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Last Updated On 23-Sep-2024
Debt and Lending Agreement

Loan guarantator

What if someone (room rented person) asks for the electricity bill from the owner and later with that document applies for the two vehicle loan without owners permission later owner finds out that he took loan. What owner can do to removes his name from guarantator ?

( Bhopal, Madhya Pradesh )

22-Sep-2024

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A.
Dear Sir,
The owner may lodge a complaint for misusing the electricity bill and approach the sanctioning authority to recall such loan immediately and also recall guaranty-ship.
Posted On 23-Sep-2024
Kishan Dutt Kalaskar
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Dear client
Unless a person has signed a guarantee agreement with the bank as a guarantor that person cannot be called as a guarantor for the loan taken by anybody else. Just by sharing the electricity bill of a person that person cannot be concluded as a guarantee for a loan taken by another person. So in this case, you need not worry, unless you have signed an agreement for guarantee.
Posted On 22-Sep-2024
Abhimanyu Shandilya Advocate Abhimanyu Shandilya
Abhimanyu Shandilya
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