REQUEST TO RELEASE A GUARANTOR
Request date: __________
Borrower: __________, __________. Lender: __________, __________. Loan: __________; original/relevant amount __________.
Guarantor: __________. Guarantee: __________.
CURRENT POSITION
Outstanding: __________. Repayment: __________.
RELEASE BASIS
Reason: __________. Details: __________. Replacement support: __________.
REQUESTED EFFECT
__________.
Please issue a written lender release stating the effective date and whether any accrued/pre-existing liability remains. Until that release is issued, this request does not represent that the guarantee has ended.
LEGAL BASIS
A guarantor's liability is co-extensive with the borrower's (section 128 of the Indian Contract Act, 1872). A guarantee that covers a series of transactions is a continuing guarantee (section 129), which the guarantor may revoke as to future transactions by notice to the lender (section 130). A variance in the loan terms made without the guarantor's consent, a release of the borrower, extra time given to the borrower, or the loss of the security discharges the guarantor wholly or in part (sections 133, 134, 135, 139 and 141). On a secured home loan, section 13(11) of the SARFAESI Act, 2002 lets the lender proceed against the guarantor without first taking any of the enforcement measures against the property.
PERSONAL DATA NOTICE
This notice is given under the Digital Personal Data Protection Act, 2023.
Personal data in this document is collected only to request and document lender-approved release of the identified guarantor, communicate about that purpose, verify expressly supplied lending, identity and property information, and retain an evidentiary transaction record.
The record will be held by __________ and may be shared only with the borrower, co-borrower, guarantor, lender, authorised professional, registering or revenue authority, Central Registry/CERSAI-related service, insurer or other person directly involved in the stated credit or security transaction.
If the transaction is withdrawn, refused or cancelled, personal data will be retained for 90 days and then erased. If the transaction proceeds, the record will be retained for the loan/security term plus 12 months, except where a named statutory or regulatory record-retention period requires longer retention.
A person named here may withdraw consent for future consent-based processing, request correction or erasure when the stated purpose has ended, or raise a grievance by writing to __________. The record-holder should acknowledge and respond within 30 days.
Data minimisation: this document does not collect full Aadhaar numbers, Aadhaar-card copies, passwords, PINs, OTPs or unrelated bank credentials, and none should be written into it. Use masked account/identity references where an identifying reference is genuinely necessary.
Personal-data instruction: __________.
Record-holder: __________
SIGNATURE
Borrower: __________
Guarantor: __________