Please be further informed regarding loans that have a grace period
Interest accrued on loans that have a grace period will become due after the grace period expires, in accordance with a respective schedule. If such a loan is prepaid partially or fully during the grace period, the borrower will settle all outstanding payments accrued up to the date of prepayment, including the interest accrued before the mentioned date. If prepayment is done after a grace period, the client will settle the total amount of interest accrued during the grace period, as well as other outstanding payments.
Loan amount: 2000 GEL
Interest rate: 10%
Tenor: 12 months
Grace period on principal and interest - 3 months
Life insurance - 0.72%
Date of disbursement: 13/06/2019
Date of the first payment: 28/07/2019 (Only insurance premium is paid)
Date of the first payment after the grace period (along with insurance, the amount due includes current principal and interest payments as well as the rescheduled interest, i.e. a portion of the interest accrued during the grace period): 28/10/2019
Maturity date: 16/06/2020
Note: The rescheduled interest (i.e. the interest accrued during a grace period and distributed over subsequent months) is added to monthly interest payments under the Repayment Schedule.
The client only pays the insurance premium during the grace period.
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