Questions & Answers
How to avoid a case by the bank for defaulting on loan instalments?
Hi Sir,
I have a personal loan with a UAE bank, the amount was AED 240k. I paid 6 months, the remaining amount is 200k.
My security cheque amount is AED 288k. Unfortunately, I am not getting a salary from my company so I can't pay the EMI.
Currently, 2 months are overdue, the collection department people started harassing me.
I sent all the relevant documents to the bank related to the salary issues... etc., but no help from them.
Can I know what will be the penalty & jail term for it?
Still, I am staying here in the UAE.
If a criminal case is filed against you for a cheque without balance, it will end with a fine that will be paid in the Public Prosecution.
But in the event that a civil lawsuit is filed against you, it will have an executive file to implement the amount. Through this file, they can submit a request to arrest you and prevent you from traveling.
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