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Every person hopes for an easy lifestyle and wants to give the best of everything to their family members. However, if the needs aren\u2019t met with the current financial situation, taking a personal loan<\/a> and gradually repaying it off seems like a viable option to cover specific financial expenses.<\/p>\n\n\n\n These days it is very easy to apply for and get a personal loan since giving collateral against the loan is unnecessary. Minimal documentation, like basic personal details and income proof, is enough to get a loan sanctioned.<\/p>\n\n\n\n Sometimes a loan may get rejected if one cannot fulfil the eligibility criteria. This may happen because of a low credit score or when the monthly income barely covers the EMI arising from the loan. Loan rejection, typically, also happens when the loan amount is high. The best option in such a scenario would be to apply for a joint personal loan, where the primary borrower and a co-applicant share the repayment burden.<\/p>\n\n\n\n A co-applicant is a person with whom one jointly applies for a loan. This person shares the loan repayment responsibility with the primary borrower. Such loans are also called joint loans. While applying for a joint personal loan, the credit score, the income of the co-applicant, and the joint personal loan eligibility<\/a> of both applicants are factored in. In the case of a personal loan, the spouse, parents, or siblings can be the co-applicants.<\/p>\n\n\n\n The minimum combined income for a joint loan application varies by bank or financial institution. For example, when applying for a joint personal loan with Tata Capital, applicants must have a minimum monthly income of Rs. 25,000. This means that, when you combine the income of both applicants, it should add up to at least a minimum of Rs. 50,000 per month<\/p>\n\n\n\n The minimum credit score needed when you apply for a joint personal loan will also vary depending on your lending bank or financial institution. At Tata Capital, for example, to apply for a joint personal loan, both applicants must have a credit score of 750 or higher. Lending institutions typically set a minimum credit score to ensure creditworthiness. <\/p>\n\n\n\n\n\n Borrowers can easily apply for joint personal loan online by following a simple process. Both applicants must fill out the joint loan application form with their respective details.<\/p>\n\n\n\n After submitting these documents, the lender will verify them and check both applicants\u2019 credit scores. After verification, the loan gets approved, and the amount is credited in the borrower\u2019s bank account.<\/p>\n\n\n\n Before you apply for a joint personal loan, there are some essential factors to consider. These include the following: <\/p>\n\n\n\n The most important thing to know when applying for a joint personal loan is the EMI (Equated Monthly Instalment) amount. This is the amount the borrower will be paying every month. A personal loan EMI calculator<\/a> can help calculate this amount. The joint personal loan eligibility calculator also calculates the total interest payable and the total amount payable if the joint personal loan is availed.<\/p>\n\n\n\n It is calculated using the below formula \u2013<\/p>\n\n\n\n [P x R x (1+R) ^N] \/ [(1+R) ^N-1]<\/p>\n\n\n\n Here, P stands for the principal or loan amount. It is the total loan amount that has been availed.<\/p>\n\n\n\n R is the rate of interest. It is the rate at which interest will be charged on the principal amount and is calculated in percentage.<\/p>\n\n\n\n N is the tenure or the number of years for which the loan is availed. It represents the amount of time the borrower will need to repay the loan amount along with interest.<\/p>\n\n\n\n The joint personal loan can also be pre-closed. Some additional pre-closure charges might apply. While taking a joint personal loan, one must remember not to default on repayment to maintain a good credit score.<\/p>\n\n\n\nWho is a co-applicant?<\/strong><\/h2>\n\n\n\n
Key eligibility criteria for joint personal loans <\/strong><\/h2>\n\n\n\n
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Combined income requirements for joint personal loans:<\/strong><\/h3>\n\n\n\n
Minimum credit score for joint personal loan<\/strong><\/h3>\n\n\n\n
Joint personal loan application process<\/strong><\/h2>\n\n\n\n
– Both the applicants need to submit a few documents, including:\u00a0<\/h3>\n\n\n\n
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Important considerations before taking a joint personal loan<\/strong><\/h2>\n\n\n\n
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Using a joint personal loan eligibility calculator<\/strong><\/h2>\n\n\n\n
– How is a joint personal loan EMI calculated?<\/strong><\/h3>\n\n\n\n