Education and Career Forum

Respected Sir/mam,
I want to apply for Bank Education Loan but I have heard about the Guarantor necessary for applying in Education Loan. Can you tell me the role of a Guarantor? Please reply as soon as possible.

Yes, guarantor is required for loan ranging of high amount usually above 4.5 lakhs. Guarantor plays a vital role in the education loan process.

- It gives bank the confidence that the family will repay the loan irrespective of the future consequences.
- It also entitles bank to approach the person in case of fraud or denial of loan repayment.

Hi,

The bank has fixed certain limit for the guarantor. If you are getting loan for small amount (less than 4 lakhs) then the guarantor is not necessary. If you want to get loan more than that then guarantor is required.

The guarantor will be responsible in case of your repayment failure. While choosing the guarantor the bank will look whether the guarator has any property or not. So make sure that you choose the right person.

The guarantor is required by the Bank as in case of default at the time of repayment the bank needs someone to pay on behalf of the loanee and in that case the bank will approach the guarantor to pay the monthly installments as the person who took the loan is unable to pay back.
A guarantor is usually required if the Loan amount exceeds Rs 4 lakhs.
This is the main function of the Guarantor in case of a Bank Loan.

Hello,

Guarantor is something similar to surety person. Incase you fail to repay the loan amount the guarantor will be questioned by the bank and he is responsible for the repayment of your loan.

But you will not need a guarantor till 4laks of your loan. Only if it is a big amount you will be in need of it.

Thank you.