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Hi, just have a few questions: Will the penal charges be levied on the broken installment or it will be levied on the total principal outstanding too. Initially the bank wasn't charging such penal charges, however in April 2024 they added cumulative penal charges for the previous 2 years too.
The penal charges are generally levied on the installments that are delayed but some banks may also charge an outstanding amount if the loan account is overdue. The bank may have charged for the previous two years due to their updated policy, terms and conditions. For further legal assistance contact us on our helpline number.