Questions & Answers
Consequences of failing to pay full loan instalments to the bank
Hi Sir
I had taken a loan from a bank in September I was paying proper instalments until March. After that, I could not pay full instalments.
Now the bank called me saying that they will be depositing the cheque and go for legal issues.
Kindly let me know what are the cheque bounce consequences. I am afraid.
Hi,
If you miss 4 instalments, they will deposit the security cheque and if it bounces, they will make it a criminal case and you have to pay a fine to settle the case.
After that, the bank will try a civil case on you along with a travel ban.
Keep writing to your bank and keep records and also try and make the minimum instalment for your loan.
Make a complaint with your bank customer care and then make a complaint on the central bank website also.
