Hi,
I have taken a personal loan of 5,50,000 for 60 months and paid 21 months without any issue. From last 5 months I was unable to pay as Im not in job from past 18 months and my business plan went wrong in between. I payed 1 EMI out for 5 pending EMI's 1 week back. Today I see the message from bank saying cheque is bounced (for the amount of 3 EMI's) which was given at the time of loan disburse (3 cheques). My financial difficulties may continue for 3 months more. If I ask for the time bank is not ready. I dont have any intention to default but I need time. Since the cheque is bounced can they file criminal case against me. If yes please suggest me how to handle this situation.
Note: I have not updated my current residential address with the bank just to avoid harrasment from agents.
Thanks.
