#1  
4th December 2015, 11:35 PM
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Who is Third Party Guarantor in Bank Education Loan scheme?


Dear Sir,
I am studying final year final semester in BBA. After my undergraduate course I will move to my Master degree i.e.; MBA. But this time, I will take an education loan from any bank. I have searched about the terms and conditions of education loans by many Banks but canít understand about the third party guarantor. I would like to know about third party guarantor.





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  #2  
2nd January 2016, 07:04 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Who is Third Party Guarantor in Bank Education Loan scheme?

Third party guarantor is the person who is not your parent/guardian and have to guarantee the repayment of education loan when asked by bank or when the concerned loanee gets a job (whichever is earlier). The third party guarantor has to also provide various documents like his/her income tax certificate, house rent certificate, etc. and sign the loan documents along with the coborrower and the loanee. Third party guarantor is usually mandatory for education loans more than 4.5 lakhs.
Do you have any question? or have anything to say?



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