Upgrad LLM

recovery of personal loan from guarantor

OFFICE ASSISTANT(MATERIAL MANAGEMENT)

Sir, one of my friend X was taken personal loan from SBI. His friend Y became guarantor in his loan application. That time his service is 2 yrs left only but loan sanctioned for 5 yrs. At present X retired from service and his salary stopped. He has changed his address also. Now, bank forced Y and deducting EMI from his a/c as recovery loan of X. Please advice legal right of Y. He knows current address of X, all property details, bank a/c details. Is he file 420 case / take help of police or bank official.
 
Reply   
 
Dy Director

The guatantor has to prevail upon the borrower to pay money (which he will not agree).

 

The guarantor has no remedy agains the Bank.  He will have to refund the loan alongwith interest if guarantor does not pay.

 

He can at the mos tsue the borower and recover money from him.

 
Reply   
 


LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

CrPC MASTERCLASS!     |    x