Charging of Interest

Charging of interest on all loans and advances

Towards implemetaion of prudent accounting policies, our Bank has taken a concious decision to collect the EMI of all types of term loans from the anniversary date of the loan to last working day of the month.

Accordingly, the due date of EMI and interest applicable date will be shifted to last day of the month w.e.f 01 September, 2015.

In those where interest has already been debited during August 2015, the next date of interest will be postponed to the last working day of September 2015. In view of this,  recoverable interest will be higher than the regular instalment, the reason being the interest amount is charged for more than 30 days (for Eg: In case of loan account where interest already debited on 02.08.2015, the next date of interest applicable will be on 30.09.2015 i.e system will apply interest for 60 days). Further, EMI date will also will be postponed to 30.09.2015. All EMI borrowers there fore requested to maintain sufficient balance for repayment of EMI/interest on 30th of September 2015.However, EMI for the month of August 2015 will be collected as per the existing practice.

 

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