About vehicle loan
8 months ago
I am guranted to the vehicle loan in a private bank..the person is not paying the emi amount on time..so I want to leave the guranted from the loan..is it possible
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. In the prevailing situation when a suit for recovery of an outstanding loan from the borrower is filed before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. In the prevailing situation when a suit for recovery of an outstanding loan from the borrower is filed before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
Helpful
Helpful
Share
A.Dear client,
However, unless the borrower obtains a new guarantor or provides extra security, a bank might not permit a guarantor to withdraw. The bank has the right to forbid the switch even if a new guarantor is added. You can also write a guarantor withdrawal letter to the bank.
However, unless the borrower obtains a new guarantor or provides extra security, a bank might not permit a guarantor to withdraw. The bank has the right to forbid the switch even if a new guarantor is added. You can also write a guarantor withdrawal letter to the bank.
Helpful
Helpful
Share
Read Related Answers
Did not let board bus
Dear Sir,
You may file a case in Consumer Court and see that some lesson is taught to them. You can file without any court fees and by yourself.
Driving license for the person with one eyes
Dear Client,
In the given scenario, you have to prove that the certificate issued by the Government hospital is not forged or fake, Once you succeed in proving the authenticity of the said medical cer...
Transfer of 2 wheeler from other state
Dear Client,
If the duration of travel to another state lasts for less than 3 months, NOC will not be required. However, to keep a vehicle in another state for more than 3 months, you must obtain an N...
Roof top carrier on cars
Dear Client,
There is no prohibition in the Motor Vehicle Act, 1988, and the Central Motor Vehicle Rules, 1989 against the installation of luggage carriers atop private four-wheelers to carry the lugg...
car black list
Dear Client,
As per the mandatory provisions of the Motor Vehicles Act, 1988 and M V Rules, 1989, once a vehicle is sold, the purchaser has to submit statutory forms and other required documents along...
Read Blogs on Transportation
Transportation Lawyers
Find Lawyers by Location
