Is there any type of loan in which third person takes responsibility of loan amount

[Abyadav]

i want a loan of 5 lakh and banks are not giving me .
Is it possible that third person take responsibility and bank give me the loan
(Suppose the third person is an govt doctor who taking responsibility )

 

[arjungoyal12]

Yes, it will increase your chances of getting a loan if there is guarantor. In that case, the guarantor must have a good credit history. If he/she have bad credit history then bank will reject the application.

 

[Abyadav]

Is it possible in personal loan ?

 

[arjungoyal12]

Yes, works same for the personal loan too