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what is penal interest

Open uri20170510 32134 9p7be3?1494421783 rashmi asked over 2 years ago

what is penal interest.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 upwan singh answered over 2 years ago

Hey Rashmi ,basically In money lending,penal interestis punitive interestcharged by a lender to a borrower if installments are not paid according to the loan terms. Moreover, If the installments are not received as per the repayment terms, by the end of the month, the borrower will be charged interest on the installments delayed which is called as penal interest. Any interest charged by the lendor from borrower of funds for non compliance of repayment terms is penal interest.

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