Bike EMI Bounce: Buying a bike is not a big deal in today’s time, but sometimes people do not have the budget so they buy the bike on EMI. However, many people buy the bike outright in cash. The loan is gradually completed by paying EMI every month. However, buying a bike by taking a loan has become an easy process these days. But sometimes due to loss of job or salary not coming on time, people’s EMI gets bounced and the installment is missed. In such situations people often get worried. In such a situation, the biggest question in the minds of many people is whether the bank can confiscate their car without informing them or snatch it forcibly? In fact, just because of EMI default does not mean that the bank will immediately seize your bike. There are many rules and regulations of the government to do this, let us know in detail about your rights. Can I take the bike to the bank if the EMI bounces? According to media reports, if the EMI bounces, the bank cannot immediately seize your bike. Actually, there are many types of processes for this also. Generally, your bike cannot be confiscated without following the procedure. In case of non-payment of EMI, the customer is first contacted and given an opportunity to deposit the outstanding amount. During this, the bank follows the procedure prescribed in the loan agreement and its recovery policy. However, in case of continuous installment bounce, recovery action can be initiated, hence you should follow the rules of the bank. In some cases, recovery can also be done by the bank in case of continuous installment bounce or if you make a mistake. What should be done in such a situation? If seen, if the bank forcibly confiscates your bike due to stoppage of installments, then in such a situation you also have many legal rights. Recovery agents cannot use any kind of threat, abusive behavior or coercion. If you do this you can complain about them. You have full right to know the outstanding amount and action taken on the car. If the bank is confiscating your bike without your knowledge, then you can demand a notice from them, which has to be given to the bank in advance. If you break the terms of the loan agreement, the vehicle can be confiscated by the bank.
