Credit and Loans Subcategories

Subcategories are listed below to provide more narrow searching within the Credit and Loans category.

Knowledge Base Issues

Who can be a guarantor?
Anyone can be a guarantor as long as the person can meet the legal requirements to be a guarantor. However, since a guarantor would be liable to pay the debts of the borrower in the event the...
Can I be made a bankrupt in the event that the borrower does not repay his or her loan to the financial institution?
Yes. If the debt is equal or more than RM30,000 as defined by the Bankruptcy Act 1967, the financial institution can take bankruptcy action against you to recover the debt. Back to Guarantors'...
Will my liability as a guarantor be discharged upon the death of the borrower?
No. The financial institution will freeze the account of the borrower to determine the indebtedness and unless there are other sources of payment, the financial institution will seek recourse from...
If there is more than one guarantor and each of them came to the bank at different times to sign the guarantee, how should we sign?
It is advisable that all guarantors sign on the same document at the same time. However, in this particular type of situation, the respective guarantors can sign one guarantee document at...
What are the do's and don'ts of being a guarantor?
Do's and Don'ts Read and understand the nature of the guarantee. A prospective guarantor must not sign a document that he has not read or sign a document which is in fact a blank form or a...

1 2 3 4 5