Legal Question in Banking Law in India

Good day,

I am guarantor for bank car loan for one of my relative. This month suddenly 10000 get transferred from my account. When I visited bank to my surprise they have deducted 10000 toward loan installment. As loan holder had not paid installment form long time. I didn't get any prior notice. Still 303000 amount is pending to repay.

Kindly suggest me what to do. Is their anyway to come out of it. There is no sign of relative from long time. He is no more in contact non of us know where he is. He changed all his contacts.

Pls I am in very big trouble pls help me to come out of it.


Asked on 2/16/16, 10:39 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.02.2016

Dear Sir / Madam,

Firstly, you need to ascertain from the Bank and request them to confirm in writing that the Rs. 10,000/- (Rupees Ten Thousand Only) is towards the bank installment of your relative. Secondly, if your relative is absconding and the vehicle is untraceable, you should file a First Information Report (FIR) in the local Police Station. Get the Police Investigation Report and submit it to the Bank for information and necessary action.

Regards,

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Answered on 2/16/16, 10:58 pm


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