INTEREST ON DEFAULTED PAYMENTS

Defaults in the repayment of NSFDC dues (principal as well as interest), disbursed by the SCAs, beyond the stipulated/agreed dates of repayment, shall attract further interest @ 2% p.a. over and above the normal rates of interest applicable on the dues. It would be levied on accrual basis quarterly through a separate demand. However, no interest on defaulted payments shall be levied if the repayment to NSFDC as at the end of preceding financial year is 90% or more.