In case you are thinking that an unsecured loan is actually unsecured is misnomer. I would like you to understand that all financial institutions make you and your guarantor sign a personal guarantee. A personal guarantee is an intangible security but is definitely a security against the non-repayment of the loan. A personal Guarantee is an individual’s legal promise to repay the loan issued to the student for which they serve as an guarantor. Providing a personal guarantee means that if the student becomes unable to repay a debt then the guarantor is personally responsible. The personal guarantee provides an extra level of protection to financial institutions, who want to make sure they will be repaid. Once the guarantee is provided the financial institution can go after the guarantor’s assets such as attaching Bank Accounts, Investments and making him a defaulter. In case he is categorized as a defaulter he would never be able to take any loan in the financial system.
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