quesHow to initiate settlement of personal loan

My father took personal loan about 5 lakh. Now he expired last year on 3rd Oct 2016. Pending loan is 1lakh 47 thousand . We were totally depend on father's salary. We couldn't pay that loan. What would we do??

  • ansyou need to send the letter to the bank and ask them to close the loan account as the person who had taken the loan (your father ) died. please also affix the copy of the death certificate with the letter. the bank shall not come to your doors asking for the payment of the loan.

    Advocate Sukhwinder Singh Rai

      District Court, Ludhiana, Ludhiana

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