Broken Period Interest’ definition
Broken Period Interest’. The Borrower understands and agrees that in the event the first due date for payment of EMI is after a period of 30 days from the date of disbursement of the Loan amount, the Borrower authorizes BFL to upfront deduct interest on such additional number of days beyond the 30 day period at the time of disbursement from the Loan amount. Please find below two scenarios as an illustration of the aforementioned Broken Period Interest. The figures here are indicative as the broken period interest amount will change basis changes in the loan amount, interest and the other factors stated: Loan Amount INR 1,00,000 Rate of Interest 16 Scenario Disbursal Date First Due Date Gap between First Due Date and Loan Disbursal Date (A) Days Interest Charged in First EMI (B) Broken Period in days (A-B) Broken Period Interest in INR Scenario 1 19-Mar-15 02-May-15 44 30 14 614
Broken Period Interest’ means an amount collected as an interest from the Borrower before the disbursement/ EMI.
(i) ‘Control’ and ‘Controlled’ means:
i. The power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to direct its management and policies or to control the composition of its Board of Directors or equivalent body; or
ii. Ownership of more than 50 of the voting share capital or equivalent right of ownership of that person.