A borrower can choose to pre-pay the entire loan amount without any penalty after six months from the date of disbursal of the loan. Prior to six months, pre-closure can be done after paying prepayment penalty @ 5% in addition to interest due till the date of payment to lender. This is payable directly to Lenders and Antworks Money does not charge any pre-payment charges.
What happens in case of Non-Payment of Loans
We encourage all Borrowers to make timely payments to avoid penalty charges. In case the due EMI is not paid, a penal interest of 18% p.a. is applied on the due amount for the duration of delay.
In case, a Borrower is unable to make repayment even after expiry of 30 days from the schedule date of payment, Lender will be at liberty to initiate legal proceedings against the Borrower which would include inter alia the following:
- Action u/s 138 of Negotiable Instrument Act for dishonor of cheque
- Action under Bankruptcy Code for non-payment of Creditors
- Appropriate action for enforcing the security provided for the loan, if any
The cost of any legal action incurred by Lender shall be reimbursable by Borrower.
The Lender can also approach Antworks Money for initiating legal action on the Borrower on behalf of Lender. We have on our panel a list of legal advisors for initiating legal action against the defaulting Borrowers whose services can be hired upon payment of designated fees.