Examples of SBI MCLR in a sentence
All outstanding amounts payable by any Party under this Agreement to other Party shall carry applicable interest at the rate of (i) 2% (two percent) above the then existing SBI MCLR (State Bank of India – Marginal Cost of Lending Rate) per annum or (ii) such other rate of interest higher/ lower than 2% as may be prescribed under the Act/ Rules (“Interest”) from the date they fall due till the date of receipt/realization of payment by the other Party.
Interest shall mean the highest Marginal Cost of Lending Rate (hereinafter referred to as “MCLR”) of State Bank of India (hereinafter referred to as “SBI”) plus two percent and in case the SBI MCLR is not in use then it would be replaced by such benchmark lending rates as fixed by SBI from time to time for lending to the general public plus two percent.
Interest on account of delay in deposition of the above mentioned charges or on any subsequent extension sought, shall be levied @ one year SBI MCLR rate /annum on pro-rata basis.
Upon any Party's failure to make a payment due and payable by it on the due date for such payment, the defaulting Party shall be liable to pay default interest on all such outstanding amounts at the prevailing SBI MCLR + 3% per annum or part thereof.
The rate of interest payable by the Allottee to the Promoter shall be the SBI MCLR plus 2% (two percent).
Interest shall be payable on the reducing balance of 60% of the Completion Cost for each of the relevant Facilities, at the rate of the SBI MCLR plus 3% per annum.
SBI MCLR" means the medium term prime lending rate of the State Bank of India.
Fee amounts remaining unpaid on respective due dates would carry interest at rate equal to 3% above the SBI MCLR Rate per annum from the due date till the date of payment.
To the extent any disputed amount had been withheld by one party and such party is ultimately found liable to pay all or any portion of such amount pursuant to clause 9 of this agreement, then such party shall be liable to pay interest on such withheld amount at the annual rate equal to SBI MCLR reference rate plus 2%, from the original date due for such payment till the actual date of payment.
All outstanding amounts payable by any Party under this Agreement to other Party shall carry applicable interest at the rate of (i) 2% two percent) above the then existing SBI MCLR (State Bank of India – Marginal Cost of Lending Rate) per annum or (ii) such other rate of interest higher/ lower than 2% as may be prescribed under the Act/ Rules (“Interest”) from the date they fall due till the date of receipt/realization of payment by the other Party.