Users' questions 

Is succession certificate required for gold loan?

Leia Doyle

Is succession certificate required for gold loan?

If the nominee is not present in Gold Loan Interest Rates Account Savings Account then the claimant or legal heir of deceased account holder has to comply with following steps: Photocopy of the death certificate. Copy of the WILL or Succession Certificate.

Who are legal heirs of deceased in India?

The following persons are considered legal heirs and can claim a legal heir certificate under the Indian Law: Spouse of the deceased. Children of the deceased (son/ daughter). Parents of the deceased.

How do I file an asset of the deceased claim?

4 Important Documents required to Claim an Asset after death

  1. Death Certificate. The first thing in the list is Death Certificate.
  2. Claim Application Form. Claim form is the form which needs to be filled by you at the time of making the claim.
  3. Probate of WILL.
  4. Succession Certificate.

What happens to gold loan if person dies?

✅ How to take over gold loan after death of borrower? After the death of the borrower either co-applicant or grantor should repay the loan. Or else the family members can also repay the loan. If no one repays the loan then the banks seize their property.

How do I inform the bank of death?

Here’s how it works:

  1. Go to the Death Notification Service. You can create an account or submit a death notification without creating an account.
  2. Complete the online form.
  3. Say which firms the deceased person had an account with.
  4. The relevant firms will then be notified.

What if someone dies after taking loan?

Personal loan/Credit card If a person dies without paying his personal loan or credit card bill, the bank cannot ask the surviving members of his family or his legal heir to repay the loan. Since it is an unsecured loan, there is no such thing as collateral and hence the property cannot be attached.

What happens if a borrower dies?

On the death of the borrower, the lender will approach the family to settle the loan. “In case the family is not in a situation to repay, the lender can take possession of the vehicle, which it will auction to recover the dues,” said Kumar.