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Do Banks Provide Joint Personal Loans?

Highlights

  • Has your personal loan eligibility fallen short of the amount you need? Think of adding an earning co-applicant
  • Read here the benefits of having a co-applicant to the personal loan

Yes, they provide joint personal loans to customers. And the reason is to provide them financial support if they aren’t able to borrow the required funds individually. On a joint loan, your co-applicant’s income or credit score will also be considered. With the income getting enhanced with the addition of a co-applicant, receiving the desired loan amount becomes easier. But who can be your co-applicant? It can be your parents, spouse or siblings. Read this post further to know the benefits of a joint personal loan in detail.

Apply Personal Loan @ 10.75%* Rate

What Advantages Does a Co-applicant Provide?

High Loan Amount

If you aren’t able to get the desired personal loan amount because of the low income or a bad credit score, there is still an opportunity for you to grab the required loan amount. And you can do this with the help of your co-applicant who increases the loan eligibility with his/her income. The joint personal loan seeks the income of both primary and co-applicant before disbursing the loan amount.

Shared EMI

As it is a joint loan, the EMI burden will fall on both. You can thus split the EMIs and repay the loan easily.

Who Can be Your Co-applicant?

It is not an easy task to get a co-applicant for a joint personal loan, you have to take care of several things before deciding the co-applicant. The co-applicant needs to meet the eligibility criteria of the loan. He/she should be an earning individual with a credit score of 750 and above. And they must bear a family relationship with the borrower. Only those individuals who fit in the criteria stated above can be considered as co-applicants.

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Which Bank Provides a Joint Personal Loan?

Top banks that offer a joint loan for the customers to meet their unexpected financial emergencies are mentioned below.

List of BanksLoan Amount (INR)Interest Rates (per annum)
SBI20 Lakh10.35%-14.75%
HDFC Bank15 Lakh10.75%-21.45%
Axis Bank15 Lakh12.00%-24.00%
Kotak Mahindra Bank20 Lakh10.99%-20.99%
ICICI Bank20 Lakh11.25%-18.49%
IndusInd Bank15 Lakh11.00%-16.00%
Punjab National Bank10 Lakh9.20%-12.05%
Canara Bank3 Lakh or 12 times of monthly income11.80%-13.85%
Bank of Baroda5-10 Lakh10.50%-15.50%

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  • Personal Loan Interest Rates November 2020
    Fullerton India14.00% - 24.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 17.50%
    IndusInd Bank11.00% - 23.00%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 26.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 19.75%