Legal Question in Banking Law in
If repayment of loan to be done within the age criteria(applicant age) of maximum age being 70yrs, can guarantor whose age exceeds the repayment age(say age 67yrs and repayment period being 5yrs) can be accepted?
What if the same is accepted and in case of default, the guarantor's property is suit filed? Can legal hiers of the guarantor object?
Asked on 12/22/10, 7:46 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
There is no age limit for a person to guarantee a loan. What the bank will look into is his means and able to enter into a contract i.e. being of sound mind. that is all
Answered on 12/22/10, 6:33 pm
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