Does Co borrower's default in his account make your account also NPA ??
2 years ago
I have an education loan in which my father is the co borrower. My Father's overdraft account slipped into NPA. Will my education loan account also be declared NPA due to that or will ot have no effect ?
A.Dear Sir,
It cannot be but the Bankers doing many irregularities as the borrowers no effective remedies. You may get issue a legal notice or approach Banking Ombudsman or approach High Court.
Rate me Five Star*
It cannot be but the Bankers doing many irregularities as the borrowers no effective remedies. You may get issue a legal notice or approach Banking Ombudsman or approach High Court.
Rate me Five Star*
Helpful
Helpful
Share
A.No, your education loan account will not be termed as NPA as long as you keep paying the EMI for that loan account and keep it regular because NPA norms function at account level and at customer level.
Helpful
Helpful
Share
A.Hi,
The default by your father will have no effect on your loan account, as you both are co-burrowers, and the default of one co-borrower does not affect the account of the other. Hence, your loan account will not be classified as NPA.
If you like my answer, please rate me.
The default by your father will have no effect on your loan account, as you both are co-burrowers, and the default of one co-borrower does not affect the account of the other. Hence, your loan account will not be classified as NPA.
If you like my answer, please rate me.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
No, you are not responsible for the default by the co-borrower. So, for your father's default, your account will not be declared as NPA. Your liabilities to the bank are separate.
If you find my answer helpful, please rate me.
No, you are not responsible for the default by the co-borrower. So, for your father's default, your account will not be declared as NPA. Your liabilities to the bank are separate.
If you find my answer helpful, please rate me.
Helpful
Helpful
Share
Read Related Answers
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
My bank account got freezed
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Bank loan harassment
Dear Client,
In the given scenario, you can escalate your grievance with the Grievance Redressal Officer of the concerned Bank, and in case no suitable response is received from the GRO of the Bank yo...
Online Gaming -Can I be sent to Jail
Dear Client,
The Information Technology Act 2000 regulates cyber activities or online gambling in India. There is no explicit law that makes online gaming and gambling an illegal activity in India. O...
Online Gaming- Debit freeze
Dear Client,
Your query requires more details to address it suitably. You expressed your situation but not a cause of action that attracts a legal remedy. It is a virtual platform where in the absenc...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
