I have taken gold loan for my studies purpose since last two years.
would like to share a small incident with u all.
As per the regulations of bank I m supposed to pay my interest for 30days per month.
and the rate imposed were 1.25% of total amount that I have taken from them.
but the 30th day being Sunday I Didnt went to bank so I hd crossed the limit of 30.but on monday wen I went there got to know that the interest imposed ws not just for the 1 day penalty but the overall rate of interest was increased for all31 days.so I had to pay 1.56% interest for 31 days.that indeed increased my Interest amount to pay to the bank.
So Guys just be Careful And Read all the terms given there in Documents as the Above said I never supposed nor ever predicted it to happen.4m dat day onwards.i do pay prior the date mentioned onthe Receipt. and if you have doubts.jus clear them then n there.and ask them as wat interest is imposed if v get late in paying of interest.and for how many days.
Thanking you u all.N Be Aware .