Late charge or penalty simply refers to the additional amount charged to borrower in the event he fails to make his credit facility repayment on the respective due date.

Late charge or penalty of each credit facility account in system is default to the late charge or penalty scheme tagged to the respective product.

However, there can be exception cases, whereby late charge or penalty charge can be set at a different rate for certain credit facility account due to certain arrangements or reasons.

Therefore, this function will be useful, as it allows users cater to the above needs.