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Procedure to appoint successor for loan as borrower is above 60 years


06-May-2023 (In Banking / Finance Law)
Hi... I want to know about the procedure for successor which was appointed for taking loan, as applicant age is above 60 years and applicant do not have any successor, now bank wants to Register successor first, then they provide funding. Let me know the legal procedure for appointing successor from bank perspective.
Answers (2)

Answer #1
759 votes
Dear
1.It is not question about legal.It is related to funding policy of bank or nbfc.
2.Well if applicant age above 60 year so he have not any kind of successor.So take additional guarantar/guarantee from his/that said.
3.If any condition Applicant may be nominated to any person for his nominee
Answer #2
688 votes
Kindly share the case papers. So that proper legal advice can be given. . .

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