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They are charging a penalty fee on outstanding and that too on a daily basis @ 17 percent annually .But they say they charge 2 p.c per month and will be charged on a fortnightly basis. penalty charges becomes the principal added to the due amount. but they charge on a daily basis
.When we receive on FD s in banks we get maximum of 7 to 9 p.c
.if you receive monthly it will be a discounted one. Banks previously charged on o.d. accounts on a quarterly basis.Now they also charge on a monthly basis.
I wish the gov.t. takes up this matter and restrict the maximum interest that can be charged on loans .If we allow like this all of them will charge even 40 to 70 per cent too.
and If you AGREE to take a loan and agree to offer a pound of flesh near your heart like in Merchant of Venice) you are bound by it.

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