sch.26-sec.13Terms of repayment

### sch.26-sec.13 Terms of repayment The term of a loan under the scheme is the term decided by the authority up to a maximum of 10 years. During the first year of the loan, the authority must not charge interest and must defer repayments of principal under the loan. From the start of the second year of the loan, the amounts of the repayments of principal and interest under the loan are the amounts decided by the authority. From the start of the second year of the loan, the authority may defer repayments of interest for a further 2 years under the loan. sch 26 s 13 orig sch 26 s 13 ins 2013 SL No. 194 s 5 om 2014 SL No. 51 s 6 prev sch 26 s 13 ins 2015 SL No. 125 s 10 om 2019 SL No. 71 s 59 sch 1 pres sch 26 s 13 ins 2020 SL No. 36 s 4 (sch.26-sec.13-ssec.1) The term of a loan under the scheme is the term decided by the authority up to a maximum of 10 years. (sch.26-sec.13-ssec.2) During the first year of the loan, the authority must not charge interest and must defer repayments of principal under the loan. (sch.26-sec.13-ssec.3) From the start of the second year of the loan, the amounts of the repayments of principal and interest under the loan are the amounts decided by the authority. (sch.26-sec.13-ssec.4) From the start of the second year of the loan, the authority may defer repayments of interest for a further 2 years under the loan.