LawRato

Guidelines to become a guarantor


16-Jan-2023 (In Cheque Bounce Law)
my sister has taken loan of rupees 2 Lacs from a non banking finance institute two yrs ago while taking the laon she has made our father sign as garantor and also taken a blank signed cheque for guarantor. Our father is 78 yrs old and not much are of documentations related to bank,She has false told our father that she is taking sig just to open and bank account and they need sign just for introduction. she has not paid the laon amount and now the outstandng is come upto 4 lacs, The bank has now put the gaurantor cheque which eventually bounced. I want to know in now how I can protect my father in case of legal cheque bounch case. also want to if finance company can accept 78 yrs old man with as gauarator. his income source is pension. how can we prove that the based on income and age my father is not eligible to stand as garantor in first place. Pls advice on how to get out of this case.
Answers (3)

Answer #1
901 votes
Your father is absolutely eligible to give guarantee, i have not come across any criteria about age and financial ability to repay by guarantors. its discretion of the Bank. if your father has signed only documents, how Bank has got cheque under his signature. if cheque is issued by your sister, then father is not liable.
Answer #2
513 votes
When the complaint filed against your father you can go and keep your side of story as he has signed as guarantor so he is liable. But if he shows that it was taken by misappropriation then your case can be strong.
Answer #3
621 votes
person above the age of 65 can not be guarantor in any case and no liability lies upon him, finance company may file a case against your father but has no worth,

send a legal notice through a lawyer to finance company regarding revocation from guarantor.

for further details Kindly Call or Visit:

Dipack Gurchal, Advocate, Pune
Gurchal & Associates Law Services, Bhosari, Pune.

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 Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."