Guarantor to a loan

You are equally liable for it.

Is there a way to reduce my burden. I heard about some settlement option. Do I need to pay his full loan amount? No other options

Ofcourse there is. Approach the Branch Manager, he will surely guide you.

hm......Thank you very much for all the feedback......what to do result of trusting close collegues

Dear Anish,

Do Onwe thing, give a compalint to the nearest police station, narrating these facts and they will take action.If they didnt action.give a compalint to the police commissioner of your area.I think thids will help you in solving the problem.

But strictly speaking in a legal manner, you are liable to pay the amount, in the absence of barrower.You can also do one thing, go for one time settllement [ OTS SCHEME].In that scheme they will wave of the interest part and they will only ask you the priciple amount.In that case, you have to pay initially 25% of the loan amount and the balance you can pay within a year.

Regards

srishaila

Bangalore

09741425514

sdharani120@gmail.com

No police complaint buisness , it is not applicable  in this matter.

You get the person and go to the higher ups of the bank and get advantage of there one time settlement schemes. Mostly interest is waived if you pay the principal amount0

Standing Guarantee is as good as taking a loan. You are liable to pay the Bank. If you are financially strong, then I dont think the Bank will want to settle the amount. They will want principal along with interest. You have committed a mistake by standing guarantee.. you will have to pay for it ( sounds mean but this is the fact of life).