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)

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 .


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Banking / Finance Lawyers

Advocate Sunil Dalal
New Friends Colony, Delhi
22 years Experience
Advocate R.K. Gupta
Goyal Vihar, Indore
19 years Experience
Advocate Shikhar Khare
Jangpura Extension, Delhi
6 years Experience
Advocate Harish Malhotra
District Court, Gurgaon
22 years Experience

Related Articles


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

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 Banking / Finance 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.

Similar questions

Sir,pl. Advise the stamp duty to be charged if there are more than one title deed equitable mortgage in a loan account , at what rate stamp duty will …

Read More

My dad had borrowed some money with moneylender and now we want to settle that. What should i do now so that I can have a proof that i settled money w…

Read More

Sir party is harassing me to pay 2 lakhs keeping signed blank paper and my mom blank cheque signed by them how can I defend myself…

Read More

Sir, i received summon to respondent under section 19(4) of the recover of debts due to bank and financial . what can i do now please help me.…

Read More

Talk to a lawyer for your legal issue