A friend of mine has taken Loan from A Sahakari Bank of Rs. 10,000. He had taken Loan on 23/Dec/2003.
He died by an accident in 2005. Now in 05/Jan/2006 I & other bank guarantor got a notice from Bank to Pay the loan amount with interest But we didn't pay anything to bank.
Now again we got notice from bank on 27/sep/2014 to pay Rs. 29,319.
Now please let me know what options we have to get out of this problem. We have heard that sice bank has given notice to me after more than 3 years we need not pay the LOAN AMT. SINCE IT IS TIME BAR.
Is the above one true or if not please let me know in Layman Language what exactly weneed to do.
Thanx in advance