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Honey | Bank Loan matters? |
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?
Additional Details
& if i sign is there any way out later if i come to know that after certain time that person wont be able to pay? |
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Fuzz
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If that person defaults you will have to stump up. |
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Big L 266
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Hello.If you choose to act as a guarantor for a friend applying for a bank loan,and your friend defaults on that loan,you are liable for the remaining repayments. Think very long and very hard before signing up to this.It may cost you dearly if there are any problems.
Alan L. |
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Goonhilda
 |
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. |
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naved j
 |
depends on rules of the bank |
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LJG
|
Don't believe people who say you don't have to pay.
If you're a guarantor and the person who has taken the loan doesn't pay, then the bank WILL turn to you.
Make absolutely sure that the person you are guaranteeing for can be trustworthy for the whole amount... or you WILL be expected to make a payment. And if you don't, then the bad credit goes on BOTH your credit reports. |
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Claudia 07
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If you have no doubt that this person is reliable and is not going to let you down then consider it. Athough it is a big responsibility. Although the loan is for someone else you have a responsibility to repay the loan if the other person decides to stop paying the repayments. The loan may also appear on you credit file and you will assessed on this in furture credit applications for affordability. Personally as a Mortgage Consultant i would not do this. |
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De Deuce
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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. |
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z z
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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 ,
depending also on who you are going gaurantor for, just be very careful and think thouroughly so as to avoid causing youreself any hardship both financially and emotionally. |
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Septtie
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As a guarantor(er), in the event that this 'known' person cannot pay, icici bank can run after you for payment of the loan. You will not contribute to the payment of the loan in the future as long as the borrower (or this known person) pays and is still able to pay...
You must be prudent in guaranteeing loans for a person. Make sure he has good credit standing and has enough assets to pay for the loan in the event that he cannot anymore pay. |
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