Interest difference definition
Interest difference is the agreed upon interest of the initial loan contract minus the standard interest for the remaining loan period, the standard interest is announced by the bank.
3. For premature repayment of installment repayment loan, service charge is calculated for each loan amount and for part premature repayment the installment repayment coming up first is repaid first.
Interest difference is the agreed upon interest of the initial loan contract minus the interest that would be applied on the date of premature repayment on a new loan with the same conditions as the initial loan.
Interest difference means, for a given period (the "calculation period") and for all or part of an Advance that, pursuant to the provisions of this Agreement, is not made available to the Borrower or that is the subject of a repayment prior to its expiry date, the difference between: