Do you know that under a credit agreement, a Lender is required to impose on a Borrower interest rate that is calculated on an annual basis only and if the agreement provides for penal interest rate on delayed repayments, the penal rate shall only be applicable to the delayed payment only and not the total amount of the outstanding loan?

Sec 55(2) & (3) Borrowers and Lenders Act, 2020 Act 1052.