Pls throw light
Aftab4u
(Querist) 10 August 2012
This query is : Resolved
What are the documents and necessary things to be verified by the Banks or Chitfund companies before sanctioning any loans....if the documents are not genuine and still sanctioned any loans who should be made responsible by the error caused by them and the person who expired taken loans does guaranotor should pay that amount due to the error caused by the Banks / chitfunds.
Guest
(Expert) 10 August 2012
Irrepective of whether the documents are genuine or not, guarantor becomes liable to clear the loan of the deceased. Verification of documents by bank authorities depends upon the nature of documents and the quantum of loan. Chit Fund companies normally don't go for verification of documents, as they normally don't give heavy loan amount. They rely on guarantor and when they are unable to recover their dues on the basis of documents, they catch hold of the guarantor only, being an easy target.
But, the question arises, if you knew the documents were not genuine, why you could not avoid to bacome guarantor of the applicant? If they have asked you to pay the dues only, you can be said to be fortunate if the bank/ Chit Fund company has not held you liable for cheating for standing guaranee in a fake case providing non-genuine documents in league with the loanee.
Aftab4u
(Querist) 10 August 2012
Sir,
Thanks for the reply, till the death of a person whom we have given the guarantee we are not aware his salary slip and other documents were not genuine and we were bit confident that the Banks or chitfunds will inquire and check the documents before approving any loans as per their rules.
Guest
(Expert) 10 August 2012
You may better try to defend your case on the plea of faiilure of the bank/ chit fund company to verify the genuineness of the documents before disbursement of loan.
Aftab4u
(Querist) 10 August 2012
Sir,
which section of Law will save us that due to the failure of Bank/chits verification of genuieness of documents we have become the victim pls guide for necessary steps.
