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.
A.If you become the second guarantor then you shall be liable to repay the loan after the failures of the borrower and 1st Guarantor.
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
A.Dear Sir,
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.
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Rameshwar Dadhe
Responded 4 years ago
A.Before signing any such agreement please approach to the any local lawyer
Dear Sir,
You may get issue a legal notice to the concerned Bankers and the Head office and initiate legal action and claim huge compensation for not securing your account details which are private de...
Dear Client,
Your query requires more details to address it suitably. You expressed your concern but not a cause of action behind that concern that attracts a legal remedy. It is a virtual platform w...
Dear Client,
You need to adhere to the payment of EMI and interest rates as provided by the financial corporations to settle the loan amount. In case of a financial crisis, you can contact the manager...
Dear Client,
Once a donor or owner of the property gifted the property to the donor through a registered deed of gift, the property becomes the self-acquired property in the hand of the donee who beco...
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower. You may negotiate or settle your dues agains...
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Risk involved to be second Guarantor for secured loan
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