Difference between Loan repayment cheque and guarantee cheque

Swaran Singh (Querist) 10 March 2011 This query is : Resolved
Sir,
1. Can a NBFC advance &/or show loan as cash for Rs.4,50,000/-?
2. Can a loan of Rs. 4,50,000/- agreed to be paid in full through one cheque after period of one year?
3. what is the difference between loan repayment cheque and guarantee cheque under The Negotiable Instrument Act 1881?

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malipeddi jaggarao (Expert) 11 March 2011
1. yes
2. yes
3. They are not defined under NI Act. They are one and the same as per Act.

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