Guarantor

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A person who guarantees to pay the debt of a borrower in an event when the borrower defaults on a loan obligation is called as a guarantor. He acts as a co-signer as they pledge their own services or assets when the original debtor is not able to perform their obligations.
A guarantor may also be depicted as a person who certifies the true likeness of an individual who applies for a product or service. He is also known as a Surety.

Guarantor is usually someone above the age of 18 who is a resident of the country where the payment agreement applies. The guarantor is expected to maintain a good credit history with sufficient income to cover loan payments if any possible chances arise. Once they enter an agreement, the contract would remain as a binding force till the end of the repayment period.

An individual can represent himself as his guarantor where he guarantees the loan with security like an asset he owns. However, in most of the cases, a third-party guarantor is required which depends on the financial conditions of the borrower. He is necessary if the borrower must demonstrate whether their debt would be paid or if the identity of an individual requires verification or not.

About RCBS: One of the Best Business Schools in Kerala, RCBS welcomes you to grab your admission at Rajagiri Centre for business studies, the b schools in Kerala. RCBS also noted as one of the top MBA colleges in Kerala located in Kochi. Courses offered are MBA, MHRM and PGDM. Join to RCBS, One of the Top Business Schools in Kerala. 

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