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Learn everything about a loan Guarantor.

Do you plan to sign as a guarantor on another person's loan application? Understand what that entails first.<br><br>https://www.herohousingfinance.com/blog/knowledge-series-of-experts/all_you_need_to_know_before_becoming_a_loan_guarantor

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Learn everything about a loan Guarantor.

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  1. Learn everything about a loan guarantor.

  2. What does a loan guarantor mean? • Anyone willing to repay another person's debt in the case of default.

  3. What distinguishes a guarantor from a co-borrower? 02 03 • The co-borrower is equally liable for EMI payments as the primary borrower. 04 05

  4. 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.

  5. Why does a lender require a loan guarantor?

  6. Borrower's poor creditworthiness • Poor credit behaviour results in loan rejection.

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

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

  9. What if the borrower fails to pay? A guarantor is responsible for the payment.If the guarantor fails to make payments, the lender will take legal action.

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

  11. Would Love to hear from you. • Hero Housing Finance Pvt Ltd. • 09, Community Centre Basant Lok, Vasant Vihar, New Delhi - 110057 Thanks! • Tel : 1800-212-8800 • Email :customer.care@herohfl.com • Website :https://www.herohousingfinance.com/ • Know More : https://www.herohousingfinance.com/blog/knowledge-series-of-experts/all_you_need_to_know_before_becoming_a_loan_guarantor

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