What is the extent of liability of the co-applicant and the guarantor?
A co-applicant has as much responsibility as the primary applicant and is equally liable to the finance company from which the loan is taken. The guarantor on the other hand promises to pay the bank in case the applicant(s) default on the payment. Both the co-applicant and the guarantor are liable for re-payment and the financing agency has the right to collect from either or them.
A co-applicant has as much responsibility as the primary applicant and is equally liable to the finance company from which the loan is taken. The guarantor on the other hand promises to pay the bank in case the applicant(s) default on the payment. Both the co-applicant and the guarantor are liable for re-payment and the financing agency has the right to collect from either or them. Is the eligibility and documentation similar for all the financiers? This is something all financiers keep common norms on – almost 90% of the financiers have similar eligibility criteria. For e.g. age should be between 21-58, the candidate applying for the loan must have a minimum annual income of Rs 60,000 (this may vary slightly with different loan providers). Usually the documentation asked for is latest salary slip if you are working, latest audited balance sheet and profit and loss account if you are self employed, proof of residence, signature verification, Form 16, bank statement, credit card stateme
