Loan guarantor rules: Will the bank recover all the money from the guarantor if the loan is not repaid? Loan guarantors should know the important rules..

Loan guarantor: Many people quickly become guarantors to get someone a loan, while some people outright refuse. This makes it clear that one should become a loan guarantor (Rules for Loan Guarantor) after careful consideration. The biggest question and confusion is whether, if someone does not repay the loan (bank loan news), the guarantor has to repay all the loan money. Let us know the special rules related to this.

1. The guarantor is bound by the loan terms.

If a loan is being taken by someone and you are the loan guarantor in it (loan guarantor ke liye rules), then understand that you are also bound by the terms of the loan. Therefore, before becoming a loan guarantor, many important things should be kept in mind. The loan guarantor (guarantor's role in bank loan) guarantees the loan. If the main loan holder does not repay it, then the bank contacts the guarantor. The loan guarantor is also responsible in many ways and is affected in many ways.

2. The bank can take legal action against the guarantor.

If the main loan holder does not repay the loan, the bank (bank news) can take legal action against the guarantor. In case of the death of the loan holder, the guarantor is responsible for repaying the outstanding loan (bank loan news). If you have become someone's guarantor for a home loan and the loan holder does not repay the loan, then the property of the guarantor can also be sold. If the guarantor refuses to repay this loan, the bank can take legal action (legal action against the loan guarantor). In case of other loans, the property of the guarantor can be taken into possession.

3. CIBIL score will be bad.

If a person does not repay the loan, not only his own CIBIL score gets spoiled, but the CIBIL score of the loan guarantor (cibil score news) also gets spoiled. Not only this, the CIBIL score of the guarantor also gets spoiled when the loan EMI is not paid.

4. The guarantor cannot avoid this responsibility.

The responsibility of the loan guarantor (tips for loan guarantor) is linked to the loan in many ways. He cannot avoid this responsibility later. You can withdraw from the guarantor only after talking to both the bank and the loan holder and getting another guarantor (loan guarantor bank rules).

5. The loan guarantor can give this advice.

Before becoming a loan guarantor (loan guarantor kab bane), you can advise the loan taker to get the loan insured. This reduces the responsibility of the guarantor to a great extent. If someone has already been a loan defaulter, then you may suffer a loss in becoming his loan guarantor (loan guarantor ke nuksan). Therefore, become a loan guarantor after careful consideration.

6. Know the difference beforehand.

People think about many things after taking a loan. Especially the difference between a loan guarantor and a co-borrower should be understood beforehand. The bank contacts the co-borrower (rules for co-borrower) when the main borrower does not repay the loan. After this, if the co-borrower also does not repay the loan, then the third responsibility (guarantor's responsibility for loan) comes. That is, the bank will contact the loan guarantor in the end.

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