Do Banks Provide Joint Personal Loans?

Last Updated : May 9, 2020, 2:16 p.m.

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.

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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.

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.