Dear Sir, My father had availed CC Loan for 15 lakhs from Bank of India against CGTMSE Scheme. My father expired on 10th of April 2020, i was the gaurantor, the bank is forcing me to clear all the dues, but how can i immediately pay the loan. I have asked the bank to declare NPA and file claim under CGTMSE but they insisting to pay the amount. they keep on comming to house pressuring us to clear the dues. Plz guide. Also would like to know will my cibil score will aslo be effected if they file claim under CGTMSE.
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You are not the borrower hence the outstanding loan may not be made to your account to impact the cibil ratings.
You can issue a legal notice to the bank to refrain from visiting your home in this regard or face legal consequences and can inform them to proceed legally to recover the amount by due process of law
You may have to initiate legal proceedings if bank do not refrain from indulging in such irritating activities in this regard.
You can send legal notice on their illegal tactics of pressurising you. But being guarantor you need to pay the loan
You were the guarantor in that loan. But first of all fine out all the facts and the law relating to the loan repayment procedure in case the person taking the loan dies. Then only proceed to pay the loan.
Since you are guarantor of loan bank can sue you to recover the loan amount
2) your CIBIL score would be affected
In all fairness, you as the guarantor and as the son of the deceased should repay the loan. Negotiate with the bank for a settlement in terms of RBI's non-discriminatory and non-discretionary policy. Make some down payment first and seek adequate time for payment of the rest of the dues. Explain your current financial status convincingly. Apart from your CIBIL score, please remember, your family's honour is also at stake.
- Since, you are a guarantor in the said loan taken by your father , then legally you are equally liable to pay the loan amount after the demise of father.
- Further, as per the RBI, the bank should give proper time and offers for the settlement of loan amount., on the ground of health and sudden loss or on some other reasonable causes.
- If, the bank is not agreed to give time, then don’t worry and let them to start legal action against you.
- Firstly, the bank will issue demand notice prior to take legal action from the court.
- Even, if the bank filed a case before the Court, then you will have much time to repay the said loan amount and to settle the matter.
- If the bank official/people are harassing, then you can lodge a complaint at the police station for harassing & threatening , as law not permits anybody to take the law in his hand.
- Further, you can get restraining order from the court against the bank and its recovery agents.
You can contact me, if further suggestion needed.
Dear client, I am sorry to hear that but in this case you have to pay the Mount and recovered it from the other party
