Repayment and Interest Payment Sample Clauses

Repayment and Interest Payment. 7.1 Party A and Party B will remind and procure the Consumer to repay the principal of the loan and pay interest on the loan on schedule in the stipulated manner and to the stipulated account in accordance with the elements of loan as recorded on the Electronic Loan Receipt. For different types of products/loans under the cooperation between Party A and Party B, the interest rates vary as follows: 7.2 If necessary, the Consumer is permitted to prepay the loan upon the stipulated conditions, until the principal of and interest on the loan have been fully paid. 7.3 If the Consumer fails to fully repay the principal and interest owed on the relevant repayment date, Party A shall have the right, from the overdue date, to calculate default interest on the overdue amount based on the number of overdue days at a rate which is [*%] higher than the interest rate recorded in the Electronic Loan Receipt. 7.4 The collection and disposal process agreed between both parties will be applicable for overdue loans.