Legal Question in Banking Law in India
Sir my father was guarantor in personal loan but the person who took the loan died and bank officials are asking him to repay loan. So please help us regarding what should be done.
Asked on 10/19/15, 11:29 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
20.10.2015
Dear Sir / Madam,
If the principal borrower of the loan is deceased, the Bank has to approach the legal heirs of the principal borrower for settlement of the outstanding loan, before the Bank can approach your father who remains the guarantor of the loan.
Regards,
Answered on 10/20/15, 5:34 am
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