Bharosa Tools

P2P penal interest

Overdue days, bounce charge, and compounded daily penal interest.

Missed EMI amountFixed bounce chargeDue dateToday's dateDaily penal interest rate %Example: 0.1 means 0.1% each day, compounded

Overdue days

Compounded penal interest

₹20.03

Bounce charge added

₹500.00

Total payable

₹5,520.03

Missed EMI + bounce charge + interest compounded each overdue day.

Interest is the missed EMI multiplied by (1 + daily rate) raised to the overdue days, minus the EMI. The bounce charge is added once, after the due date. Use the rate written in the loan agreement.