Penal Charges on Loan Accounts

Penal Charge (as tabulated below) will be recovered in case of default other than normal interest rate, for the default events:

Penal charges as mentioned above shall be applicable on all credit facilities irrespective of nature, type etc.
The penal charges shall be levied on the default amount (excluding penal charges levied previously) in the account as on the date of default in case of non-payment of repayment obligations/overdrawing in accounts
Charges shall be levied only for the default period on pro rata basis.