Legal Question in Banking Law in India
Type your question here... My brother had taken a cc account loan of 45lakhs from PNB . I was a gurantoor for the loan . Now i want to withdraw my gurantoorship. Can i?
4 Answers from Attorneys
No. However, you may negotiate with the Bank for change of guarantor or other terms of loan.
you can withdraw your guarantee during the continuation of loan and payment of EMIs but in case the dispute is pending and notice is issued to you, you cannot withdraw your guarantee to save yourself from legal hassles.
You cannot withdraw your guarantee for the debit balance so far accrued. But you can revoke your guarantee for future drawings in the CC account by issuing notice to the bank. If the Bank on receipt of your notice stops operations in the account, they can demand you to pay the loan outstanding up to the date of their receiving notice of your revocation
Why you want to withdraw?
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