Warranty and Guarantee are similar things, In terms of service to a product or service.
Guarantee is an assurance document given by the Seller/Manufacturer that ensures the replacement of whole product without repairing it. Guarantee is rarely given by the sellers as it is not feasible to replace all products free of cost. If the sellers provide Guarantee, then it is for a very short time.
Warranty is also an assurance document given by the Seller, but it only ensures that the covered parts get repaired under warranty period. A manufacturer may or may not charge for the warranty. Companies will replace the products, only if the fault is unrepairable.
Warranty is of 2 types
1. Full Warranty
2. Limited Warranty
Full Warranty : Full warranty means, all the parts of the product are covered under the warranty, and whenever fault happens with that product, it will get repaired.
Limited Warranty : Limited warranty means, either only a few parts are covered under warranty or warranty is restricted to normal conditions. e.g. In some products, fault occurred due to Shocks are not covered under warranty.
1. Guarantee is provided in addition to the Warranty.
2. Warranty may or may not be chargeable, but Guarantee is provided free along with the product
3. Warranty ensures the fault in product gets repaired*, but Guarantee ensures the total product replacement.
4. Warranty is provided for a longer period than the Guarantee
4. Warranty can be renewed, but 5uarantee can’t be renewed after its expiry.
* If a company fails to rectify the fault in the product, then it may replace the whole product.