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Third Party Guarantee

Third Party Guarantee

Can u please explain what does it mean by third party guarantee or personal guarantee when we take loan without keeping any security?

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When you talk about the third party guarantee, it means your uncle, your father’s friend or any of your relatives can make this third party guarantee. This is to ensure if the first guaranteed person couldn’t able to pay then 3rd party person have to bear the loan. The 3rd party income proof is also needed.

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