No, you do not have to pay interest on the complete line amount for a loan against mutual funds. Volt Money provides complete flexibility for the customer, and interest is only charged on the amount used. Interest is calculated daily based on the loan outstanding at the end of each day. Let's look at a couple of scenarios to explain:
- If the loan amount at the end of the day is zero, no interest will be charged for that day.
- If an amount is withdrawn, used, and repaid within 10 days, you will only be charged interest for the 10 days of utilization.