Common use of Pre- Payment Charges Clause in Contracts

Pre- Payment Charges. If the borrower has availed the loan on Fixed Rate of Interest, the Borrower agrees to pay Prepayment Charges in the event of prepayment of the loan, either partly or fully at the rates mentioned below or at such other rates as may be fixed by the Bank from time to time: i) If the loan is closed from own sources after two years from the date of availment, no pre- payment charges will be charged. ii) If the loan is closed from own sources before 2 years, pre-payment charges @1% of the pre- paid amount will be charged. iii) If the loan is closed through take over by other Banks/Financial Institutions, pre-payment charges @2% of the pre-paid amount will be charged.

Pre- Payment Charges. If the borrower has availed the loan on Fixed Rate of Interest, the The Borrower agrees to pay Prepayment Charges in the event of prepayment of the loan, either partly or fully at the rates mentioned below or at such other rates as may be fixed by the Bank from time to time: i) If the loan is closed from own sources after two years from the date of availment, no pre- payment charges will be charged. ii) If the loan is closed from own sources before 2 years, pre-payment charges @1% of the pre- paid amount will be charged. iii) If the loan is closed through take over by other Banks/Financial Institutions, pre-payment charges @2% of the pre-paid amount will be charged.

Pre- Payment Charges. If the borrower has availed the loan on Fixed Rate of Interest, the Borrower agrees to pay Prepayment Charges in the event of prepayment of the loan, either partly or fully at the rates mentioned below or at such other rates as may be fixed by the Bank from time to time: i) If the loan is closed from own sources after two years from the date of availment, no pre- pre-payment charges will be charged. ii) If the loan is closed from own sources before 2 years, pre-payment charges @1% of the pre- pre-paid amount will be charged. iii) If the loan is closed through take over by other Banks/Financial Institutions, pre-payment charges @2% of the pre-paid amount will be charged.