Car loan after death of borrower

BBA PGDFM MBA-finance

My mother took car laon in March 2017 from private bank. In the Loan agreement there are no Witness / Guarantor / Co-Borrower. My mother passed away in Jan 2018 post which we got to know about this Loan, as stay in a different city. We wrote to bank asking abt the agreement copy in April 2018 which is till date not responded by the bank. we donot have the possession of the car. The bank collection team has been after me and father to clear the dues. Arbitration is also enforced on us, which we attended but the neither the Arbitrator nor the bank was present. The bank is demanding Rs 9.7 lakhs including agaisnt the prinicpal of Rs 10,77,000 ( 14 Emi of Rs 22k has already been paid by my mother). As 1 time settlement in good faith we have offered the bank Rs 5lac which the bank is not agreeing. what should we do ?
 
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senior

The loan transaction appears to be doubtful. Issue legal notice to the bank demanding the loan agreement copy.or else file complaint before Consumer forum and seek interin orders to avoid harassment.


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File civil suit against bank the Guininess of loan and deny that u are not responsible to repay loan amount. If they have any proof they will submit it to court

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BBA PGDFM MBA-finance

Respected Sir, 

I am really thanful to you for going through my query and sharing your valuable insights. May I request your good self if you could give a brief as to how should I proceed with this. 

 
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