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Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2009 what is the meaning of penal interest?
plz help me..

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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05 December 2009 It is generally charged by Bank/financial institution, where borrower does not comply with the terms and conditions of loan sanctioned.
for example in case Cash credit limit, borrower is supposed to stock statement everymonth with in givin due date, if statement will not be submitted in due date bank may charge extra interest on the outstanding amount.

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2009 thanks

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