Banking /finance law

[User_743fcc9c]

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User_743fcc9c
PARTICIPANT
February 20, 2025 at 12:56 pm

What is a revival letter and why is my bank asking for it ? Further whether the letter has to be signed by both borrower and guarantor and if there is a requirement to fix revenue stamp on it ? I am from Maharashtra please tell me the correct stamp that needs to be affixed on it. Thanks !

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[Indianshivansh3984]

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Indianshivansh3984
PARTICIPANT
February 20, 2025 at 1:21 pm

According to the Limitations Act 1963, the life of a DPN is 36 months, after which the bank loses legal recourse in case of default. The bank might still pursue the matter, but it becomes needlessly complicated.
So, banks ask for revival letters to keep the DPN active as security.

1. Yes, both the borrower and the guarantor need to sign.
2. Yes, you need to affix a stamp on it.
3. The value of the stamp depends on the loan amount

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[User_f7944584]

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User_f7944584
PARTICIPANT
February 20, 2025 at 3:05 pm

The detailed explanation clarifies a lot about revival letters and DPN lifespans. Managing legal documents can be tricky, and I’ve seen firsthand how keeping a clear record is essential. I’ve used DocuSign and Adobe Sign for similar processes, but eventually opted for SignWell because it made signing bank-related documents hassle-free. With its legally binding e-signatures and smooth workflows, it made our work much easier. This sort of electronic efficiency might help you with your revived document process. Absolutely recommended.

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[User_743fcc9c]

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User_743fcc9c
OP
February 20, 2025 at 3:24 pm

Thank you so much , you’re a lifesaver!

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