In life, due to some financial problems, everyone will choose to go to the bank for a loan. However, bank loans require certain procedures and conditions, and at the same time, a guarantor is also required. So, what are the requirements for being a bank loan guarantor? The conditions for becoming a guarantor are stipulated in detail in the policy. For example, the age of the guarantor must meet the requirements of the classification range and good credit record. When handling bank loan matters, you should pay attention to these issues. 1. What are the requirements for being a bank loan guarantor? It is handled according to the requirements of the bank. The requirements of each bank are different. But the basic condition for being a guarantor is that the guarantor needs to have the ability to provide guarantee (property, credit). (1) The loan recipients are natural persons with full capacity for civil conduct. (2) Having a permanent urban residence or valid residence status means that the borrower is required to have a legal identity. (3) Have a stable career and income, good credit, and the ability to repay the principal and interest of the loan. (4) There are slight differences in down payment requirements among banks. (5) There are assets recognized by the lender as mortgage or pledge, or there is a unit or individual that meets the prescribed conditions and has the ability to pay as a guarantor to repay the principal and interest of the loan and bear joint liability. (6) Have a house purchase contract or agreement. (7) Other conditions stipulated by the lender. Article 386 of the Civil Code (effective from January 1, 2021): When the debtor fails to perform due debts or the circumstances agreed by the parties to realize the security rights occur, the security holder shall have the right to the secured property in accordance with the law. Priority in receiving compensation, unless otherwise provided by law. 2. What procedures are required to become a bank loan guarantor? 1. The original and copy of the second-generation ID card of the guarantor; 2. The salary statement provided by the bank or other documents that can prove one’s income; 3. The guarantor’s completed guarantee commitment A letter indicating willingness to provide guarantee for the borrower and perform corresponding obligations; 4. If there is collateral, a certificate of ownership relationship must be provided. 3. Who cannot be a guarantor? 1. Husband and wife cannot guarantee each other, because the husband and wife are an economic unit based on the family. Both parties have the responsibility to repay the debt, and the guarantor must be a third party; 2 . Foreigners cannot guarantee for locals. Foreigners do not have local registered residence and can leave at any time. When the bank needs to pursue a loan from the guarantor, it may be difficult to contact the guarantor, which brings great risks to itself; 3. Being diagnosed Because people with mental illness cannot serve as guarantors. They cannot judge what they have done, and they cannot bear the repayment responsibility; 4. People with a history of fraud cannot serve as guarantors. In this way The probability of someone not fulfilling their guarantee obligations is very high. Loan Guarantor Responsibilities: As long as they are Chinese citizens, they are eligible for guarantee. Whether or not the company has guarantee capabilities will be assessed by the credit department of each financial institution. Once the assessment is passed, the guarantor shall bear joint liability for the debt. That is, once the debtor cannot repay the debt, the creditor has the right to ask the guarantor to assume the debt. Notes for loan guarantors: It is recommended that you should state in the guarantee contract that you will only fulfill your guarantee responsibility if the creditor is indeed unable to recover the loan through litigation. This will protect the rights of your guarantor to the greatest extent. For example, as long as the debtor's apartment has not been auctioned, the guarantor can refuse to perform the guarantee liability. Loan guarantee refers to a legal act in which the borrower or a third party provides a legal measure to protect the creditor's rights according to the contract. When the debt is due and has not been paid off, the creditor exercises the security right in accordance with the law to pay off the creditor's rights. The adequacy and reliability of loan guarantees directly affect the judgment of loan quality. Especially when the borrower's first source of repayment cannot meet the repayment needs, loan guarantees often change from a secondary source of repayment to a direct and realistic source of repayment.