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Bank want us to pay loan because we was guaranter for loan


19-Mar-2023 (In Recovery Law)
My father has become guaranter for a relative for bank loan 2 years ago now that relative has now paying emi & flead from city & bank is now troubling us to either pay loan or find the relative & we cannot find that relative any wer what should we do in this situation?
Answers (2)

Answer #1
545 votes
Well, you should lodge a case against that person for whom you have become the Guarantor under Sec 420 of the IPC for making you the Guarantor with an intent to cheat since the beginning of Pre Sanctioning of loan.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRato Mumbai | 1000+ Answers
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Answer #2
653 votes
please check loan agreement, guarantors role, whether it's limited responsibility or not. check the period.. when your relative stopped making repayment..if it's recent then bank should wait for sufficient time..
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Advocate Kiran Prakash Chandorkar

Adv. Kiran Prakash Chandorkar

LawRatoMumbai | 50+ Answers
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