PRE-PAYMENT BY BORROWER Sample Clauses

PRE-PAYMENT BY BORROWER. The Borrower may prepay the entire outstanding balance of the Loan after the expiry of the first six (6) months of the Loan tenure. In such an event, the Bank shall be entitled to charge 5%, or any other rate, which may be applicable at that time as per the Bank's policy, of the amount so prepaid as a prepayment fee. Prepayment will be applied to EMIs in inverse order of maturity. The interest and any other charges etc., would be leviable till the end of the month in which the prepayment notice expires. The prepayment shall take effect only if cheques have been cleared and proceeds thereof realised by the Bank in clear funds. Any cash payments offered by the Borrower shall be subject to the Bank's sole discretion as to whether or not to accept the same.