Legal procedure to remove bank guarantee signed for relative

I have signed a Guarantee for the Bank loan for my Relative now he defaults the loan and by not paying the loan on time even after bank's several notices he is not paying nor have any interest in this. Because of this My CIBIL score has been downed very badly and I am unable to take loan new Loan for my needs. My Question is How can the Bank Guarantee can be removed ?

Answers (1)

119 votes

Guarantee cannot be removed without paying the loan amount . Had the account been regular in that case notice of revoking could be given and alternate guarantee be given . Details facts needs for detailed answer .

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