Bank loans.

tl himeshkumar (Querist) 25 April 2012 This query is : Resolved
helo all, pls let me know how to tell a bank or others about an loan availed in previous years of 5 lakhs as mechinery loan and actual its not as explained loan.it was taken as so and utilised to migrate purpose and then after a 5 years later it was totally repayed. pls let me know weather its a punishable offence or what.now he is not in INDIA. the bills for loan availed was not furnished to bank at that time.now I came to know he has cheated me also as taking me as an witness and guarantee for that loan. pls assist me.

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ajay sethi (Expert) 25 April 2012
loan has been repayed . bank would no longer be interested now . bank is concerned only with recovery .

Deepak Nair (Expert) 25 April 2012
There may not be any punishment for this, as he paid back the entire loan amount without fail.
It was the obligation of the bank to verify whether the loan was used for the purpose for which it was taken. But, the bank falied to do so.
Not to worry much as there are no damages to any of the concerned parties.

prabhakar singh (Expert) 25 April 2012
Once you were guarantor and now enemy when you are free of all your leagal obligations.

You should thank him as he paid and discharged you.

Had he defaulted,it was you to be held liable to pay as well as for all complaints you have against him.

Thanks to god you are saved now.

SAINATH DEVALLA (Expert) 26 April 2012
Dear Kumar,

As a gaurantor have you received any notices from the bank,when your friend was away.If so what have you done?You say he has repaid the loan,then why are you bothering now,keeping quit for a period of 5 years.He might have taken the loan for one purpose and utilised it some other way.But according to you, he has repaid.To satisfy yourself,go to the bank and ask the banker about the status of the loan.