Bank Loans Why do banks ask for blank cheques at the time of loan disbursement

[dhinchik]

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Hi All, senior members & others,

Can some one tell me the purpose of keeping 3 blank cheques by banks at the time of loan disbursement? I understand these can be used by the bank in case of default i.e. they can fill any amount (to the limit of amount due). But does this really hold any legal validity, if the matter goes to court?

[fritolay_ps]

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which bank was asking blank cheque... I never given any blank cheque to two of my home loans with different banks earlier...

[dhinchik]

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IDBI, LICHFL...
Those cheques were without dates and without amount.

which bank was asking blank cheque... I never given any blank cheque to two of my home loans with different banks earlier...

[fritolay_ps]

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I had loan with HDFC, ICICI but not paid any blank cheque.. all installments cheque/pre-emi cheques had amount & date. 
 
I have salary a/c with HDFC from last 10-12 years+ and investement portfolios with ICICI bank with same period... so this could be reason that they have not asked blank cheques from old customers
 
regards,"
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well... Bank is playing safe to keep 2-3 blank cheque but this actually will not help bank.. if you are defaulter.. .that means you dont have money in your bank a/c... so bank can not use your cheque..

I had loan with HDFC, ICICI but not paid any blank cheque.. all installments cheque/pre-emi cheques had amount & date.

I have salary a/c with HDFC from last 10-12 years+ and investement portfolios with ICICI bank with same period... so this could be reason that they have not asked blank cheques from old customers

regards,

[dhinchik]

var_dump: $conversation

Is it possible that if some one defaults, then the bank can submit those cheques and then let those cheques bounce and hence make a ground for legal action.

well... Bank is playing safe to keep 2-3 blank cheque but this actually will not help bank.. if you are defaulter.. .that means you dont have money in your bank a/c... so bank can not use your cheque..

I had loan with HDFC, ICICI but not paid any blank cheque.. all installments cheque/pre-emi cheques had amount & date.

I have salary a/c with HDFC from last 10-12 years+ and investement portfolios with ICICI bank with same period... so this could be reason that they have not asked blank cheques from old customers

regards,

[fritolay_ps]

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this is not the last legal action... in future... you may not get any home loan from any bank...unless you dont make new PAN card :)"
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simple.... any home loan... bank will keep original BBA/property documents.. if you dont pay EMI continue six month than bank simpally put your property on auction.

this is not the last legal action... in future... you may not get any home loan from any bank...unless you dont make new PAN card

[deep2011]

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Has anyone also experienced same with Axis bank?"
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Axis bank also asks for 1 blank cheque without date etc, 1 cheque of full loan amount & 7 cheques with EMI amount on it. All without any dates mentioned.

Has anyone also experienced same with Axis bank?

[syamdev34]

I have also applied for loan from Axis. It is approved and now the agent is asking for 6 check leafs. Not sure if it is valid. SO have you given all those checks and got loan?

[akjha0409]

Initially I had talked to builder that I would take SBI Loan. However my builder got the property approved from Axis. So I have no option but Axis bank Loan. I asked bank person to give Loan Sanction Intimation Letter which he refused. I have no paper in hand from Axis. Though website says you can contact thro various mediums none works.
1. The phone call- Plays Electronic Sounds, Ads, Axis Motivational songs 5 mins. By the time you explain anything the phone disconnects.
2. e-mail :Next time another person picks up the phone, and suggests you send mail to Nodal Officer.For e-mail you are asked to log-in using Account No. which you do not have.

I will take some more time just to alert. I applied for 25 Lakh and got SMS saying your loan is sanctioned for 31 Lakhs. If you are not lucky enough to read this SMS, you will get your Sanction statement after first loan disbursal. By that time Bank would already have paid YOUR one time non-returnable Insurance Premium without your knowledge.
Coming back to the main point- The Axis Bank person has asked me also to give 9 blank cheques.
Pre-EMI-1, EMIs-3, Cancelled Cheque-1, Blank-3 Nos. for 25L as max limit of cheques is 10 Lakh.
All cheques are required of Salary Account.
Thanks for reading- Friends take care
Yet to give but no other option.

[LalitK]

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  string(490) "[QUOTE=dhinchik;282545]Is it possible that if some one defaults, then the bank can submit those cheques and then let those cheques bounce and hence make a ground for legal action.[/QUOTE]
You have yourself answered the questions. These cheque are for the same reason to get them bounced and then initiate a legal action.
At times they can get blank and at times they can get the max amount filled in that (the total loan amount). Once the Loan is finished these cheques are returned to you."
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Is it possible that if some one defaults, then the bank can submit those cheques and then let those cheques bounce and hence make a ground for legal action.

You have yourself answered the questions. These cheque are for the same reason to get them bounced and then initiate a legal action.
At times they can get blank and at times they can get the max amount filled in that (the total loan amount). Once the Loan is finished these cheques are returned to you.

[dhinchik]

var_dump: $conversation

Yes! I know that.
But can these cheques be used after a long time i.e. 18 months or so?
I believe the bank stands on a lower ground after paying lets say 18 EMIs or so.
If the cheque is blank (i.e. date and amount) then it needs to be filled by someone from the bank and then deposit. And this should make enough of legal ground against bank.

My objective was to discuss the legality of such practice and counter the same.

Can we cancel those cheques in advance and intimate bank before bank actually uses it? What could be impact of this?

You have yourself answered the questions. These cheque are for the same reason to get them bounced and then initiate a legal action.
At times they can get blank and at times they can get the max amount filled in that (the total loan amount). Once the Loan is finished these cheques are returned to you.

[dhinchik]

var_dump: $conversation

Few cases from google (Other than home loan):

Link1: blank cheques taken by bank -please help!

Link2 can bank keep a blank cheque as security

Link3 Prosecution ruled out in blank cheque bounce cases

Few excerpts for everyone's benefit (if do not want to go through the links above):
1) Any business of blank cheques is illigal. Just like taking a peper with blank
signatures

2) Banks do keep blank cheques as security against loan so they don't have to run
behind your guaranteers for youe defaulted payments.

3) Prosecution ruled out in blank cheque bounce cases
Saturday, Feb 20, 2010 at 0139 hrs IST
Bombay High Court | Law And Order | Blank Cheque Bounce Case

The Bombay High Court has held that if a blank, post-dated cheque—which has been issued only as a ‘collateral security’ for a loan—bounces, the debtor cannot be prosecuted under the Negotiable Instruments (NI) Act.

for further clarifications: call : dr.b.n.soans at 09245201687
Very often banks take blank, post-dated che-ques from borrowers as a security for repayment. Criminal case under the NI Act cannot be lodged if such cheques bounced, Justice PR Borkar held in his judgement last week.

The judgement could be a jolt for private banks, but public sector banks wouldn’t be affected by it, says MR Umarjee, chief legal advisor, Indian Banks’ Association. “I don’t think the Bombay HC judgement will have any implication in the case of state-owned banks, as they don’t ask for such blank cheques from their borrowers. Yes, those banks that ask for blank cheques may be affected by this judgement.

Other bankers contacted by FE refused to comment on the development, saying they have not gone through the judgement.
The judgement was passed on a petition filed by Ramkrishna Urban Cooperative Credit Society (RUCCS) in Ahmednagar district.

RUCCS had given a loan of Rs 2 lakh to a person named Rajendra Varma in 2000. Varma had issued 10 blank post-dated cheques at the time as a security for repayment.

One of these cheques, dated January 2008, bounced following which RUCCS filed criminal complaint against Varma. However, the magistrate's court held that Varma was not guilty under the NI Act and acquitted him. The society filed an application in Aurangabad bench of High Court seeking its permission to file appeal in sessions court.

The High Court noted that the NI Act was intended to give more credibility to cheque as a financial instrument; “However, the object was not to provide effective and speedy remedy for recovery of loans,” it said. “Law makers must not have intended or imagined that money lenders or banks would obtain blank or post-dated cheques while sanctioning/disbursing loans as securities and would use them to make debtors/borrowers to repay loan under threat of prosecution and punishment under Section 138 of NI Act,” Justice Borkar held, dismissing the application.
“It is doubtful if provisions of Section 138 attracted to a case in which a blank or post-dated cheque is obtained by a bank or money lender before or while sanctioning or disbursing loan amount as security for the loan,” the judge said.

“In this case, the accused respondent issued the cheque in question as security for loan before loan amount was disbursed. So, cheque was not towards any existing debt or liability (which is a requirement under Section 138),” the high court observed, confirming the order of acquittal....