I’m from Chennai and have been out of work since September 2013. I co-signed a loan for my former colleague, worth around ₹4 lakhs, from a nationalized bank. Sadly, he passed away last month. Now, the bank has sent me a notice (though I haven’t received it yet). I also have a personal loan from the same bank for ₹1 lakh, with ₹33,000 pending due to my unemployment. What should I do in this situation? I need some advice.

Apni Law
Apni Law
Law Forum › Category: Labour & Service › I’m from Chennai and have been out of work since September 2013. I co-signed a loan for my former colleague, worth around ₹4 lakhs, from a nationalized bank. Sadly, he passed away last month. Now, the bank has sent me a notice (though I haven’t received it yet). I also have a personal loan from the same bank for ₹1 lakh, with ₹33,000 pending due to my unemployment. What should I do in this situation? I need some advice.
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Apni Law Staff asked 4 months ago

I’m from Chennai and have been out of work since September 2013. I co-signed a loan for my former colleague, worth around ₹4 lakhs, from a nationalized bank. Sadly, he passed away last month. Now, the bank has sent me a notice (though I haven’t received it yet). I also have a personal loan from the same bank for ₹1 lakh, with ₹33,000 pending due to my unemployment. What should I do in this situation? I need some advice.

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Best Answer

Apni Law Staff answered 4 months ago

As a co-signer, you are legally responsible for the ₹4 lakh loan despite your colleague’s passing. You should immediately contact the bank to discuss the situation and explore potential options like negotiating a repayment plan for both loans, considering your current financial constraints. Seeking legal advice can help you understand your rights and options.

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