This is the amount set by the lender to account for any charge the borrower might incur for defaulting or late payment. This amount is usually multiple of the actual loan amount. Say for example a borrower borrows 5,000, the lender can set the loan amount multiple to 2, which means that the mandate will carry 10,000 as against the 5,000 loan that was taken.
What is a loan amount multiple? Print
Modified on: Tue, 16 Aug, 2022 at 9:43 PM
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