Legal Question in Credit and Debt Law in India

i took a student loan from sbi of 3 lakhs in 2005, unsecured with my father being co borrower. and my fathers brother as gaurantor. i have never made any repayment till now and had no communication from the bank, all i have heard that bank contacted my uncle for the repayment last month. me and my family is not in position to replay the loan or installments what are the reprucussions. principle loan was 300,000 and now its has gone upto 520,000 with interest,


Asked on 12/14/10, 3:01 pm

1 Answer from Attorneys
Kumar Krishan Agarwal Mr KK Agarwal Assoiates Law Firm

The property of the guarantor will be seized by the Bank thru court and after sell it off on for the recovery of all dues amount.

Read more
Answered on 12/14/10, 3:23 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India