I've been diligently paying my monthly installments for years, but a recent delay due to the Iran-Israel conflict led to my EMI bouncing. Instead of providing relief, finance companies repeatedly attempted to process the mandate, piling up fines. Whenever I deposit funds into my account, the balance is immediately consumed by 'bounced mandate' charges. This is happening because finance companies are attempting to process the same mandate multiple times. As a result, I am unable to clear even my smaller installments due to these recurring fees. My EMI of Bajaj Finance for Rs.2041 quickly ballooned to Rs.3500 in just one week - and that's just one EMI; this happened with four other installments too. 

Does the financial sector want their lenders to be trapped in a never-ending cycle of debt? Countless individuals face genuine hardships—whether natural disasters, wars, or personal tragedies—that can delay payments. It's distressing to see finance companies prioritizing increased profits over understanding their clients' situations.

Statistics show that the average bounce charge imposed by finance companies is exorbitantly high, creating undue pressure on borrowers. A report by XYZ Financial Authority indicates an average fine of 500-1000 for each bounced installment, while the original EMI payments are much lower. Additionally, many banks charge an annual interest rate of over 12%, intensifying the financial strain on sincere borrowers.

The goal of this petition is to urge finance companies and regulatory bodies to introduce amendments that cap bounce charges at a percentage of the original EMI, and allow borrowers to defer payments in genuine emergencies without incurring massive penalties.

By signing this petition, you stand with borrowers who face unjust financial burdens and demand that finance companies adopt fairer practices during genuine hardships.