Legal Question in Banking Law in India
I and my friend have availed of a personal loan from a nationalized bank by standing as surety for each other. I have been regular in the repayment of EMI, but my friend has defaulted for the past several months. What are the repercussions?
Asked on 10/28/10, 12:30 am
1 Answer from Attorneys
Rashmi Bhatia Sangare
Private Practise
As you are surety to your friend�s loan, you are equally responsible to pay in case your friend defaults in his repayment. Bank has the right to recover money from you also. They can file recovery proceedings against you also.
Answered on 10/28/10, 3:06 am
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