Legal analysis: If you provide a guarantee for someone else’s bank loan, you will be jointly and severally liable for the guarantee and cannot be exempted from liability.
1. If the guaranteed person fails to repay the debt, he will be responsible for the repayment; if the guaranteed person repays the debt overdue or fails to repay the debt, in addition to assuming the repayment responsibility, it will also be recorded in the credit of the guarantor. Records;
2. When applying for a loan during the guarantee period, the bank will comprehensively measure its repayment ability and need to consider repaying the guaranteed part. The probability of loan approval is small; during the guarantee period, the loan will be approved, but the loan interest will be higher than Normal interest rate increases by 10~20%.
Legal basis: "The People's Republic of China and the Civil Code"
Article 386 The security right holder shall not fulfill the agreement of the parties if the debtor fails to perform the due debt or the parties agree. In the case of security interests, the party shall have priority in receiving payment for the secured property in accordance with the law, except as otherwise provided by law.
Article 392: If the guaranteed creditor's rights are guaranteed by both physical and human guarantees, and the debtor fails to perform the due debt or the circumstances agreed by the parties to realize the security rights occur, the creditor shall comply with the agreement. Realize the creditor's rights; if there is no agreement or the agreement is unclear, and the debtor himself provides security for the thing, the creditor shall first realize the creditor's rights with respect to the security of the thing; if a third party provides a guarantee of the thing, the creditor may realize the creditor's rights with respect to the security of the thing, or may request The guarantor shall bear the guarantee liability. After the third party providing the guarantee assumes the guarantee liability, it has the right to recover from the debtor.