Penal Interest definition

Penal Interest means an additional interest payable by the Borrower/s to the Lender, at the rate mentioned in the Schedule (over and above the Interest Rate), as a penalty in case of any delay or default in any manner whatsoever, in the repayment of the Loan.

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Penal Interest means additional interest over and above the contractual rate of interest, if any, payable by the Customer to BFL as a penalty in case of delay in payment of EMI.

Penal Interest means any amount payable in excess of interest on a debt;

Examples of Penal Interest in a sentence

• The Borrower shall be liable to repay the entire outstanding loan amount to ▇▇▇▇▇▇ ▇▇▇▇▇ Finance Limited along with the Interest and Penal Interest.

• In case NACH Auto Debit is not successful for any reason and EMI has not been debited for 4 days post EMI Due date, Customer shall pay the EMI directly to designated repayment account via UPI/NetBanking/Debit Card via logging in to his GQ portal 13 Penal Interest 2% p.m. on delay of Principal / Interest / Charges 14 Pre-Payment Charges Zero Charges - conditional upon the entire outstanding loan amount being repaid to the Lender.

• The Penal Interest shall be in addition to the applicable Interest and any other charges which the Borrower/s are liable to pay to the Lender, in terms of this Agreement and the Transaction Documents.

• The Borrower/s agree, acknowledge and confirm that the rate of the Penal Interest is reasonable and represents a genuine pre-estimate of the loss expected to be incurred by the Lender in the event of non-payment of any monies by the Borrower/s.

• Any delay or default in the payment of the Monthly Installments or any other amount on the respective Due Date(s) to the Lender, shall render the Borrower/s, liable to pay the Penal Interest along with other charges, on all such overdue / unpaid amounts from the relevant Due Date, till the date of actual payment of such unpaid amount.

More Definitions of Penal Interest

Penal Interest means the rate at which the Bank shall compute and apply interest on all amounts not paid when due for payment (or reimbursement) by the Borrower to the Bank, as stated in the Schedule or as may be amended from time to time by the Bank.

Penal Interest means the rate at which the Bank shall compute and apply interest on all amounts not paid when due for payment (or reimbursement) by the Borrower to the Bank, as stated in the Schedule "B" or as may be amended from time to time by the Bank.

Penal Interest means an additional interest payable by the Borrower to the Lender as a penalty in case of delay in payment of the Monthly Instalments and/or Outstanding Dues, at the rate as mentioned in Schedule I; 'Pre-payment Charges' means an amount payable by the Borrower to the Lender as a penalty for repayment of the Outstanding Dues, either in part or whole, before its scheduled Repayment Date, details of which are provided in Schedule II;

Penal Interest means the interest at the rate as mentioned in Loan Documents payable by the Borrower to the Lender over and above the Applicable Rate of Interest upon happening of any event of default as mentioned in the Loan Documents or failure of the Borrower to pay any other amount due under or in relation to the Loan on its respective due date.

Penal Interest. Means an additional interest payable by the borrower to the lender as a penalty in case of delay in payment of EMI.

Penal Interest means an additional interest payable by the Borrower to the Lender as a penalty in case of delay in payment of EMI as set out in the Schedule hereto;

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