Personal loan repayment
Querist :
Anonymous
(Querist) 20 September 2011
This query is : Resolved
Hello Sir,
My father obtained a Persoal loan of ruppes 2.15 lacks from a private bank in Feb 2006. He passed away on the month of Nov 2006. Till that time he was paying EMI's regularly. we family members (myself, my mom and my brother) were not aware of this personal loan till his death. After his death bank called us to know about the loan amount.we family members were not the guarantor or co-applicant for this loan. But the bank is pestering us for the past 5 years for the loan payment. About 10 days back an employee from bank along with an advocate came to our home for a negotiations and saying that if we pay about 40% percentage of balance principal amount (its comes around 96000), they would close this loan and give a closure certificate.
First thing,are we liable to pay that loan amount since we were not even aware of the loan and did not even use that money.The bank is stating that since we are legal heir we are supposed to pay the balance.
Secondly, we agreed verabally to pay around 96000 and close the loan due to their consistent trouble. Now by accepting this, are we inviting further trouble? Will the bank invoke any futher legal suit or is there any other implications by paying the above said closure amount. FYI, we have not paid any money or installment till date.
Also i heard that PL are secured with insurance.How far is this true and in this case as ours will the bank have claimed the same money from insurance?
Thanks in advance for the reply
Avinash
Isaac Gabriel
(Expert) 20 September 2011
Though you are unaware of the loan,as legal heirs you are liable to pay,since your father would have mentioned you as legal heirs.The bank is offering one time settlement facility which is advantageous.Housing loans are covered under the insurance scheme,if opted.For personal loans,it is the discretion of the bank to sanction it even without security based on the standing of the customer.
ajay sethi
(Expert) 20 September 2011
your father expired in 2006 since then no payment has been made . i presume you have not given any thing in writing that you shall pay X amount to bank . the claim of bank is barred by limitation
