i have an account in state bank of patiala and the bank is on my land and they pay me monthly rent . one person from indian air force became my friend of uttar pradesh and he asked me for a car loan from my bank and i became the guarantor taking consideration that he is a govt . employee he can easily pay 5 lacs of car loan so i became the guarantor . Now few days ago bank gave me the notice of the account got into nap category. i called him many times but he is not taking my calls, so i enquired in his air force station they told me he has left his job under volunteer retirement scheme vrs and is now living in chandigarh. i just signed the form of the bank, no cheques were taken and no affidavit signed. my questions are as follows….
1. Am i liable to pay his default loan knowing that he is getting pension.
2. can bank deduct their installments from his pension account ever month
3.As i am a local and his address not traceable as he keeps on changing places how can i get him.
4. i have a cheque signed by him as a guarantee to pay the pending loan should i get it bounced as i does not have the sufficient amount to be deducted by the bank.