Under Sec. 16 of the Loan Agreement - As a condition of borrowing, the Borrower must provide a Guarantor to assure his/her prompt and faithful performance of all the obligations in his/her loan agreement. Guarantor may be provided before signing the loan agreement or after the execution of the loan agreement but before his/her due date.
If the Guarantor is provided before signing the loan agreement, and the Lender approves the same, the Lender shall not impose an NPGF on the Borrower. If no Guarantor is provided, the Borrower acknowledges and agrees that the Lender will automatically assess and impose the NPGF in the total amount due.
However, if the Guarantor is provided after the execution of the loan agreement but before his/her loan due date, the NPGF, which was already included in the total amount due, will be recalculated for every number of days that the Borrower failed to provided a Guarantor.
The computation of this condition is reflected before the Borrower confirm the loan agreement.
Please read and check the Loan Agreement, Disclosure Statement and the Guarantors Providing Consent Form which can be found at the last part of the loan agreement for the procedures in providing for a Guarantor.