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Hi,I was taken loan from banks and being high amount I had paid third person so that he can become guarantor,he had given it written in mail and on call as well that he is taking payment responsibility and cibil and legal issue to bank as well and me.I just need 1.he is ready to give legal affidavit to bank in that case will he responsible for loan EMI pending..and not me ..same he also has confirmed on mail and call2. And in case he fails can mail and call records consider as legal to take him as guarantor for loan.
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Hi,I was taken loan from banks and being high amount I had paid third person so that he can become guarantor,he had given it written in mail and on call as well that he is taking payment responsibility and cibil and legal issue.I just need
1.he is ready to give legal affidavit in that case will he responsible for loan EMI pending..and not me ..same he also has confirmed on mail and call
2. And in case he fails can mail and call records consider as legal to take him as guarantor for loan.
Answer ( 1 )
No. On the basis of emails and affidavit he cannot be considered as guarantor of loan taken by you. If he wants to stood as guarantor for you then he have to approach to the bank who financed the loan to you and signed the documents as required by the bank. If he stood as guarantor for you even then your liability would not be absolved. if there is any default committed by you in repaying the loan amount then firstly bank proceed against you and thereafter the bank will proceed against guarantor.