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- 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.
Table of Contents
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.
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.
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 Banks||Loan Amount (INR)||Interest Rates (per annum)|
|HDFC Bank||15 Lakh||10.75%-21.45%|
|Axis Bank||15 Lakh||12.00%-24.00%|
|Kotak Mahindra Bank||20 Lakh||10.99%-20.99%|
|ICICI Bank||20 Lakh||11.25%-18.49%|
|IndusInd Bank||15 Lakh||11.00%-16.00%|
|Punjab National Bank||10 Lakh||9.20%-12.05%|
|Canara Bank||3 Lakh or 12 times of monthly income||11.80%-13.85%|
|Bank of Baroda||5-10 Lakh||10.50%-15.50%|