For every cheque is dated to possess encashment to own a specific day. Banking institutions dollars the new cheques so they really get the EMI percentage timely. It is vital to guarantee that the bank account from which currency would-be debited to pay for mortgage EMI have to have adequate fund having debit to take place. In case your cheque bounces and/or vehicles-debit doesn’t go through, there’ll be a defer in the percentage which in turn results in penalty charge.
