Loan recovery - Borrower dead
5 months ago
Hi,
My brother was working in a Gulf country since 20 yrs. He took loan there frm.Local bank to buy a Car but expired in car accident. Car scrapped in accident.
Now that bank from Gulf country is chasing us through some Advocate in Mumbai and sent us notice for recovery.
Plz advise.
MSK
A.Dear Client,
Firstly, you need to review the loan agreement your brother had with the Gulf country bank. This document will specify the terms and conditions of the loan, including any clauses related to insurance or what happens in the event of the borrower's death. We can proceed further only after knowing these details.
Firstly, you need to review the loan agreement your brother had with the Gulf country bank. This document will specify the terms and conditions of the loan, including any clauses related to insurance or what happens in the event of the borrower's death. We can proceed further only after knowing these details.
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