What is the Responsibility of a Guarantor in an Education Loan?
Asked by Yatendra Shukla
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1 Answer
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Becoming a guarantor for a loan is a huge responsibility. As a guarantor will have a legal obligation to pay in case borrower defaults on their payment. If loan amount exceeds INR 4 lacs, then the bank may ask for a guarantee from a third party. If borrower is not able to repay loan amount irrespective of circumstances. Guarantor holds liability to repay complete amount to banks.
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