Although, I don’t think its a right choice. But sometimes people don’t have any other choice, and the only option is to turn to taking loan. Most of the banks provide personal loan at a rate of 15% or above this. It’s not good to give an interest of 15% on a startup and it will end you in a big problem. Better idea is to get a good loan from a venture capital or any goverment fund.

To be a guarantor, you’ll have to be over 21 years old, with a good credit history and financially stable. You are more likely to be accepted as a guarantor if you own your own home. Almost anyone can be a guarantor but most often it is someone who knows the person taking out the loan extremely well, such as a parent, sibling, godparent or close friend.