Utility News: Keep these things in mind before becoming a loan guarantor, otherwise you will be in trouble
You must have done a lot of friendship, and sometimes you would not have refused a friend if he was of any use. You will be like this with your relative too, if he asks you for some work, you cannot refuse that too. But today we are going to tell you that no matter how close your friends are and how close your relatives are, you must think once before doing this work.
Yes, if you become a guarantor in the case of a person taking a loan, then become a guarantor after thinking carefully. If you become someone's loan guarantor, then you also become as much responsible as the borrower. In such a situation, if the borrower does not repay the loan on time, then the bank can ask the loan guarantor to repay the loan.
If you are a loan guarantor and do not repay the loan, then in such a situation the bank can issue you a notice in the name of guarantee. In such a situation, the CIBIL score of both of them may be bad and later both of them will not get loan from any bank. In such a situation, you must think about this before becoming a loan guarantor.