Withdrawa our guarantee

Amit Sharma (Querist) 05 July 2018 This query is : Resolved
Whether the guarantor has the right to withdraw his guarantee

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Amit Sharma (Querist) 05 July 2018
I want to take back my guarantee

Sudhir Kumar, Advocate (Expert) 06 July 2018
Yes.

you can withdraw guarantee before loan is disbursed

or
you can withdraw guarantee after loan has been fully paid (either by borrower or by you)

or
you can withdraw guarantee if you can prevail upon someone else to be ready to put his head in place of yours.

Guest (Expert) 06 July 2018
You could also contact Generous and Broad Minded Deputy Manager Mr.Sudhir Kumar for Guarantee and Surety Purposes (details) Replacements

Guest (Expert) 06 July 2018
In Railways you could find many Employees loosing more than 50% of their Salary after signing the Surety.

Guest (Expert) 06 July 2018
You Should Submit the Cancellation of Surety or Guarantee Cancellation Letter of Withdrawal of Surety Or Guarantee Immediately in the Bank where you had signed and Should/ Must take the acknowledgement immediately with out delay of single second today before the sanctioned loan is availed.Other wise certainly you would be in Problem.

Guest (Expert) 06 July 2018
In one case what happened one person signed as guarantor along with Pledging his property foe which the persons who availed the Loan assured to pay him a certain amount every month.. Initial Loan availed was Rs 10 Lakh and the Property worth was 1 crore. First 6 month the Borrowers paid the amounts to Bank and borrower promptly. In the 7th month loan was further sanctioned to 60 lakh and the guarantor who had given the Collateral was not informed and the banker said it is not required to inform them. And after availing the further Loan the Borrowers Vanished, And even the Security had come for auction.