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I have taken Personal loan and was not able to pay the EMI
11-Nov-2023 (In Cheque Bounce Law)
I have taken a personal loan of 6 lakh from Axis bank and paid 16 installment but after that I was not able to pay the EMI due to financial crisis since last 8 months I have not paid any EMI. While taking the Loan bank has taken 3 cheque as deposit and now they have submitted one of the cheque in my account which got bounced due to insufficient fund. Can someone advise what is the intension of the bank by doing this and also what action do i need to take further.
The intention of bank is to recover loan amount from you by filing a cheque bouncing case against you under Negotiable instruments Act and Civil law. You may receive a legal notice from Bank or its advocate about bounced cheque and your liability to pay them.
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Adv. Mukesh Vasant Shinde
Thane | 400+ Answers
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Can we get loan after cheque bounce?
A bounced check will not directly affect your CIBIL rating. It may, however, indirectly cause your CIBIL to go down. For Indian Home Loans, lenders require borrowers to meet a CIBIL Score of at least 750. 06-Jun-2023
How serious is cheque bounce case?
In India, a cheque bounce is a crime. Its covered by Section 138 in the Negotiable Instruments act of 1881. If a complaint has been filed and the court finds the defaulter guilty, they can be punished by a two-year prison sentence and/or fines that can reach twice the amount of the cheque.
What happens if personal loan EMI is not paid?
If the borrower fails to repay their personal loan within 90 days, it will be considered a non-performing assets. The lender can take legal action against the borrower if the loan isnt repaid after 180 days. Section 138 from the Negotiable Instruments act 1881 gives them this right. 22-May-2023
What will happen if a personal loan from EMI bounces?
Raising the amount payable
A penalty is assessed for each missed EMI. This can be anywhere between 2 and 3 percent of the amount missed. The penalty is calculated on a month-to-month basis. The interest penalty increases the amount due at the end of your loan term if you keep missing EMIs. 03-Jan-2023
sir once the cheque is bounced, the bank will send you a notice under section 138 read with section 140 of the negotiable instruments act.
which ideally you should respond too.
after the bank sends you the notice, the bank will go ahead and file a complaint in the magistrate court against you.
which ideally you should respond too.
after the bank sends you the notice, the bank will go ahead and file a complaint in the magistrate court against you.
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Adv. Garima Anil Mehrotra
Mumbai | 500+ Answers
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it is clear by that which ever you say that bank bounced your check means they may be file an private criminal complaint under section 138 of negotiable instrument act against you
for more detail call me
for more detail call me
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Adv. Dinesh Wadhwani
Khamgaon | 100+ Answers
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