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Being a guarantor for a friend's loan can be a risky decision, even if you have a close relationship with the person. Here's what you need to know about the responsibilities and potential consequences of being a guarantor, Loan guarantor responsibilities  What does it mean to be a guarantor? A guarantor is someone who agrees to be personally responsible for repaying a loan if the primary borrower defaults on their payments. This means that if your friend stops making payments on the loan, the lender will come after you for the money. What are the risks of being a guarantor? The biggest risk of being a guarantor is that you could be on the hook for a large amount of money if the primary borrower defaults. This could damage your credit score, make it difficult to qualify for your own loans ...

youngsters in India tend to take personal loans more than older generations. This is due to a number of factors, including, Personal loan risk  Youth Seeking Personal Loans The study revealed that Indians are applying for credit card facility and personal loan facility at an early age, with more than 50 percent applying for their first personal loan facility before the age of 30. Financial services firm Baisabazaar conducted a nationwide survey on borrowing habits. Many of the Indians in this study had three credit accounts in their late 20s. The average age of a first credit card user is 28. The average age of first personal loan and consumer loan borrowers is 29. At the same time, the average age of home loan borrowers is 33. Among first-time home loan borrowers, 45 percent have an average age of 30 to 40. Bengaluru ranks first among the healthiest cities in India in terms of credit. This credit health is determined on a credit score scale. Increased access to cre...

Once it was very difficult to get a loan, now after the advent of mobile phones it has become very easy to get a loan, because people need money, it is a necessity, knowing this, if they do not pay properly after providing the loan very easily, then these digital applications are sexually harassing people in many ways. It is very important to be careful.   loan apps How do I protect myself from a personal loan Here are some tips on how to stay safe from digital loan apps in India, Do your research.Before you download any loan app, make sure to do your research and check if it is a legitimate app. You can do this by checking the app's website or social media pages, or by searching for reviews online. Check if the app is registered with the RBI. All digital lending apps in India are required to be registered with the Reserve Bank of India (RBI). You can check if an app is registered with the RBI by visiting the RBI's website. Be wary of apps that offer loans withou...

I have bank taken a personal loan from the bank. No installments for three months. If the fourth installment is not paid, should the entire amount (Outstanding) be paid next month What happens if I don't pay EMI for 3 months When a person defaults on a personal loan ,  the following things happen. After 30 days; Late payment charges will be added to the amount due to you. You will be given one more month. Immediately, the credit rating agencies will not be informed about your loan defaults. After 60 days; Your information will be reported to credit reporting agencies as a defaulter. It will remain on your credit report for up to seven years. Your loan will be marked as delinquent. The late payment penalty will be added to your loan installment. After 90 days; Your loan will be marked as in default. It will be included in your credit report. Your credit rating will take a big hit. It becomes difficult to get credit elsewhere. You will have to pay your loan ...