A guarantor is a financial term describing an individual who promises to pay a borrower’s debt in the event that the borrower defaults on his or her loan obligation. Guarantors pledge their own assets as collateral against the loans. On rare occasions, individuals act as their own guarantors, by pledging their own assets against the loan. The term “guarantor” is often interchanged with the term “surety.”
Here are some reasons when the bank can ask you for a guarantor
- If the applicant’s financial status is not that good.
- If they have an unstable job
- If they have a poor academic background.
Who is Eligible as a Guarantors in Personal Loan?
- Age of the guarantor should be greater than 18 years.
- He/she should have a good banking background.
- He/she should be able to convince the customer in case he/she is unable to return the bank’s loan amount.
- He/she should be totally aware of the amount of loan.
- He should be provided a copy of the loan agreement.
How to apply for Personal Loan
You can easily apply for a personal loan if you are eligible or you can be Guarantors in Personal Loan. For that, you can apply for a personal loan on the site of Dialabank. You just have to fulfil the online application form and you will get a callback. You can apply there for a personal loan more easily and hassle-free. Furthermore, you can call on 60011600 for more information.
Steps to Apply:
- Head over to Dialabank
- Fill the application form for the personal loan.
- You will get a call back from our relationship manager.
Apply for HDFC Bank personal loan
Apply for ICICI Bank car loan
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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.