Thinking about the loan but worried about not meeting the bank's loan requirements? You can find a guarantor, but both of you should know the guarantor's responsibility。

What are the responsibilities of a bank loan guarantor

Since we have referred to the guarantor, let us understand in greater depth what responsibilities the guarantors bear

One is civil liability. The guarantor was the second party to the original contract and if the original contract was not valid, the security contract would be void. However, if the security contract has other terms of agreement, we follow the agreement. Once the security contract has been found to be null and void, the debtor, the guarantor and the creditor, if they are at fault, are each subject to their respective civil liability。

The second is joint and several liability. If the guarantor of the joint and several liability guarantee does not agree with the creditor on the period of time of the guarantee, the creditor is entitled to hold the guarantor liable within six months of the expiration of the main obligation。

Finally, there is the duty to guarantee. If the debtor fails to perform, the guarantor is liable. This responsibility is referred to as a general guarantee. Where the main contractual dispute has not been tried or arbitrated, the guarantor may refuse to assume responsibility for the guarantee if the debt remains unperformed。

So, what are the conditions to be met by the appropriate guarantor

First, the guarantor should not be linked to the purpose of the loan. That is, the guarantor cannot borrow。

Secondly, the guarantor must be able to enjoy his or her political rights without restriction of his or her personal liberty。

Furthermore, the guarantor needs to have its own accounts and settlements at the place of the loan. If the sponsor is a tenant, he may not be a guarantor。

In addition, the guarantor needs the ability to repay the loan. In other words, if the borrower is unable to repay, the guarantor will have a repayment obligation and the guarantor should therefore have stable work and income。

Finally, the guarantor's credit record should be good, there should be no record of default loans and there should be no loans at the bank。

This is the role and responsibility of the guarantor in the loan。