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what is the interest process in a bank upon clients?

assume you r my customer and coming for loan in my bank amount is 60000 and in 6 month to repay @ 10% annual interest now at the end of the maturity date you arent able to pay the loan and say that after 9 month your able to repay the loan now should i charge on you the total 9 month interest rate or only the 6 month

asked Nov 5, 2014 in Terminology in Accounts by rahimdad (60 points) 53 views

1 Answer

+1 vote
Since the customer has used the money for 9 months, you should charge interest for 9 months.  Some penalty should also be imposed on the customer for not repaying the loan on time.
answered Nov 5, 2014 by jbsclasses (3,971 points)

thank you sir