Bank Loan matters?
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If i stood as a guaranter for a known person who has taken loan from icici bank for a vehicle over 5 lakh. Will there be any problem for me if that person is not been able to repay the amount to the bank? or will i have to contribute to the loan in future?
Bank Loan matters?You WON'T have to contribute to the loan in the future, you'll just have to pay the damn thing off. And NO, IF you pay it off and on time, there will NOT be ANY problems mate.
Bank Loan matters?depends on rules of the bank
Bank Loan matters?If you are guarantor for a loan, you will be responsible for the entire debt if they default. That's what guarantor means.
If you think I'm joking, I'm not. I had a friend go as guarantor for another friend, who ran up a huge phone bill. The guarantor almost lost her car before we intervened, dragged the defaulting friend to the pawn shop with her cd collection, and made her make the first payment on the debt.
Guarantor means responsible for the loan. If you don't trust them to pay the loan, don't do it. I wouldn't, not for any friend. That's a good way to ruin a friendship.
Bank Loan matters?If that person defaults you will have to stump up.
Bank Loan matters?I hope you realise that as guarantor you are responsible to repay the amount owing if the loan applicant defaults, so yes you are responsible, legally and you need to be certain that you are prepared to pay if this person defaults. It is a gamble ,
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