The applicants mortgaged their properties to secure a loan
from the Respondent, agreeing to pay the said amount together with interest at
19% per annum and penal interest of 27% per annum on any expired limit or
unauthorized excesses of the overdraft, and the same interest rates for the
Term Loan Facility. Later on the applicants failed to repay the loan in due
time and consulted the bank for waiver of charges on interest and were advised
by the credit officer to repay the principal amount in due time for their
request to be processed. However, the bank continued charging the interest. The
issues before the Court were whether the bank was charging the interest on the
loan and overdraft facility as per the contract and whether the Plaintiffs has
paid in full the principal amount due to the bank.