Recently, I have been offered a loan (variable rate)by one of the Private Financial Institutions . I have recd. the offer letter to this effect with a condition for requirement of a Guarantor. Accordingly, I had arranged a guarantor who was one of my close relative and who draws a monthly net income more than my calculated EMI on Loan Amount. But the checklist (for submitting necessary documents) now given to me by the Bank states that the Guarantor
should not be a relative. Upon confirmation, It has said that the said relative cannot be nominated as a guarantor. I have now informed the bank that I have no other Guarantor known to me who draws a salary more than my EMI.

I now want to know whether, any close relative can be rejected by any Bank for being a guarantor. If so then whether,I can request the Bank to allow me to nominate 2 guarantors whose monthly income cumulates on higher side of my EMI and if not then what is the
alternative. I cannot afford the rejection of loan disbursement by above Bank (on grounds of not
providing a non-relative Guarantor)as the entire Bank Loan application will have to be initiated with a different Bank.

I look forward for your valuable advice / comments