Legal Question in Banking Law in India
can I changed guarantor of bank loan ?
Asked on 1/28/16, 6:59 am
2 Answers from Attorneys
1) Yes. By substitution and take over the guarantee of the whole loan with all terms and conditions acceptable to the bank.
2) The new guarantor should have equal or more financial standing and credit worthiness to that of the outgoing earlier guarantor being determined.
Answered on 1/28/16, 7:10 am
Fca Prashant Chavan
Expert Edge LLP
28.01.2016
Dear Sir / Madam,
Yes, the guarantor of the loan can be replaced with the explicit consent of the Bank thereto.
Regards,
Answered on 1/28/16, 8:43 am
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