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

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Arbitration Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Arbitration lawyers in India

Similar questions

If the SC registrar had dismissed the appeal in limine on the ground that question…

Independent arbitrator was appointed by court in a contractual dispute. Both parties attended the arbitration…

In BSE Arbitration they arbitrated accurately, but when they released the Award after a month…

I have not paid the last 3 EMI's of my car loan to the Kotak…

Arbitration Lawyers in India

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

Advocate Arjun Vinod Bobde

  Supreme Court of India
 Experience: 16 years

Advocate Wg Cdr Ajit Kakkar (Retd)

 Experience: 17 years

Advocate Ekta Mehta

  Nizamuddin East
 Experience: 8 years

View all >>

How it Works

Know how LawRato makes legal advice easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly