SBI Bank Loan As Copay or 2nd Party
9 months ago
Hi Team, We do Supply Sugarcane to one of the cooperative Sugar Factory in our area. During the year 2016/17 Sugar Factory has taken a loan from SBI and I was made the 2nd party/Guarantor for that loan. The loan amount was totally disbursed to Sugar factory. Due to this copay/guarantor which i signed its getting reflected on my CIBIL. SBI did not send any notice or not approached me for recovery since Sugar Factory is the first party. But issue is this loan is showing up in my CIBIL report. How can i get this removed since I am not liable for this loan. Can you please help
A.Dear client,
In case the party fails to repay the loan, the guarantor becomes liable, which is why the loan in showing in your CIBIL Score
In case the party fails to repay the loan, the guarantor becomes liable, which is why the loan in showing in your CIBIL Score
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A.Dear Sir,
Guarantor is also liable to pay the loan if the principal debtor fail to discharge such amount hence the concerned authorities showing the same in your cibil report.
Guarantor is also liable to pay the loan if the principal debtor fail to discharge such amount hence the concerned authorities showing the same in your cibil report.
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A.Dear Client,
When an individual becomes a guarantor, a separate CIBIL account gets created and information regarding debt repayments made by the applicant appears in the guarantor’s CIBIL report as well. By being a guarantor, the third person gives his consent to pay back the loan of the person who is availing the loan. The guarantor will need to pay back the loan, in the event of the borrower not being able to pay back the loan due to any reason. So far your query is concerned, you need to make a query about the status of the loan from the concerned Bank, SBI from where the loan was availed by the Borrower, Sugar Factory. In case you found that the loan is repaid by the borrower, you should approach both Bank and CIBIL authorities for a change of status of guarantor in the CIBIL record. Usually on repayment of loan, the status CIBIL Record of both borrower and the guarantor is automatically changed on the reporting by Bank to CIBIL Authorities.
When an individual becomes a guarantor, a separate CIBIL account gets created and information regarding debt repayments made by the applicant appears in the guarantor’s CIBIL report as well. By being a guarantor, the third person gives his consent to pay back the loan of the person who is availing the loan. The guarantor will need to pay back the loan, in the event of the borrower not being able to pay back the loan due to any reason. So far your query is concerned, you need to make a query about the status of the loan from the concerned Bank, SBI from where the loan was availed by the Borrower, Sugar Factory. In case you found that the loan is repaid by the borrower, you should approach both Bank and CIBIL authorities for a change of status of guarantor in the CIBIL record. Usually on repayment of loan, the status CIBIL Record of both borrower and the guarantor is automatically changed on the reporting by Bank to CIBIL Authorities.
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