Learn everything about a loan Guarantor

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Learn everything about a loan guarantor.
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What does a loan guarantor mean?

• Anyone willing to repay another person's debt in
  the case of default.

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What distinguishes a guarantor from a co-borrower?

• The co-borrower is equally liable for EMI
  payments as the primary borrower.

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What are the crucial considerations before
becoming a guarantor?

• Learn about the borrower's credit history and
  gauge your repayment potential. 
• Check how becoming a guarantor affects your
  credit profile.
• If the primary borrower defaults on payments, you
  may lose your assets.
• Withdrawing your name as a guarantor in the
  middle of the loan term is hard.

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Why does a lender require a loan guarantor?
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Borrower's poor creditworthiness

• Poor credit behaviour results in loan rejection.

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Unstable Job

• A guarantor is necessary in case of frequent job
  changes or working in an unstable company.

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Inconsistent income

• Irregular income credit in the account
  necessitates the addition of a guarantor.

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A guarantor is responsible for the payment.If
the guarantor fails to make payments, the lender
will take legal action.

• What if the borrower fails to pay?

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• A guarantor is held liable for debt payment
  after the borrower defaults. Hence, before
  becoming a guarantor, consider the borrower's
  repayment capacity.

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• Thanks!

Would Love to hear from you.
Hero Housing Finance Pvt Ltd.
09, Community Centre Basant Lok, Vasant Vihar,
New Delhi - 110057
Tel [phone]
Email customer.care_at_herohfl.com
Website https//www.herohousingfinance.com/
Know More https//www.herohousingfinance.com/blo
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_before_becoming_a_loan_guarantor