The loans that require guarantors for approval are long term or high ticket loans such as education loan for higher education or a home loan that is of a higher amount, although it is a role which helps people who would have otherwise not receive credit it is also a role which comes with its share of liabilities and hence many would not want to be a guarantor. Getting a loan approved is itself a difficult process. Though the loan application process has been simplified, the banks are still strict when it comes to approving a loan. This is ...Read more
