Repayment of the Loan and Interest a. The Loan is repaid by way of Equated Monthly Instalments (EMI), which comprises of both principal and interest component, on the due date mentioned in the Disbursement Letter. The EMIs shall be calculated on the amount actually disbursed which shall be subject to the revision at the discretion of the Lender. Exact EMIs will be calculated at the time of final disbursement.
b. Pre-EMI Interest (“PEMII”) would be required to be paid, on monthly basis on the due date mentioned in the Disbursement Letter. It shall be charged from the date of the first disbursements to the date of commencement of EMI in respect of the Loan.
c. In case of delayed payment, overdue interest for the delayed period will be charged at rates as determined by the Lender from time to time.
d. The Lender shall have the right and sole discretion to revise the EMIs or to revise repayment period or both consequent upon change/revision in interest rate and/or in CHFRR and accordingly fresh set of Post Dated Cheques (“PDCs”) shall be deposited and/or irrevocable NACH/ECS mandate shall be given by the Borrower suo motu for revised EMIs.
e. Without limiting to the generality of the aforesaid, the Borrower shall provide such number of PDCs as mandated by the Lender from time to time for the amounts specified by the Lender towards repayment of the Loan.
Repayment of the Loan and Interest o If the monthly installments or any other payments due, are not paid on or before the due date, substitute interest of 3% p.m. shall be charged for the period of default with compounding at monthly rests. Failure of the bank to send notice for payment or deposit of post-dated cheques shall not serve as a reason for non- payment of monthly installments o The rate of interest as indicated above is the current rates of interest applicable on the loan. The actual interest rate chargeable on the loan and the EMI/PRE EMI would be as prevailing on the date of disbursement of the loan. o Due dates for payment of pre-EMI and EMI/MI depends on the date of the first disbursement made and the Pre EMI Interest is payable every month. o All payments to be made favoring “Fasttrack Housing Finance Limited”.
Repayment of the Loan and Interest. Repayment: The loan is repaid by way of Equated Monthly Installments (EMI), which comprises of both principal and interest component. Repayment commences from the month following the month in which final disbursement of the loan is availed. - Pending final disbursement, simple interest is applicable on the loan disbursed. This interest on the amount disbursed is called Pre-EMI. Pre-EMI interest is payable every month from date of each disbursement upto date of commencement of EMI. - The EMI For your loan is INR Years EMI = p.m. - The EMI due date is 5th day of the next month after full disbursement - Number of Installments to be paid are Months - The changes in interest rate/ EMI/ loan tenure would be communicated via letters and/or mail(s)/sms before any such implementation and would be displayed on the website of DMIHFC.
Repayment of the Loan and Interest. The Loan availed would be repaid in equal monthly installments (EMI) over the agreed tenor. If the customer has availed fixed interest with reset, the interest charged would remain fixed subject to review once in two years and reset based on need. The monthly repayments are payable on a fixed due date every month. Aptus would make best efforts to remind the customers regarding the monthly installments falling due. However, the customers are advised to keep note of the due date and honor the repayments.
Repayment of the Loan and Interest. The Loan availed would be repaid in an Equated Monthly Installments (EMI) over the agreed tenor. If the customer has opted for variable interest rate, the rate of interest would vary based on change in the base rate of Aptus. The monthly repayments are payable on agreed due date every month. Aptus would make best efforts to remind the customers regarding the monthly installments falling due. However, the customers are advised to keep note of the due date and honor the repayments.
Repayment of the Loan and Interest. The Interest on Seed Capital loan shall be levied at _____________Simple Interest. (The Interest rate is calculated as per the Prime lending rate of State Bank of India_____% less ___% on the date of Sanction _________). The Interest rate remains fixed for the tenure of loan. The Interest shall be payable monthly on the balance outstanding at the end of the previous month along with the installment of principal repayment.
Repayment of the Loan and Interest. 4.1. The Borrower shall repay the Loan within a time period indicated in Schedule B, i.e., 6 (six) months, 9 (nine) months or 1 (one) year from the Initial Disbursement Date (unless specified otherwise in the Schedule B). The Loan shall be repaid by weekly instalments starting one week from the Initial Disbursement Date.
4.2. In consideration of the Lender granting to the Borrower the Loan, the Borrower shall pay the Lender the interest at the Interest Rate indicated in Schedule B (the “Interest”). Interest will be calculated on a flat rate basis payable weekly.
4.3. For the purposes of this Agreement, the total interest is calculated based on the applicable monthly interest rate. The weekly repayment instalment is calculated by dividing the sum of Loan principal and Interest amount by the actual number of weeks the Loan is issued for. The sum of weekly repayments shall be equal to the total Loan principal and Interest as set out in this Agreement.
4.4. Each weekly payment shall be made on the same day in each subsequent week.
4.5. Total Repayment Amount as stated in Schedule B includes the Loan Amount and Interest (but excludes any Penalty for late payments or other applicable fees). Lender shall in addition to the Repayment Amount be entitled to the payment of other applicable fees as set out in Schedule B to this Agreement.
4.6. Unless otherwise agreed between the Borrower and the Lender in writing, the Borrower shall make all payments due to the Lender in respect of the Loan, including but not limited to the Interest, Penalty and other fees, using the M-PESA Service into the Pay Xxxx Account Number 650880.
4.7. The Borrower may repay the Loan at any time before the due date. However, this does not affect the amount of Interest payable, which must be paid in full.
4.8. If the Borrower fails to repay the Loan and/or Interest or any other sum due or owing by the Borrower to the Lender the Borrower will be charged the Penalty of 1% daily form any outstanding amount.
4.9. In addition to the Penalty the Lender may apply a Collection charge of 10,000 Kshs (ten thousand Kenyan shillings) to cover internal recovery expenses if client is in arrears for more than 10 (ten) days. The Borrower acknowledges, agrees and confirms that the aforesaid late payment Collection charge represents a reasonable pre-estimate of the loss to be suffered by the Lender. This collection charge does not cover any external recovery expenses which will be payable by the Borrower separat...
Repayment of the Loan and Interest. 4.1. The Borrower shall repay the Loan within a time period indicated in the Special Terms. The Loan shall be repaid by weekly instalments starting one week from the Initial Disbursement Date.
4.2. In consideration of the Lender granting to the Borrower the Loan, the Borrower shall pay the Lender the interest at the Interest Rate indicated in the Special Terms (the “Interest”). Interest will be calculated on a declining balance basis payable weekly.
4.3. For the purposes of this Agreement, the total interest is calculated based on the applicable monthly interest rate on remaining balance of the principal.
4.4. Each weekly payment shall be made on the same day in each subsequent week.
4.5. Total Repayment Amount as stated in the Special Terms includes the Loan Amount and Interest (but excludes any Penalty for late payments or other applicable fees). Lender shall in addition to the Repayment Amount be entitled to the payment of other applicable fees as set out in the Special Terms.
4.6. The Borrower shall make all payments due to the Lender in respect of the Loan, including but not limited to the Interest, Penalty, Downpayment and other fees to account(s) communicated to the Borrower during onboarding process and via regular SMS reminders. The Lender may at any time change the channel of collection and shall inform the borrower via SMS and/or any other channel of communication.
4.7. The Borrower may repay the Loan at any time before the due date. However, this does not affect the amount of Interest payable, which must be paid in full.
4.8. If the Borrower fails to repay the Loan and/or Interest or any other sum due or owing by the Borrower to the Lender the Borrower will be charged the Penalty of 0.5% daily for any outstanding amount until full and final settlement.
4.9. In addition to the Penalty the Lender may apply a Collection charge of up to 200,000 UGX (two hundred thousand Ugandan shillings) to cover internal recovery expenses if client is in arrears for more than 10 (ten) days. The Borrower acknowledges, agrees and confirms that the aforesaid late payment Collection charge represents a reasonable pre-estimate of the loss to be suffered by the Lender. This collection charge does not cover any external recovery expenses which will be payable by the Borrower separately.
4.10. The Lender shall apply all payments received under this Agreement in following order: 1) fees and expenses payable under this Agreement,
Repayment of the Loan and Interest. The Loan is repaid by way of Equated Monthly Instalments (EMI), which comprises of both principal and interest component. Repayment commences from the month following the month in which final disbursement of the loan is availed. Pending Final disbursement, simple interest is applicable on the loan disbursed. This interest on the amount disbursed is called Pre-EMI. Pre-EMI interest is payable every from date of each disbursement upto date of commencement of EMI. EMI amount Rs. As per terms of Sanction Letter and Loan Agreement. Total number of instalments As per terms of Sanction Letter and Loan Agreement. Repayment Periodicity As per terms of Sanction Letter and Loan Agreement. Instalment due dates As per terms of Sanction Letter and Loan Agreement. Interest rate reset As per terms of Sanction Letter and Loan Agreement. processes/measures to enforce its rights under the Loan Agreement including but not limited to charging Overdue Charges for the delayed payment, recovery of over dues by enforcing the Security in accordance with the remedy available under the Law. The actual procedure shall be determined by the Lender depending upon the circumstances of each case.
Repayment of the Loan and Interest. 3.1 The Interest on Seed Capital loan shall be levied at Simple Interest. (The Interest rate is calculated as per the Prime lending rate of State Bank of India % less
3.2 The repayment of principal and interest shall have a moratorium period of 18 months from the first installment disbursement of the loan. The repayment shall commence from the nineteenth month.
3.3 The simple interest on the loan disbursed shall be applied @ %per annum from the date of disbursement of each installment and shall be aggregated with the loan amount; the amount so determined shall be the principal amount that will have to be repaid as per the repayment schedule. Any delay in the repayment of installments as given in the Schedule of repayment shall be subject to a penal interest @ % per month.
3.4 The Company shall repay the principle amount of the Loan strictly in accordance with the Repayment Schedule. The repayment schedule is appended in Schedule-2 to this agreement.
3.5 Notwithstanding the above, if the Company decides to exit from the incubation before the specified period, the Company undertakes to repay the entire loan and interest due thereon prior to the exit from the incubation centre.
3.6 If the Company raises loans from other lenders/ financial institutions, repayment of such other loans shall commence only after the repayment of the Seed Capital Loan obtained by the Company pursuant to this agreement and interest due thereon.
3.7 NOTWITHSTANDING anything contrary contained herein, the incubate company shall issue liability free and fully paid-up equity shares, in favour of IIT Kanpur, on prorate basis of 4% equity against 5 lakhs of seed capital sanctioned, as guarantee of seed-capital amount. Subsequently after the company utilizes the seed-capital or its exit from the incubation center, whichever is earlier, IIT Kanpur shall compute the equity to be retained in accordance with repayment option selected together with any outstanding unpaid amount against incubation including seed capital and transfer the balance equity back to the incubate company. Once the company repays the entire seed capital amount IIT Kanpur shall transfer shares taken as guarantee, back to the company.
