DIFFERENCE BETWEEN DUE DATE AND OVERDUE DATE OF A LOAN

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37 Points Posted on 21 April 2021

If a loan issued on 20.01.2020 with a 1-year due date i.e., on 20.01.2021, after completion of 20th jan 2021 on 21st of jan 2021 it becomes overdue is it correct. Please correct me if I'm wrong.

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On 21 April 2021 at 20:14 Report
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This discussion clarifies the distinction between a loan's due date and its overdue date. The due date is the final day for payment, while the overdue date is the day immediately following the due date, should payment not have been received. Therefore, a loan becomes overdue the day after its specified due date if the payment hasn't been made.

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Finance professional
775 Points Posted on 21 April 2021
Yes it becomes overdue
1 Reply
On 21 April 2021 at 21:04
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Chartered Accountant
24588 Points Posted on 21 April 2021
Yes, after due date if payment is not made then such loan account will be treated as overdue
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On 21 April 2021 at 21:31
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37 Points Posted on 21 April 2021

Thanks for reply sir.

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On 21 April 2021 at 21:35
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37 Points Posted on 21 April 2021
Originally posted by : Sourav
Yes, after due date if payment is not made then such loan account will be treated as overdue

That means due date and overdue date are not same both are different. Is it correct sir.?

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On 21 April 2021 at 21:37
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Chartered Accountant
24588 Points Posted on 22 April 2021
Yes, both are not same
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On 22 April 2021 at 06:08

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