India  |  Banking Law

Legal Question

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

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.

1 Answer


Answered on: 9/09/13, 9:48 am by Fca Prashant Chavan

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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