Legal Question in Banking Law in India
Sir, I taken a personal loan from SBI one of my colleague was the Guarantor and we both are Govt. Teachers. I am prompt in repayment of EMI's everymonth. Recently my colleague given VRS (Voluntary Retirement) to his service. But his PPF account was in the same bank. Now recently I given a complaint on my branch manager due to excess recovery of EMI from my salary account. For this reason manager embarrassing me for new guarantor. What can I do ? I need some valuable suggestions.
Asked on 8/05/16, 12:30 am
1 Answer from Attorneys
Dr Katta Venkata Rama Krishna
Drkattavrk
1) If u want ur 1st guarantor to discharge his liability, then u hv to find out another guarantor acceptable to the bank and execute the guarantee.
Answered on 8/05/16, 1:41 am
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