Credit and Loans Subcategories

Subcategories are listed below to provide more narrow searching within the Credit and Loans category.

Knowledge Base Issues

Can I be made a bankrupt in the event that the borrower does not repay his or her loan to the financial institution?
Yes. If the debt is equal or more than RM30,000 as defined by the Bankruptcy Act 1967, the financial institution can take bankruptcy action against you to recover the debt. Back to Guarantors'...
Will my liability as a guarantor be discharged upon the death of the borrower?
No. The financial institution will freeze the account of the borrower to determine the indebtedness and unless there are other sources of payment, the financial institution will seek recourse from...
What are the liabilities of a guarantor?
More often than not, guarantors willingly sign the contract of guarantee without fully realising the impact it may have in the future. Therefore, it is extremely important for a prospective...
If there is more than one guarantor and each of them came to the bank at different times to sign the guarantee, how should we sign?
It is advisable that all guarantors sign on the same document at the same time. However, in this particular type of situation, the respective guarantors can sign one guarantee document at...
What are the limitation of actions against guarantors? When will your liabilities as a guarantor be discharged?
Limitation Of Action Against Guarantors Where a guarantee is made payable on demand, a financial institution cannot bring an action against the guarantor until a demand has in fact been made under...

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