Legal Question in Banking Law in India
A borrower purchased a car after getting loan from a nationalized bank, and he pleased the bank manager and very cleverly be fooled me by making me Guarantor for the same. Now he is not paying the installments intentionally. I am feeling helpless.
Asked on 9/09/13, 2:05 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
09.09.2013
Dear Sir / Madam,
The onus of car loan repayment lies on the original borrower, and in the event the borrower fails to repay two or more EMI's on his / her loan, the bank is supposed to immediately confiscate the car, sell it in the market and recover the loan amount.
Regards,
Answered on 9/09/13, 9:48 am
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