It is a normal thing that sometimes people need to lend some funds for various needs. Such as for study, buying property, develop the business, and many more. To help with this matter, the most common way is by lending some funds from formal places such as banks. One of the administration requirements is usually to provide personal guarantee form. For more information about the form and how to develop standard personal guarantee form, the following paragraphs will help to give a description.
Content of Personal Guarantee
As mentioned previously that the standard personal guarantee form is a kind of form in which the main content is to give information about someone who will take responsibility for other people that lend some personal loan.
It shall be understood that the personal guarantee form is made by a person that needs to borrow some money but inform that they will not be able to perform the payment. Therefore, to solve this matter, the personal guarantee form shall be provided to state the responsible person that will help to repay the loan for the person.
- Inside the form, several major contents shall be written. In general, the content shall consist of the following items.
- The name of the guarantor and the complete data including the address, contact number, and employment status. This is to help the bank to examine the creditworthiness of the guarantor.
- The name of the borrower to make sure the purposed person.
- The name of the bank institution.
- The purpose of the loan, such as for buying property or buying a vehicle. This shall be stated clearly to provide information for the bank.
- Signature of guarantor and date of the agreement.
Sample of Standart Personal Guarantee Form
The following is an example of a personal guarantee form for those who plan to get a personal loan for buying a property. This form is easy to create and even can copy and paste by Microsoft Word.
By reading the explanation above, hopefully, it is sufficient to give an overview on how to develop the form and what shall include inside it. Therefore, the administration process for lending some funds can be completed. Furthermore, it is also a way to give a guarantee for the bank in case that the person who borrows the fund cannot finalize the payment of their debt.