Section 13 in The Bihar and Orissa Natural Calamities Loans Rules, 1934
13. Repayment of loans in advance.
- (i) An affected owner may repay a loan or any portions thereof in advance of the date fixed for repayment, but such advance payments shall only be accepted when accompanied by the interest due on the outstanding amount of the loan up to the date of the payment of the advance payment. The amount of principal paid in advance shall not include a fraction of a rupee.(ii)The interest levied on the occasion of an advance payment shall be calculated on the number of whole month [a month being interpreted in accordance with sub-rule (2) of Rule 12 intervening since the date of the last payment.(iii)In cases in which advance payments are made, the interest levied at the time of the next payment shall be limited to the amount accruing on the portion of the loan left outstanding after the advanced payment.
