Variable Rate of Interest definition
Variable Rate of Interest means a rate calculated as follows:
Variable Rate of Interest. (VRI) means the interest rate announced by AHFL from time to time as its RPLR and applied by AHFL with spread, if any, as may be decided by AHFL on the loan of the Borrower pursuant to this Agreement.
Variable Rate of Interest shall be the rate of interest linked to the RLLR applied with spread by BANDHAN BANK on the loan.
Examples of Variable Rate of Interest in a sentence
The Borrower is aware and confirms with AHFL that in case of Variable Rate of Interest, the Rate of Interest shall change as and when there is any change/reset in the RPLR.
Such variation/revision in Variable Rate of Interest due to change in RPLR shall be updated by AHFL on its Website ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or notified to the Borrower through broadcast mail or SMS.
Type : Variable Rate of Interest linked to SMHFC Retail Prime Lending Rate (RPLR).