Legal Question in Credit and Debt Law in India
Is the guarantor held liable to repay the loan in case the borrower dies due to unforseen circumstances? If the answer is yes, then can the money be recovered from the pension of the guarantor if the guarantor does not have any other assets? What would be the process of law?
Asked on 6/08/13, 11:49 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
09.06.2013
Dear Sir / Madam,
The guarantor can be called upon by the bank to repay the loan in case the legal heirs of the borrower refuse to repay the debt. If the guarantor does not have any means of livelihood other than his pension, the guarantor can challenge the loan repayment imposed by the bank on him.
Regards,
Answered on 6/09/13, 2:56 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
