Utility News : Know these things before becoming a guarantor of a person's loan
If you are becoming a loan guarantor for an individual. In this case, your responsibility to repay the loan is the same as that of the borrower.
If the person taking the loan is unable to repay his loan within a certain time, in this case, the bank or any financial institution asks the guarantor to repay the loan.
If the guarantor is also unable to repay the loan, in this situation his credit score becomes very bad if the guarantor does not repay the loan.
In this situation, a notice can be issued by the bank in the name of the person taking the loan and the guarantor.