Possible scenario in case of defaulting on a business loan

Dear Questioner,

Thanks for contacting me.

If you failed to pay the EMI's of the loan, the bank can initiate criminal and civil cases against you based on the guarantee cheque issued by you at the time of availing the loan.

In the criminal case, the punishment may be to pay a fine or to undergo imprisonment based on the cheque amount. In the civil case, you have to pay the amount as per the judgment.

Please feel free to contact me on 0556635526 or WhatsApp me at 0508575526 if you need any further assistance of clarification.

Regards,

Anitha Rajeev