Legal Question in Banking Law in India
loan installment
Can a bank charged 2 installment of laon in one month after bouncing of loan installment through ECS, Bank charged one by cheque (collected by representative) and one by ECS
2 Answers from Attorneys
Re: loan installment
it is not legal and proper to collect two installments for one month. there is definetly a mistake! first you must talk or write to the Bank you had opted for ECS to return back the money and secondly the loan personnel to check it out for unlawful two payments! usually they will either adjust the money for the next installment or remit back the amount to the Bank.
Re: loan installment
its all about understanding between both the parties. if you have given the cheque they will encash it and the monthly payments will keep going like as they used to be.
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