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What to do if a loan borrower dies and has no nominee to pay back ?
03-Jan-2023 (In Banking / Finance Law)
My father was in defence force. He has taken personal loan without any security and insurance cover and there was no nominee in his bank account. He has passed 3 months ago now we have received a bank notice regarding loan. Please suggest me what options do we have? and if we have to pay the loan?
Your father was in defence force. He has taken personal loan without any security and insurance cover and there was no nominee in his bank account. He has passed 3 months ago now you have received a bank notice regarding loan. I am suggest to you that two options do you have. onece you will be meting with bank and settlement for paying the loan.and second wait and watch for you have received next bank notice regarding loan. and you suggest to bank for settlement for paying the loan on next national LOK ADALAT in consult court.you will have getting legal benefit by bank.
? and if we have to pay the loan?
? and if we have to pay the loan?
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Adv. Sangram Singh Chouhan
Jodhpur | 25+ Answers
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Your father was a army personnel but in this problem the bank file the suit against you because you are legal heirs of your father and you are available to amount of inheritance property value e.f. if the loan amount is 2,00,000 and property value is 5,00,000 then you should pay the personal loan. Now it's banks' call, you stand on your point that you are not aware the activities of your father why, when and for what he was taken personal loan and i'm not a guarantor and nominee of that loan.
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Adv. Vibhu Sharma
Jaipur | 25+ Answers
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