Legal Question in Banking Law in India
What is the difference between applicant, co applicant and guarantor
Asked on 11/02/11, 6:08 am
2 Answers from Attorneys
RAJIV GUPTA
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Answered on 11/02/11, 9:34 am
Rajiv Chandhok Ph: +919810050896
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Applicant and co applicant are persons who jointly apply for a loan and have the same status and liability while the guarantor is a person who guarantees to pay the loan amount to the banker/financial institution in case of default by the applicant or the co applicant. The order for precedence for recovery by the Banker/FI in case of default, would be as follows:
Applicant------Co applicant----- Guarantor
Answered on 11/02/11, 10:25 pm
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