Legal Question in Banking Law in India

About personal loan

Dear sir,

My father took some personal loan from Allahabad Bank, Meerut in 2004, My father was expire in 2006, after my father death we are facing financial crisis thats why we are not able to pay on time. I want to know if a person is take personal loan and he expire before paying that, then what happen?


Asked on 10/16/08, 10:38 am

4 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: About personal loan

The Bank will file a suit and get a decree against the assets, if any, of your father in your hands and then attach and sell the same.

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Answered on 10/16/08, 10:21 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: About personal loan

His gurantors and legal heirs will have to pay it

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Answered on 10/17/08, 11:39 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: About personal loan

The loan can ONLY be recovered from the property, if any, left by the deceased OR from the guarantor. If you have not inherited any property from your father, you may not be liable to make any payment and Bank may have to write off the loan amount.

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Answered on 10/16/08, 3:47 pm
Nasir Butt Nasir Law Associates

Re: About personal loan

Liability to pay loan back never ends even person ends. His guarantor or legal heirs are responsible against balance payment. Bank will file suit and will get decree against suit property and will recovery from either guarantor or legal heirs, whichever is applicable. If legal heirs do not inherit, there will be no option for bank except to write off the same. Don't worry. You are liable upto the extent whatever you have inherited.

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Answered on 11/05/08, 9:20 am


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