Guarantor
Is a guarantor required for loan applications?
A Guarantor is not necessary for personal loan applications. Each real person who can document his/her income can apply for a personal loan. Based on the results of the loan evaluation process, you may be asked to provide a guarantor.
You have chosen to co-purchase a vehicle. Can you take up a loan?
You may decide to buy a vehicle together with your wife or friend. However, you can not co-apply for a loan. In such a case, one of the buyers is treated as the principal debtor while the other acts as a guarantor.
Can two or more individuals who take up a loan act as guarantors for each other?
This case, (cross guarantee) is not accepted.