Security sign vs legal impact

KATHIRVEL S (Querist) 29 October 2020 This query is : Resolved
Dear expert,

my relative took loan to his medical issues and he has paid the EMI on every month. But few months he has refused to pay EMI and bank officers demanding money from us.
Kindly provide the solution on this, is the bankers can demand money from us.?
we are also very poor and could not make the EMI, please provide advice to get relief from this case.

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R.K Nanda (Expert) 29 October 2020
Are you guarantors in case?

KATHIRVEL S (Querist) 29 October 2020
Yes. i am the guarantor.

R.K Nanda (Expert) 29 October 2020
Then you will have to pay.

SHIRISH PAWAR, 7738990900 (Expert) 29 October 2020
Hello,

For bank loan repayment borrower and guarantor both are simultaneously liable. Bank can recover outstanding loan from anyone.

KATHIRVEL S (Querist) 29 October 2020
Agreed but i need some solution. That,
01. shall i file any compliant against my relative ( Borrower ).
02. If i pay amount to the bank, how can i get that money from the borrower.
03. The borrower is not insolvent and he is available in next street of my house but the bankers asking money from us only. why they not approach to that borrower.

Please suggest to get relief from this case or let me know my rights in this situation

Isaac Gabriel (Expert) 29 October 2020
The banker is bound to recover the amount and both of you duty bound to repay. If the borrower refuses, it is the duty of the guarantor to make him repay. Else, the bank is at liberty to proceed legally to recover, when you have to face the wrath of punushment.

Rajendra K Goyal (Expert) 29 October 2020
Borrower and guarantor are individually and severally liable to pay loan.

If you pay the loan you enter into the shoes of Banker in recovering the money from borrower.

You can try to recover.

kavksatyanarayana (Expert) 29 October 2020
Yes. Agreed with the advice of the above learned-experts. Both the borrower and guarantor are liable to repay the loan amount. You amicably talk with your relative to repay the loan amount, as the bank authorities are pressing you for repayment.

Sudhir Kumar, Advocate (Expert) 30 October 2020
If borrower has refused to pay then you have to pay as if you are the borrower.

You can file civil suit on borrower for the loss you faced and in case he has pledged nay property with bank you assume title on the same.

Advocate Bhartesh goyal (Expert) 30 October 2020
Both borrower and gaurantor are liable for the consequences of non payment of loan amount and bank can and has power to recover the loan amount with interest and expenses from any one or from both.