgoings whatsoever in respect of this Agreement or in relation to the Property, whether with retrospective or prospective effect and if the Bank makes any such payments, the Borrower(s) shall reimburse the Bank within 3 days of receipt of the due intimation from the Bank in this regard. In the event the Borrower(s) fails to reimburse the said amount, interest at the default rate mentioned in the sanction letter and / or welcome letter shall accrue thereon from the date of payment by the Bank and the same shall be added to the amounts due by the Borrower(s) to the Bank. e) Without prejudice to the other rights of the Bank, if the Borrower(s) defaults in remitting any amounts due to the Bank pursuant to this agreement, the Borrower(s) shall pay to the Bank penal charges at the rate mentioned in the Schedule (or at such higher rate as the Bank may specify/intimate from time to time) on the amount due but not paid, for the period of delay. The Borrower(s) shall be liable to pay interest on the loan as per rates mentioned amount from 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 date of disbursement of the loan amountat the rate specified in the sanction letter and / or welcome letter. 5.2 The Borrower is aware and confirms that f) Except when chosen by the Bank shall at any time and from time customer to time be entitled the contrary, in case of floating rate loans linked to External Benchmark rate (EBR), whenever interest rates are reset consequent to change in External Benchmark Rate, the rate endeavour would be to keep the EMI amount constant while the loan tenure and the number of interest EMIs can be increased or decreased depending on the changes change in the Index rate or the margin stipulated by the Bank from time EBR. However, where keeping EMI constant results in negative amortisation, EMI amount would be suitably revised upwards to time, prevent such negative amortisation. g) The borrowing under this agreement is a commercial transaction and such revised rate of interest shall always be construed as agreed to be paid by the Borrower(s) and hereby securedGuarantor(s) waives any defence under the usurious or other laws relating to charging of interest. Xxxxxxxx further agrees that The Borrower(s) shall not be entitled to cancel the interest payable shall be subject to facility or refuse accepting the changes in interest rates made by disbursement except with 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 consent of the Bank. 5.3 Interest on the Loan shall begin to accrue from the date Bank and payment of debit to the Loan account simultaneously with the Bank’s disbursement of the Loan by issuing disbursement Payment Order/Demand Draft necessary foreclosure 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 yearcancellation charges

Interest & Loan Account. 5.1 a) The Borrower agrees rate of interest on the Loan amount shall be as specified in the Schedule and/or key fact statement hereof. b) The rate of interest stipulated in the Schedule shall remain fixed during the term of the Loan facility. The Bank shall, however, at its discretion, be entitled to revise from time to time, upwards or downwards, the rate of interest applicable for the Loan during the subsistence of the Agreement. Such variation(s) would be subject to the terms of sanction letter and would be intimated to the Borrower(s) and binding upon the Borrower(s). c) Interest and all charges shall accrue from day to day and computed on basis of 365 days a year and actual number of days elapsed. d) The Borrower(s) shall pay all duties, cess, license fees, taxes, insurance premiums and other charges/outgoings whatsoever in respect of this Agreement or in relation to the Property, whether with retrospective or prospective effect and if the Bank makes any such payments, the Borrower(s) shall reimburse the Bank within 3 days of receipt of the due intimation from the Bank in this regard. In the event the Borrower(s) fails to reimburse the said amount, interest at the default rate mentioned in the schedule shall accrue thereon from the date of payment by the Bank and the same shall be added to the amounts due by the Borrower(s) to the Bank. e) Without prejudice to the other rights of the Bank, if the Borrower(s) defaults in remitting any amounts due to the Bank pursuant to this agreement, the Borrower(s) shall pay to the Bank penal charges at the rate mentioned in the Schedule (or at such higher rate as the Bank may specify/intimate from time to time) on the amount due but not paid, for the period of delay. The Borrower(s) shall be liable 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 amount from the date of debit to the Loan account simultaneously with the Bank’s disbursement of the Loan loan at the rate specified in the schedule. f) Except when chosen by issuing the customer to the contrary, in case of floating rate loans linked to External Benchmark rate (EBR), whenever interest rates are reset consequent to change in External Benchmark Rate, the endeavour would be to keep the EMI amount constant while the loan tenure and the number of EMIs can be increased or decreased depending on the change in EBR. However, where keeping EMI constant results in negative amortisation, EMI amount would be suitably revised upwards to prevent such negative amortisation. g) The borrowing under this agreement is a commercial transaction and the Borrower(s)/Guarantor waives any defence under the usurious or other laws relating to charging of interest. The Borrower(s) shall not be entitled to cancel the facility or refuse accepting the disbursement Payment Order/Demand Draft or otherwise without except with the consent of the Bank concerning itself with the receipt and payment of such disbursement by the beneficiary/recipient and also with the realization of such Payment Order / Demand Draft necessary foreclosure 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 yearcancellation charges