Penal Charges definition

Penal Charges means an additional charge payable by the borrower to CFL as a penalty in case of delay in payment of EMI.

Penal Charges means charges levied by the Bank and payable by the Borrower on account of; (i) delay in repayment of EMIs,

Penal Charges means an additional charge payable by the Borrower(s) to the Bank in case of breach of any Material Terms.

Examples of Penal Charges in a sentence

• Delayed Payment charges, Penal Interest, Other Penal Charges, etc., are recognised on receipt basis on account of uncertainty of the ultimate collection of the same.

• The Bank will be entitled to recover the Penal Charges together with taxes as applicable.

• In accordance with the RBI guidelines on Fair Lending Practice - Penal Charges in Loan Accounts dated August 18, 2023 the Company shall adhere to the following guidelines with effect from January 01, 2024.

• In case of delay in delivery of material, at destination, the contractor shall have to pay Penal Charges to Company at the rate of Rs. 300/- per truck per week or part thereof for each truck load from the expiry of three days from the date of lifting from Ramagundam, Telangana Unit.

• Delay Payment Charges and Penal Charges as per SCHEDULE B will be applicable.

More Definitions of Penal Charges

Penal Charges means any charges which will be levied on breach of terms or conditions of loan agreement. The Borrower may refer to the current penal charges in the MITC, available on the website xxxxx://xxx.xxxxxx.xxx.

Penal Charges means any charges which will be levied on breach of terms or conditions of loan agreement..

Penal Charges means the Penal Charges payable by the Borrower to the Lender which is specified in the Sanction Terms.

Penal Charges means the penal charges payable by the Borrower to the Lender as detailed under the Sanction cum Pledge Card upon the occurrence of event of default under these Terms and Conditions.

Penal Charges means the penal charges payable by the Borrower upon breach/non- compliance of the Material Terms and Conditions, as more particularly set out in General T & C, and/or as may be notified by the Bank to the Borrower from time to time or as updated on the Bank’s website.

Penal Charges means the rate at which the Bank shall levy charges on the Borrower for reason, as stated in the Schedule "B" or as may be amended from time to time by the Bank.

Penal Charges shall have the meaning assigned to such term in Clause 4.2 of this Agreement.