Legal Question in Banking Law in India

A borrower purchased a car after getting loan from a nationalized bank, and he pleased the bank manager and very cleverly be fooled me by making me Guarantor for the same. Now he is not paying the installments intentionally. I am feeling helpless.

Asked on 9/09/13, 2:05 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

09.09.2013

Dear Sir / Madam,

The onus of car loan repayment lies on the original borrower, and in the event the borrower fails to repay two or more EMI's on his / her loan, the bank is supposed to immediately confiscate the car, sell it in the market and recover the loan amount.

Regards,

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Answered on 9/09/13, 9:48 am


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