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Q. Loan borrowed from Bank

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Anonymous

posted 11 months ago

Q.Loan borrowed from Bank
I am a widow, my husband was a sbi bank Assistant Manager, after retired he borrowed a loan from sbi 420000 in February 2018, and he died in june 3rd 2018, but he gave no money to me or our children, I am not able to pay his loan, What are the rights for me, what should I do, please give an advice, and if I dont pay his loan, then what happend to me, what is banks rights

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 11 months ago

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A. ) Dear client kindly approach to concerned Bank and ask about all details and try to find out settlement and further process with discussion of bank or credit manager.go through experienced advocate

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 11 months ago

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A. ) Dear Sir,

There are several options as follows:

1. Usually the SBI might have insured against the loan advanced so the insurance company will discharge such liability.
2. Since the said loan was not utilized for your family that is for the welfare of legal heirs of deceased as such you are not liable.
3. They should be some surety or mortgage on the said transaction.
4. Please approach an experienced advocate.

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 11 months ago

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A. ) Dear Madam,
As I understand your husband was Asst Manager in SBI and had taken a loan of 4,20,000 after his retirement.That loan might be Pension Loan and you have not mentioned the type of death, the natural death or death due to accident. In case of accidental death the compensation will be awarded to the legal heir. SBI must have made some arrangement for recovery of loan with interest.So, when you are enjoying the property of your deceased husband you are also liable to clear his dues to the Bank .Most important document is the Agreement which is available with SBI Branch from where loan has been sanctioned. But in common sense you have to pay the loan with interest. Better go the Bank, meet the concerned Loan Officer/Credit Manager and look for one time Settlement.I am sure the SBI staff will help you as your husband was an Ex Employee of the Bank.
Shanti Ranjan Behera, Advocate

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Sanjay Kumar Jha

Experience: 17 Year(s)

Responded 11 months ago

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A. ) Dear Madam,

You should approach to concerned Bank and ask about all, ask whether the said loan had been disbursed in his account, on which date , if loan money had been in account, then to whom account money has been given , or taken out at what date, what amount, which mode, cash--use of ATM or Cheque.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 11 months ago

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A. ) By advocate Rameshwor dadhe dear mam if any property attached or mortgage to the bank. If yes then Ur laiblity to pay it . Or if Ur not co.applicant then nothing any laiblity on u . Otherwise file complaint against them. Or if you don't have any income source at the time file insolvency suit

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Nirmal Chopra

Experience: 20 Year(s)

Responded 11 months ago

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A. ) In case of death, all debts and liabilities pass on to the legal heirs.Therefore in view of such legae principle, the liability of loan has passed to u.better seek personal consultation to seek better guidance for what best can be done in such a situation.

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Vishwabandhu

Experience: 38 Year(s)

Responded 11 months ago

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A. ) Dear client tell me that when your husband took the Loan from bank your house or any other property was mortgaged in Bank ? Do u reside in mortgaged house or u use mortgaged property belonging to your husband ? If the Loan is not repaid bank will take over mortgaged property.
U r not responsible to repay the Loan of your husband, but Bank is authorized to recover its loam by taking possession of mortgaged property.

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Anonymous

Replied 11 months ago

Sir, I did nt know about the loan yet, No property mortgaged in bank. I think its a penssion loan, And Now I am the pensioner, So I have to pay this, But I have no money, I am the pensioner after my husband's natural death, then If I cant pay the debt then, is my pension stops from sbi ? pension is the only money to living for me and my 2 children, my family s income source is nothing

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Anonymous

Replied 11 months ago

However it is pension loan then Its possible my husband smartly took my signature in loan documents without my knowledge, it is a loan document I didn't know, I am not sure about my signature, it is a thought, What should I do sir

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Anonymous

Replied 11 months ago

Sir If I cant able to pay the debt then does sbi have rights to stop my pension or not, and if not then how sbi recover their money, Is my pension in danger ? this pension is only money for living for me and my children

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Vishwabandhu

Experience: 38 Year(s)

Replied 11 months ago

Dear client Go to concerned bank and meet the manager of that bank. Ask him to provide u photocopies of all loan papers . Bank manager will tell u actual position of papers and then again contact me on phone. Without seeing papers it can not be said what is actual position of Loan amount.

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sistla ramakrishna

Experience: 29 Year(s)

Responded 11 months ago

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A. ) SBI will not recover the loan of your husband before his death, now i.e., after his death from you. If you inherited any property from your husband then S.B.I will recover the loan from his assets in your hands. In eye of law you and your husband are separate persons. S.B.I will not recover loan from your separate properties.

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