Commencing from the Loan Date, interest shall accrue on the Loan on a daily basis at the relevant Interest Rate and will be capitalized to the Loan Amount at the end of each month.
Interest will be calculated as per following formulae. The Daily Balance of the Loan X Total Annual Rate X (1/360)
Every payment made after the due date will result in additional interest accrual on loan
Where a Grace Period applies or where the Customer is granted a postponement in respect of an installment, interest on the relevant Loan shall continue to accrue and will be capitalized to the Loan Amount at the end of each relevant month.