I am a guarantor in a Private limited company which is now become a NPA (Non Performing Asset). Can the bank harass me?

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Rakesh Bahl Answer

If a borrower defaults on repayment of his/her home loan for six months at stretch, banks give him/her a 60-day period to regularise the repayment, that is, start repaying. On failure to do so, banks declare the loan an NPA and auction it to recover the debt.The liability of the guarantor is co-extensive with that of the borrower and the guarantor is equally liable to pay. Rest would also depend o....