Section 22 in The M.P. State Aid to Industries Rules, 1959
22.
(1)Nothing in Rule 21 shall debar a borrower from repaying at any time a larger sum than the amount of an annual instalment or from discharging the whole loan in a single payment. If any sum in excess of the amount of any instalment be paid, it shall be credited in reduction of the principal, the number of future instalments being, if necessary, reduced, but no postponement of subsequent instalments shall be permitted nor shall any alteration in the amount of subsequent instalments be allowed except in the final instalment if such alteration is necessary to adjust the balance due.(2)If the amount due for any instalment is paid before the date fixed for the payment thereof, such payment shall not entitle the borrower to any concession and it shall be treated for all purposes as having been made on the said date :[Provided that in cases where instalments are paid in advance of due dates by the loanee, interest will be charged only for such period and in respect of such amount of the loan as remains outstanding against the loanee.] [Inserted by Notification No. 14700-3583-XI-A, dated 4-10-1963.]
