The late charges (penalty) including GST are as follows if the outstanding balance (total amount borrowed) is more than Rs. 250
1) Fixed late penalty charges (After 3 days from due date i.e. 9th of the month) - ₹20 per day (upto a maximum of ₹2000)
2) Variable late penalty charges (After due date i.e. 6th of the month) - Interest charges on remaining borrowed amount as on the day of repayment.
The bill will be generated on 1st of every month as usual which is to paid by 5th of the same month.