Legal Question in Banking Law in India
Guarantor for Bank Loan
Dear Sir/Ma'am,
I asked my Mom to sign as a guarantor for a loan for my friend regarding his educational purposes. He has not paid it back and its has gone up to twice as the loan amount he got with compound interest.
The bank is threatening my mom that they will take legal action.
How long is the guarantor sign valid? My mom was forced to sign after 3 years stating that the signature is valid for only 3 years. Is there a time period like that? Now, I want my mom off the hook as she is nearing retirement and is a Central Govt employee. Other than refinancing the loan, what are the options? Can I go legally should there be a case of default? My mom blindly signed as I asked her to so I do not want her to be in trouble.
Please advice.
Thanks!
2 Answer from Attorneys
Guarantor is liable if loan is not paid . I suggest to make compromise with the bank
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