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What are the late interest charges for Mari Business Loan?
If your loan is overdue, late interest of 15% p.a. will be charged on the principal outstanding from the date of first default until the date of actual payment.
Principal outstanding refers to the remaining amount of your total loan amount that is unpaid.
For a loan with S$10,000 principal outstanding and overdue for 15 days, the late interest charged would be 15% x (15/365 days) x S$10,000 = S$61.64.
In the event of multiple loans, late interest will only be charged on loans that are overdue.
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