Having co-partners in paying debts takes off the burden from the borrower. Even after having a loan you can have the possibility of arranging a co-applicant for you in between which will also be paying your debt. Since personal loans have a higher rate of interest getting a co-applicant with you a smart way to pay the debts as well. Many banks even suggest having a co-applicant because the tenure period will be for a longer time and arranging the same amount of EMI at regular intervals can’t be possible if you have taken a high amount of loan.
Factors involved while availing personal loan with co-applicant
If you have a low-income source then getting a co-applicant with you will be a great choice because then he will become liable too if you aren’t able to pay your debts at intervals and this will help the borrower in maintaining its credit score as well.
Using Personal Loan EMI Calculator is the key point here because this calculated amount will tell the borrower how much his debts will be and for how much amount so he can make a plan according to it and can share the debt amount or as per choice distribute the debt amount.
Since you can have a choice of up to any higher amount, choosing a co-applicant with you will give a helping hand also. Barclays Bank Personal Loan offers up to Rs 17 Lakh amount for up to 65 years of age of people.
If you have a bad credit score then the bank will not allow you to have a personal loan but they will allow if you bring a partner with you who have a good credit score then it will be an assurance for the bank as well that they will receive regular payment of debts.
If you have an existing loan and you are still paying the debts of it for less than 12 months then the bank will not give you a personal loan without any other partner interference. Spouses and guardians are preferred for co-applicant so that if you don’t bear the expense of debt then they can pay. Many pensioner spouses or guardians pay as co-applicant. So considering paying the existing loan first is a smart move.
Many say personal loans are at a very high rate but they never think of how they can pay the amount smartly. Paying EMI is one of those stresses on people’s minds which goes after full payment so arranging a co-applicant will allow you to pay the amount earlier with you will bear fewer expenses as well. Having a co-applicant not just benefits the borrower even the co-applicant then in the future they can avail more amount of loans too.
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