Loan
Guest
(Querist) 29 September 2017
This query is : Resolved
I was forced to guarantee for vehicle loan of nephew of my employer in 2011..Immediately after I left the job as I found difficult to work with them. I informed bank manager and submitted application for the same. On asking Mgr told that he will do needful.
After three installments he has not paid any EMI. Bank is not having RC /hypothetication till date and vehicle was in use in the area for six moths. Even bank has not impounded the vehicle. Afterwards employees sold the vehicle. I was called by bank in 2013 & 2015 and I assured full support.
I applied for loan in 2017 and came to know that loan is still pending. Bank has filed suit.
Was it not duty of the bank to impound/trace the vehicle. Bank has not asked for RC/Hypothecation till date even after knowing track of that party. The same bank provided loans on forming small assets like lab/store etc.to employer/kins even after knowing that they are defaulters. Bank role in not getting RCC is questionable.... or ...
Plz advise.
Sudhir Kumar, Advocate
(Expert) 29 September 2017
forget about what bank should or should have done, prior to loan or later than loan and prior to default or after default.
You have not even indicated whether it is govt bank or not. If it is a govt bank then at the most you complaint and there may be disciplinary action against the manager.
Notwithstanding this you have to refund pay the loan. The bank officials are guilty if they have started no action against you.
rajeev sharma
(Expert) 29 September 2017
You say that you were forced to give guarantee of loan. Whether you have any evidence of this ? You further stated that the bank has filed a suit for recovery of this loan if the bank is treating you guarantor of loan then why you were inot made a party in this suit ? The bank had a primary duty to get its hypothecation registered on the vehicle now the bank may not take advantage of its own mistake. consult a lawyer well versed in banking law and hopefully you may get a relief.
R.K Nanda
(Expert) 29 September 2017
no reply to anonymous query.
Rajendra K Goyal
(Expert) 29 September 2017
No advice to query from an author who is anonymous.
You can post the query in fresh thread with your identity and material facts.
P. Venu
(Expert) 29 September 2017
"I informed the Bank Manager and submitted the application for the same"! What was it that you informed? What was the subject-matter/content of your application?
P. Venu
(Expert) 29 September 2017
Learned experts Mr. R K Nanda, Mr. Rajendra K.Goyal and Dr.J.C.Vasishta:
Kindly permit me point out that they , and every and all experts, have the option to reply or reply to any query, whether anonymous or otherwise. However, it is highly unethical to rush with the reply of "no reply", that too, after another learned expert has offered his comment.
As they kindly, note such "no reply" postings are breaching the professional integrity of this august forum.
Let us all strive together to achieve greater and greater heights!
Guest
(Expert) 30 September 2017
Banks do not pay vehicle loan just to impound the vehicles. If you ask for duty of the bank, their first and foremost duty is to recover the amount from the guarantor, if unable to recover from the debtor. The bank is not concerned whether you gave guarantee voluntarily or forcefully. To prove the event to be forcefully, that is the matter between you and the debtor or your employer and you have to prove that through court only to get that nullified.
So, as a guarantor, you are under obligation to get the amount recovered for the bank or pay from your own pocket. If you want to prove the guarantee to have been taken forcefully, you can sue your employer in the court of law for such illegal act..
Guest
(Expert) 30 September 2017
I endorse the views of Mr. P. Venu. The experts may like to refer the note below the slot for reply. Below that slot for reply, the LCI Admn has clearly instructed, "try to add value with your east post." But what value the experts add becomes questionable on their part, if they simply right, "anonymous query, no reply, etc., etc. The sole purpose of the website is defeated by adding vague replies without any value.
If anyone does not desire to post his reply, he can use his discretion to avoid posting any reply, but making any such negative reply, itself denotes that the expert himself contradicts his own statement, may be posting his intention not to reply.
Guest
(Querist) 03 October 2017
Dears sirs,
I am thankful to all reply/advises. But query is not vague as this case is affecting the moral values/devotion/faith of an individual and somewhere faith in humanity. I do understand these days and as per law proof is must.
Anyway it is my duty to thank you all for sparing your valuable time for the concern and yes, we are bound.
Plz excuse in case my reply hurts anyone.
Best regards
Guest
(Expert) 03 October 2017
There is no restrictions to post as Anonymous
Guest
(Expert) 03 October 2017
Those who prefer not to reply could ignore the query than insulting the querist.
