Guarantor Requirement for SBI loan ~ 1 cr


My branch manager is saying i need a guarantor or coapplicant with significant salary
since the loan amount is like 96 lakhs and my parents net annual salary is coming to around 5 lakhs and thats not enough the manager says. Although there is collateral covering the loan amount. The manager said he can still go through with application but they might not approve the entire amount because of above reason

I’m about to ask a bunch of people with higher salaries if they can be my guarantor and there’s lot of paperwork involved. so I was hoping I could get a second opinion before I proceed. Could you help me out, please?

Hi @Shankara_Narayana,

Apologies for the delay in reply. Ideally, if the collateral is covering the loan amount, there is no requirement for collateral. In fact, the bank manager shouldn’t ask you for a guarantor as the collateral value is covering the loan amount.

If you are still struggling with this problem, I suggest getting in touch with us. We can help you get the loan without any co-applicant.
Check your loan eligibility on our website and someone from our team will get in touch with you within 6 working hours. GyanDhan > Loans > Check Loan Eligibility

Hope this helps. All the best!