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8 cheque given to the bank for 48 emi

(Querist) 11 October 2012 This query is : Resolved 
Dear sir
I have taken a personel loan from HDFC bank of Rs.334000 at the time of agreement they have collected 8 cheques towards 48 emi which is to be deducted from my account through ecs.
but my question is that if any time i fail to pay the emi in time can bank use those cheques as there representative saying that bank will present the cheque to my bank to get it bounced and then they will file the case under 138 NIS ACT
ajay sethi (Expert) 11 October 2012
the 8 cheques have been given as security for loan . they must be undated and blank cheques .

in the vent bank depsoits these cheques and issues you legal notice dent that these cheques were in repayment of loan . it was only a security cheque .

no 138 NI is maintanable for security cheques
TANVEER (Querist) 11 October 2012
CHEQUES WERE POST DATE AND EMI FOR LOAN ACCOUNT NO..... AMOUNT 9855x3 WERE WRITTEN PLZ ADVISE (9855)WAS THE EMI FOR 48 MONTH
ajay sethi (Expert) 11 October 2012
in your case pauyment was trhough ECS only . cheque was taken as security . if you default bank will use those cheques . you have to fight it out
Raj Kumar Makkad (Expert) 02 December 2012
Nothing seems to be added in the already given replies.


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