loan borrower is died

sir I signed as guarantor for a person who received personal loan from Sriram city union. unfortunately he was died. what happened to the loan now..
if it is closed. or repay by guaranter
Deputy Manager

Did you sign the guarantee that you stand guaranter to repay the loan including the accrued interest in case the debtor dies. On the other hand usually the guarantee cheques are issued in advance much before the loan is sanctioned. So you can submit this defense if at all a case is filed against you in the court.



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