1. What's the annualized penal interest in case of delayed payments?
It's 36.5% per annum, which will be charged on the overdue EMI amount.
2. Is there a one-time penal charge on the first overdue day for each EMI?
If you miss an EMI payment, you will incur a one-time penal charge on the first overdue day. It would be ₹500 or 30% of EMI due, whichever is lower.