How 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??
you 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 RaiDistrict 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.
Get Started >>
Answers by Our Lawyers
- Deposited money in bank. Now bank denying to return money as no files.
- Dispute between family for property after father died
- Partner took loan for property not paid bank harassing me
- DISPUTE OVER PROVIDING WAY TO ONE PARTY BY OTHER TWO
- Company not releasing the payments What action can I take