What if I fail to make a monthly interest payment? What can I do if the account is overdue? How can my account become overdue?
In case of interest bounce, the entire interest amount and other charges become overdue. The borrower will be requested to make overdue payment using the Pay Now facility. If the borrower fails to make overdue payment within 60 days, Mirae Asset Financial Services reserves the right to invoke/ sell the underlying mutual funds to the extent of overdue amount and recover.
The account can also enter in overdue state if the value of mutual funds drop and the utilized amount is more than the revised eligible limit. The difference between the utilized amount and the revised eligible limit in such case becomes overdue.
You may deposit additional cash equivalent to the overdue amount or deposit additional mutual funds via top-up. If pledged collateral value increases again the account is automatically regularized.