am the guarantor of my friends loan
10 months ago
I am the guarantor of my friend's loan , he took load for 2 yrs but after 14 installments paid now he is not picking bank and my phones, nor giving any further EMI. but given notice to me to give rest 10 EMIs, but I can not give rest emi as monthly , EMI cost is too high 46K / month. what should I do now.
A.Dear Sir,
You may approach Police and see that some postdated cheque is taken or ask the Bank to seize his properties or file a recovery suit against him only.
You may approach Police and see that some postdated cheque is taken or ask the Bank to seize his properties or file a recovery suit against him only.
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A.Reserve Bank of India (RBI) rules allow banks to take action against guarantors on a loan, even without exhausting the remedies against the principal borrower, in case of a wilful default
If you are a guarantor for home loan, you can request to recover the amount by liquidating the property.
If you are a guarantor for home loan, you can request to recover the amount by liquidating the property.
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