Personal Loan India Bulls Dhani NACH Section 138
03-May-2023 (In Cheque Bounce Law)
I have an existing 5 lakh loan with India Bulls Dhani via the app
The NACH auto debit facility is being used to debit money directly from my bank a/c
I recently discovered that failure to pay this will be treated the same as PDC bounce under section 138.
I need to find a way around this as I fear I may default in the near future. I took the loan presuming personal loans are civil disputes and in the worst case will file for bankruptcy. Now I'm worried because it can be a criminal offense.
Kindly provide solutions, can this NACH mandate be voided or canceled? Is there a way to avoid section 138?
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