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Can a guarantor close a personal loan account made for settlement
28-Mar-2023 (In Banking / Finance Law)
Dear team, Can I as a guarantor close a personal loan account that the bank has offered me as a settlement on behalf of the borrower? I know the borrower has had genuine repayment issues and I will settle the amount with them later. I just want to make sure the borrower and me as a gaurantor are legally clean. I understand it would affect the cibil scores but we would like to be legally free. Both the guarantor and the borrower.
you can't now pay his debt, u have to talk to bankers and first settle the issues then loan him settlement amount and close the issue send same details to cibil incase that loan details show in your CIBIL reports ..
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Adv. Santosh Suryarao
Mumbai | 100+ Answers
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yes Guarantor can close a personal loan account made for settlement on be half of the borrower, whoever pay the loan, bank is concerns with their money, you can take ' NO DUES CERTIFICATE' from the bank in the name of borrower
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Adv. Shrikant Laxman Tambe
Pune | 25+ Answers
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