my friend had taken a PMJP loan from BOB ..... upto three years EMI is continuesly paid ...but forth year due to Electricity short circuit all the computer and related equipments damaged.....against the loan there is insaurance which is done by bank itself and premium is also paid by the bank and the premium amount is added to term loan...total insaurance was 14 Lckhs and the claim was Rs 4,85,800.00 but bank not given the claim....after that i rush to bank for settlement....but they asked very huge amount......Plz show me right way...to resolve this problem....b\'coz my frind is in very serious mentally stress... plz reply on my mail id \"zia.shaify@gmail.com\"
MY FRIEND HAD TAKEN LOAN ON SECOND HAD CAR FROM FINANCE COMPANY AND AT THAT TIME INSURACNCE POLICY WAS IN THE NAME OF SELLER. FINANCE COMPANY HAD FINANCED LOAN OF RS. 2.80 LACS AND RC BOOK IS TRANSFERRED IN THE NAME OF BUYER BUT INSURANCE IS STILL RUNNNG IN THE NAME OF BUYUR. LATER CAR IS MET WITH ACCIDENT AND EXPS. IS AROUND 3.00 LACS. NOW MY FRIEND WILL NOT PAY LOAN THEN WHAT IS THE EFFECTS?
Well written, However the advise in para 2 of legal action, is ill founded. The Bank would have invoked the Guarantee and if the Guarantor does not re-pay, he is surely a defaulter. The argument that at the time of giving Guarantee, there was no sign of default will not stand good as this is precisely why the Bank obtains guarantee-to cover any future possibility of Borrower defaulting.
