These days, most people opt for loans to fulfil life’s basic needs. For instance, banks and NBFCs offer car loans to buy cars, Home Loans to invest in real estate and education loans to fund a child’s education. Funds availed of under personal loans come with zero end-use restrictions and therefore, borrowers can use the money to fulfil all kinds of personal and professional needs. Unfortunately, the growing popularity of loans is also increasing cases of loan default. When borrowers default on loan repayment, lenders suffer and lose money. To reduce the possibility of loan defaults, lenders have started setting strict eligibility requirements. Borrowers who do not meet these requirements often face loan rejection.
One of the determinants of Home Loan eligibility is the borrower’s credit score. The credit score, often also referred to as the CIBIL score, is a three-digit number between 300 and 900 that indicates a borrower’s creditworthiness and repayment capacity. The higher a borrower’s credit score, the better their repayment capacity. If you are applying for a loan, you should ideally have a credit score of 750 or above. If your CIBIL score is below 750, you can increase your chances of loan approval by adding a guarantor to your loan application.
Also Read: Tips to Maintain Your Business CIBIL Score Above 700
Who is a Loan Guarantor and What is Their Role?
When it comes to loans, the term ‘guarantor’ refers to an individual who takes responsibility for loan repayment in case the primary borrower defaults on the loan. Since the guarantor is legally responsible for clearing the primary borrower’s debt in case of loan default, they must have an excellent financial standing and credit score. If the primary borrower defaults on the loan and the guarantor are unable to cover for them, lenders have the right to seize the guarantor’s property or assets and sell them for loan recovery. It is, thus, that people are advised to analyse all the pros and cons before taking on the responsibility of becoming someone’s loan guarantor.
What are the Risks Involved in Becoming a Loan Guarantor?
Becoming a loan guarantor is a huge responsibility. Loan guarantors are as responsible for the loan as the primary borrower. Therefore, loan guarantors must take on the responsibility after understanding all the risks involved.
The biggest risk involved in becoming a loan guarantor is that if the borrower defaults on the loan, the responsibility for loan repayment comes directly on the guarantor. In this case, the lender will ask the guarantor to pay all missed EMIs along with the penalties and other charges. Thus, people planning to become loan guarantors must make sure the primary borrower is buying loan protection insurance plans.
If the primary borrower defaults on loan repayment, the responsibility of loan repayment falls on the loan guarantor and if the loan guarantor fails to fulfil this responsibility, their credit score takes a huge hit, which in turn, makes it impossible for them to avail of a loan in future. So, if you plan to avail of a loan of any kind such as a housing loan, in near future, think twice before becoming a loan guarantor.
In conclusion, there is a lot of risk involved in becoming a loan guarantor. Therefore, borrowers must become loan guarantors only when they have known the borrower for years and are entirely confident of their repayment capacity and financial standing.
How Does Being a Loan Guarantor Affect Your Credit Score?
The loan guarantor is responsible for loan repayment only if the primary borrower defaults on loan repayment. If the primary borrower pays all loan-related EMIs on time, the credit score of the loan guarantor does not get affected at all. However, if the primary borrower fails to pay loan EMIs on time, the loan guarantor is legally responsible for repaying the missed EMIs. In case of loan default, if the guarantor pays all pending EMIs as well as the penalties applicable, their credit score won’t take a hit.
However, if the guarantor fails to pay the missed EMIs, the guarantor’s CIBIL score will go down. Further, the lender may also take legal action against them. In case of a full loan default, the guarantor is responsible for repaying the entire loan amount and inability to do so not only damages the guarantor’s credit score and their ability to avail of a loan in future but the lender can also seize their assets for loan recovery or take legal action against them.
Is it Possible to Remove a Guarantor from a Loan?
Can a loan guarantor get their name removed from the loan? Technically, the answer is yes. However, it is quite unlikely that you will be able to remove yourself as a loan guarantor. The decision to remove a loan guarantor or acquiesce one of the duties that come with being a guarantor falls entirely on the lender. If you do not want to be a loan guarantor anymore, you can write to your lender and request them to remove you. However, due to the increasing cases of loan default, it is highly unlikely that the lender will release you of your duties.
However, there are a few cases in which a loan guarantor can get relieved. First, if the borrower has availed of an additional loan without your consent, you are no longer legally responsible for covering your duties as a loan guarantor. Second, if you can provide the lender with another loan guarantor to replace you, they may be willing to acquiesce you of your duties.
Final Words
Becoming a loan guarantor is a huge responsibility that comes with many risks. Therefore, if you have been approached to become a guarantor on someone’s loan, inform yourself of the risks involved as well as the pros and cons before making a final decision. Make sure to perform an online CIBIL score check on the primary borrower and if their CIBIL score is not excellent, refrain from taking on the responsibility.
Read Also: How to Check CIBIL Score Online for Free
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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An Essential Guide to Refinancing a Home Loan