New Delhi, April 23 -- While not compulsory, a guarantor can enhance the likelihood of loan approval or lead to improved terms. However, it's important to approach the idea of a guarantor with open communication and a comprehensive understanding of the responsibilities of both parties involved. Having a guarantor can enhance your prospects of securing a personal loan for several reasons.

Consider these points regarding guarantors for personal loans:

With a grasp of these points, you can approach the situation responsibly and determine the most suitable course of action for both yourself and the prospective guarantor.

Interest rates can be elevated, particularly for borrowers with lower credit scores, and some lenders may impose prepaym...