sch.7-sec.10Terms of repayment

### sch.7-sec.10 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. The amounts of the repayments of principal and interest under the loan are the amounts decided by the authority, subject to subsections (3) and (4) . However, the authority may— review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest. The authority may allow deferral of repayments of the principal under the loan for up to 2 years, if the principal and interest are repaid over the balance of the term of the loan. sch 7 s 10 prev sch 7 s 10 om 2014 SL No. 51 s 6 pres sch 7 s 10 ins 2014 SL No. 169 s 5 amd 2018 SL No. 172 s 23 (sch.7-sec.10-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.7-sec.10-ssec.2) The amounts of the repayments of principal and interest under the loan are the amounts decided by the authority, subject to subsections (3) and (4) . (sch.7-sec.10-ssec.3) However, the authority may— review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest. (sch.7-sec.10-ssec.4) The authority may allow deferral of repayments of the principal under the loan for up to 2 years, if the principal and interest are repaid over the balance of the term of the loan. - (a) review an applicant’s financial situation annually to decide whether or not to increase the interest rate charged for the loan; and - (b) if the authority considers the applicant’s financial situation has improved—increase the interest rate up to a commercial rate of interest.