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Does Your Co-Applicant Affect Your Personal Loan Eligibility - Know Here!
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When you apply for a personal loan, the lender checks your personal loan eligibility. If you meet their eligibility criteria, your loan is approved. However, if you are unable to fulfil the eligibility, they can reject the loan application. Alternatively, they could suggest you to avail a joint personal loan by having a co-applicant. Having a co-applicant often makes it easier to avail loans.
But before you apply for a personal loan with a co-applicant, you must know if your co-applicant affects your loan eligibility. The answer is yes. Your loan eligibility can be affected by the presence of a co-applicant. Continue reading to know more.
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Who Is a Co-applicant?
A co-applicant is a person with whom you can apply for a loan. Such loans are called joint loans. When you apply for a personal loan with a co-applicant, their income and credit score is added to yours. You can avail a joint personal loan with your spouse, parents and siblings.
What Is Personal Loan Eligibility?
To avail a personal loan you need to fulfil the following personal loan eligibility criteria:
How Does a Co-applicant Affect Your Personal Loan Eligibility?
Having a co-applicant for a personal loan can help you avail higher loan amounts at competitive personal loan interest rates. However, you must be aware that they can deplete your credit score. Before you take a joint personal loan, you must check the credit score of the co-applicant to avoid any nasty shocks in future. So, wait no more and apply for personal loans, today.
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