Concurrent audit

Hey Shreya, there is no specific amount of rate to be charged as penalty from the person defaulting in submission of stock statement. The rates vary from bank to bank as per there own rules. Generally the rate of penalty is 2% upto 4% (in some cases).

Take care !

read the sanction letter to find is there any penalty clause for non submission
then calculate
first take normal intrest what currently bank charging and if that persentage is this amount then for 2 or more present what amount
and if delayed in days then for days if not submitted for whole month then full month intrest will charge

Normally penal interest is charged @ 2% p.a. for non submission of stock statement on avg. of limit used by borrower.