Interest on loan
This query is : Resolved
Guest
Guest
(Querist)
09 May 2014
Dear sir, pls tell me that whether bank has charged compound interest or simple interest on term loan given by him...
THANKS IN advance....
Nikhil Kaushik
(Expert)
09 May 2014
whether the interest is charged on simple basis or compounded is clearly defined in the loan document. for eg, for education loans simple interest is charged during the education period and compounded thereafter.
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