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Important considerations before signing as a loan guarantor

Getting a loan sometimes is not that easy. The lender might not be convinced by the borroweru2019s low credit score or if certain eligibility criteria is not met. In such cases, the lender asks for a loan guarantor, who offers the guarantee to pay back the amount in case the borrower defaults or vouches for the personu2019s credibility to payback.

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Important considerations before signing as a loan guarantor

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  1. Important considerations before signing as a loan guarantor

  2. What are a loan guarantor's liabilities? They are responsible for debt repayment in the event of default.

  3. When does the lender require a guarantor? 01 02 03 You have an average credit score. You are about to retire. You frequently change jobs.

  4. Considerations before signing on as a loan guarantor 01. 02. Know about the different types of guarantors. Investigate the primary borrower's credit report. 03. 04. Analyse how signing as a guarantor affects your creditworthiness. Understand why the primary borrower requires a guarantor.

  5. Tips for safeguarding yourself from guarantor liability 01 02 03 Request that the primary borrower includes a co-guarantor. Scrutinise the loan and guarantor clauses in the agreement. Check to see if the EMI is paid on time.

  6. Is it possible for you to withdraw your name as a guarantor? It is only possible if the primary borrowers provide a new guarantor.

  7. Drawbacks of becoming a guarantor 01 02 It affects your borrowing capacity. If the primary borrower defaults, you may face legal ramifications.

  8. “Before becoming a guarantor, read the loan agreement carefully and understand the primary borrower's creditworthiness.” — Hero Fincorp

  9. Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Key Points to Take into Account Before Becoming a Loan Guarantor

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