Risk involved to be second Guarantor for secured loan
4 years ago
I am the proprietor of start up business valued around Rs 2 Crores and I am aged around 71 years without any liabilities from any bank. Now, one of our family friends requests me to be the SECOND GUARANTOR for Rs 15 Crores of Business loan sanctioned against his own property valued around Rs 60 Crores.Already one more guarantor is available. I do not have any assets on my name. The property intended to give as security does not have Patta but funding company has not raised any objection.Whats is the risk involved to be a second Guarantor. The lender offers Rs 25 Lakhs as interest free loan and Rs 40 lakhs loan with interest of 18 % for my business.
Could you please advise whether , I can be a second Guarantor.
Shreyash Mohta
Responded 4 years ago
Eg: if both of them are unable to repay then you shall be liable to repay the whole amount.
Eg 2 : If both of them pay parts of the loan amount then you shall be liable to pay t he remaining part which is not yet paid.
Thanks
You can become second guarantor at your risk because the bankers can proceed for recovery either against the principal borrower or against any one of the guarantor.
Rameshwar Dadhe
Responded 4 years ago
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