I have bounced 4 EMI payments of ₹15,000 each on my Chola Finance loan. They deposited a ₹450,000 cheque to close the loan, but it bounced. Is this legal? I closed the loan in 2019. What should I do?

Apni Law
Apni Law
Law Forum › Category: Cheque Bounce › I have bounced 4 EMI payments of ₹15,000 each on my Chola Finance loan. They deposited a ₹450,000 cheque to close the loan, but it bounced. Is this legal? I closed the loan in 2019. What should I do?
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Apni Law Staff asked 2 years ago

I have bounced 4 EMI payments of ₹15,000 each on my Chola Finance loan. They deposited a ₹450,000 cheque to close the loan, but it bounced. Is this legal? I closed the loan in 2019. What should I do?

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Best Answer

Apni Law Staff answered 2 years ago

Chola Finance can legally pursue legal action for the bounced EMIs and the bounced cheque. You should contact them immediately to discuss a repayment plan or seek legal advice to understand your options and potential consequences.

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