Legal Question in Banking Law in India
Sir i had availed a loan from kotak mahindra bank. As i was new customer for the bank a dsa of the said bank came upto me and arranged another new customer for whom i had to become guarantor and in return he became my guarantor. I have almost paid all my emi (4 left). The guarantor of ours whom i even dont know has defaulted around 14.8 lakh of his emi. Now the said bank is saying that they will seize my vehicle as i had been the guarantor of that person who has defaulted. Please advice me what to do in this situation. Another thing is that the banks lawer has sent me a demand notice 6 months ago.
2 Answers from Attorneys
you are in trouble and big trouble. If the borrower doesnt pay then the guarantor is liable to pay. how can a educated person behave in this naive manner?? you became guarantor to a stranger just like that? Internet has enough information about perils of being a guarantor. Sorry but engage a good lawyer or simply go to the bank and try to locate the borroewr and put pressure on his to repay the amount. Ask the bank to mortgage his property.goodluck.
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