sch.1-sec.11BApproving application to consolidate loans

### sch.1-sec.11B Approving application to consolidate loans The authority must consider, and decide to approve or refuse to approve, an application to consolidate loans made under section 11A . If the authority approves the consolidation of the loans, the term of, and the initial interest rate for, the consolidated loan is the term and rate decided by the authority. The initial interest rate for the consolidated loan is worked out by the authority based on the base lending rate when the loans are consolidated. In this section— base lending rate see section 6 (8) . sch 1 s 11B ins 2016 SL No. 183 s 7 amd 2024 SL No. 153 s 6 (sch.1-sec.11B-ssec.1) The authority must consider, and decide to approve or refuse to approve, an application to consolidate loans made under section 11A . (sch.1-sec.11B-ssec.2) If the authority approves the consolidation of the loans, the term of, and the initial interest rate for, the consolidated loan is the term and rate decided by the authority. (sch.1-sec.11B-ssec.3) The initial interest rate for the consolidated loan is worked out by the authority based on the base lending rate when the loans are consolidated. (sch.1-sec.11B-ssec.4) In this section— base lending rate see section 6 (8) .