Kaushik 10 February 2018
Dear Experts,
If any Customer, who might have Availed of a Pre-approved Personal Loan Offered by a Bank, Passes Away before Repaying the entire Loan to the Bank, then is the Bank concerned Entitled to Forcibly Recover the Balance Amount Due from the Heirs/Nominees/Successors of the Deceased Customer? Thank you,
Regards,
Kaushik.
R.Ramachandran (Advocate) 10 February 2018
Yes, from the successors;legal heirs provided the deceased has left behind any property.
Yes, from the guarantors, whether or not the deceased has left behind any property.
Certainly not from the Nominee, unless that nominee happens to be one of the legal heirs.
R.K Nanda (Advocate) 10 February 2018
S K KARNjhc (Legal Adviser) 26 February 2018
Loan is sanctioned on the basis of repayment, it is not granted, any kind of Loan whether it is personal or else, there is a booklet wherein so many terms & conditions as well as gurantar or nominee on whom the burden of repayment of loan are to be passed/recovered if the extraordinary situation so arised.
you should consult your local lawyer
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