Personal loan of deceased
Sarath
(Querist) 09 November 2017
This query is : Resolved
Hi sir
My father working as teacher died in February 2017.he took personal loan from sbi.now the bank is asking me to pay the entire amount of 5 lakh at once.i told the manager that i will pay monthly since i didnt have that much amount with me.but the manager insist me to pay the entire amount.
Ijust need to know can i pay it monthly or not.my mother is also a teacher.we are asking the bank to transfer the loan to my mother account. But they are asking us to pay entire amount.
Please give me proper information whether can i pay monthly or not
Vijay Raj Mahajan
(Expert) 09 November 2017
SBI is worst bank and will not cooperate with you. Your mother should take personal loan in her name from some other good non-nationalised bank, repay SBI the whole amount of loan taken by your father and continue re-paying the personal loan to her new bank on monthly basis.
Guest
(Expert) 09 November 2017
A good example and a novel job of the SBI, if that paid a big sum of Rs. 5 lakhs as personal loan to a teacher without any security or surety!
About your question, only the bank can give reply, not any expert here, as none of the experts can be taken as the spokesman of the bank.
To be frank, I have some doubt in the description of your problem to be true.
However, if there is any truth in your story, in addition to the advice of Shri Vijay Raj Mahajan, I may suggest you to pay almost the whole of the amount of loan out of the gratuity, PF and employees insurance benefits, as have to be received from the employer of your father, by your mother or you pay, as his nominee/s.
Rajendra K Goyal
(Expert) 09 November 2017
Humbly differ with expert Vijay Raj Mahajan that SBI is worst Bank and they would not cooperate. It is serving masses and try to observe its system and procedure. Some other government Banks are more worse while cooperation needed. SBI cooperate if properly represented.
The Bank must have taken some guarantee / collateral while releasing such loan. Use RTI to get the information and statement of account from Bank informing that your father has expired and as son you need copy of all documents.
Has the Bank asked to pay full amount from you in writing ? If so, reply the letter accordingly. Do not hesitate to write to head office in case of need.
Sarath
(Querist) 13 November 2017
Of course my mother will get gratuity but not pf.since my father worked in RCM school.they don�t have pf plan.as gratuity we will get 5lakh 50thousand. So we want that amount to settle some outside debts.so we are asking the bank that we will pay monthly but they are not cooperating.
I just need to know that is there any option or rule or go in banks that I can pay monthly.
Please reply if anybody know any such option is available or not.
Rajendra K Goyal
(Expert) 13 November 2017
Your mother is employed, she can try for loan from other Bank and clear the loan of the deceased.
As mentioned, Bank must be having security / collateral / guarantee for the loan.
Sarath
(Querist) 21 November 2017
My father had taken DDS Loan(cattle loan) from district cooperative bank.what happen to that loan.does we have to pay it?
Guest
(Expert) 21 November 2017
I understand that this does not seem to be your real problem, but still, if there is any truth in your story, the reply is as under:
The loan can be recovered from legal heirs or by attachment of property of the deceased. Better settle the same. otherwise, CIBIL Credit Rating of both you and your mother can also be affected, if the agreement contains the provision of liability of the legal heirs also.
