Legal Question in Banking Law in India

n 1998 One of My friend Has taken Loan From District Co-operative central bank Andhra Pradesh For purchase of computers Paid instalment for 6 month Then the computer institute is closed because of loss

Actually for the loan some other person has given gaurantee and taken 75% of loan money for personal use now the loan is on the name of my friend (computer institute )and bank people are forcing to pay the loan amount recently they approached the friend asked to pay the 1.90 is principle amount + 8 lacs interest is there any chance of intrest waiver or any way to proceed with gaurantor

kindly give us the solution


Asked on 4/11/15, 9:37 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

12.04.2015

Dear Sir / Madam,

Your friend should produce the documentary evidence to the Bank of 75% of the loan amount having been given to the other person who has given the guarantee for the loan.You shouldfile a legal claim against that person if he / she fails to repay back to you, the 75% of the loan amount taken by him / her from you with interest, which you in turn should handover to the Bank in settlement of the balance outstanding. You should negotiate with the Bank Manager for reduction in the interest amount.

Regards,

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Answered on 4/11/15, 11:23 am


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