What is penalty interest?
If customers overdue the repayment, they need to pay penalty interest.
How is penalty interest charged?
Penalty interest is charged on a daily basis.
Penalty Interest = (Principle+ Interest) * Annualized Penalty Rate/365 * Overdue Days
For a detailed annualized penalty rate and overdue days, please check specific product rules.
Every product is different, when applying for a loan, the actual page display shall prevail.