Legal Question in Banking Law in India
If borrower in vehicle loan was under age 18, he defaults, what responsibility is of guarantor, actually guarantee r misinterpreted by finance company. Ashok Leyland Finance Ltd. that this means only as introduction as in bank. now how recovery will be made, as matter is in court and attachment is in proceeding.
Asked on 6/09/13, 6:25 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
10.06.2013
Dear Sir / Madam,
The financer will first recover part of the loan amount by auction of the vehicle and the remaining balance will be recovered from the parents and guarantor of the loan.
Regards,
Answered on 6/10/13, 6:24 am
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