sch.8-sec.10Interest rates

### sch.8-sec.10 Interest rates The interest charged on a loan given under the scheme must be calculated at a concessional interest rate decided by the authority. 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 to a rate not more than a commercial rate of interest. sch 8 s 10 orig sch 8 s 10 om 2014 SL No. 51 s 6 prev sch 8 s 10 ins 2014 SL No. 180 s 4 om 2019 SL No. 71 s 59 sch 1 pres sch 8 s 10 ins 2019 SL No. 128 s 4 (sch.8-sec.10-ssec.1) The interest charged on a loan given under the scheme must be calculated at a concessional interest rate decided by the authority. (sch.8-sec.10-ssec.2) 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 to a rate not more than a commercial rate of interest. - (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 to a rate not more than a commercial rate of interest.