Legal Question in Banking Law in India
Dear sir,
A person worked at PSU. He took a loan and passed away before the repayment of the loan. I want to know whether his lumpsum(PPF, gratuity, retirement funds etc) money which will be given to his nominee is subject to deduction for the recovery of the due amount? Or is this only responsibility of the guarantor(who has given personal guarantee) to repay the loan? And what should be the priority of the bank?
Thank you
Asked on 9/07/15, 9:10 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
08.09.2015
Dear Sir / Madam,
If the Loan Agreement so provides. the deceased funds can be applied for settlement of the outstanding loan.
Regards,
Answered on 9/08/15, 3:38 am
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