New Delhi, June 1 -- When you apply for a personal loan, it is generally viewed as a personal finance decision. Still, when a new guarantor is introduced into the scheme of things, the responsibility naturally extends beyond the primary borrower.

This calls for a proper analysis and understanding of the concept of a 'loan guarantor' so that an aspiring borrower and their associated guarantor are better equipped to make sensible decisions before agreeing to rope in anyone else as a guarantor.

Many individuals become guarantors for their friends, family, and near and dear ones without fully acknowledging the long-term economic implications of such a move. Given that such a step can appear to be a nice gesture of affection and respect, ser...