Im a guarantor and the borrower refused to pay loan. now bank is sending notice for repaying the loan amount. How could i protect myself because i know borrower can return the loan amount but he is not paying. He has so many lands and properties. Please suggest what step should i take? Im in big trouble.
1 Answer from Attorneys
This a bit complicated situation, irrespective of borrower paying or not, you are liable to pay.
Hence, you need to contact a good lawyer on priority basis to protect your interest.
Related Questions & Answers
My daughter has taken away all my savings pass books. The accounts were jointly in... Asked 4/28/13, 9:11 pm in India Banking Law
What are unsecured advances of bank ? how these recovered by banks ? what are limits... Asked 4/28/13, 10:12 am in India Banking Law
Is there any difference between Stop Payment and Insufficient Funds in case of... Asked 4/28/13, 12:43 am in India Banking Law
Can we get an educational loan for a patta land? I have a land near Tambaram for... Asked 4/27/13, 9:40 pm in India Banking Law
Do guarantor has right to show the legal papers of borrower's property in front of... Asked 4/26/13, 9:16 am in India Banking Law