Cheque Bounced for emi on car loan what to do.
Sir, I have taken a car loan for Rs.515000 from Kotak Mahindra Prime Ltd @Rs.10850 emi for 60 installments. The first installment was deducted from my account on 05.11.16 and for the second installment on 05.12.16, the cheque was bounced. Now, the financer is requesting me to pay the amount through RTGS or an additional cheque. Please advice me in this regard, what should I do.
Kotak mahindra financed your car and you have to bound by the term's of borrowing , so you have to do RtGs or to give additional cheque to the amount.
Other Wise they can seize your car as per the terms of financed by them and also can file cheque bounce Case against you
So better clear the default installment in any maanner by cheque, rtgs, Cash, so that they cannot file cheque bounce Case nor can't seize your car nor change additional amount.
Advocate Ravindra PrasadSharadha Talkies Road, Kolar
You issue another cheque instead of bounced cheque, recently supreme court held tht , (2016) 10 SCC 458, Sampelly satyanarana Rao Vs. Indian renewable energy development Agency Ltd.
Here, Apex court very clearly stated posted cheque s for any instalment loan can attract under sec.138 of NI Act.
So better you can pay or face the legal consequences with contesting the matter, consult and get relief.
Advocate Sharanagouda S. PatilVijayanagar, Bangalore
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