{"id":19922,"date":"2023-08-29T03:26:42","date_gmt":"2023-08-29T03:26:42","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=15644"},"modified":"2024-11-15T20:15:43","modified_gmt":"2024-11-15T14:45:43","slug":"is-taking-a-joint-personal-loan-beneficial-for-you","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/","title":{"rendered":"Is Taking a Joint Personal Loan Beneficial for You?"},"content":{"rendered":"\n

Chocolates, socks, weekends – some things are better in twos!<\/p>\n\n\n\n

Well, what about your personal loan? Many borrowers opt for a joint personal loan with a co-applicant \u2013 typically a family member. By doing so, the co-applicant also becomes liable for the loan repayment. Should you take a joint loan? How will it benefit you? Find the answers in this article.<\/p>\n\n\n\n

Things to know<\/strong><\/h2>\n\n\n\n

When you get a co-applicant on board, your eligibility for the loan improves. Before you proceed, know these two important things –<\/p>\n\n\n\n

a. Credit score: <\/h3>\n\n\n\n

The credit score of your co-applicant can affect the chances of your loan approval. Yes, you read that right. If your co-applicant has a poor credit score, it can significantly diminish your chances of getting a loan. Thus, it is vital to check your partner\u2019s credit score before you join forces with them for a loan.<\/p>\n\n\n\n

b. Responsibility of repayment: <\/h3>\n\n\n\n

Neither of you should forget the fact that the burden of paying monthly EMIs rests on both of you. If any one of you fails to pay their part of the monthly EMI, the other borrower should be ready to complete the payment on the partner\u2019s behalf. It goes without saying that defaulting on payments will affect both your credit scores<\/a>.  <\/p>\n\n\n\n

Additional Read: <\/strong>How to Choose the Best Personal Loan for Needs?<\/a><\/p>\n\n\n\n

Benefits of taking out joint loans<\/strong><\/h2>\n\n\n\n

There is much to be gained from getting a personal loan with a co-applicant. Let\u2019s take a look –<\/p>\n\n\n\n

a. Higher loan amount<\/h3>\n\n\n\n

Since there is more than one applicant in a joint loan, lenders usually sanction higher loan amounts relatively quickly. The combined income of both individuals, along with the creditworthiness, will be crucial to loan approval here. If both members applying for the loan meet the eligibility criteria, or if either is a woman, you are likely to get a higher loan amount at attractive personal loan interest rates<\/a>.<\/p>\n\n\n\n

b. Ease of repayment<\/h3>\n\n\n\n

The responsibility of paying off the loan is not limited to just one person but falls on both applicants. Thus, individually, both applicants get to enjoy lower monthly EMIs and a shorter tenure. This also drastically reduces your interest obligations and helps you get rid of debt relatively quickly.<\/p>\n\n\n\n

Additional Read: <\/strong>5 Ways in Which Personal Loans Can Help You Save Money<\/a><\/p>\n\n\n\n

The bottom line<\/strong><\/h3>\n\n\n\n

Joint loans are certainly a great option to navigate complex financial situations. However, it is best to avoid taking out such loans in case you are retiring soon, are in debt already, or have a bad credit situation. This is important as rejection can carve a dent in both yours and your applicant\u2019s credit history. <\/p>\n\n\n\n

So, if you are applying for a joint loan, make sure that you have your finances in order first. To understand your repayment obligations, make use of Tata Capital\u2019s online personal loan EMI calculators.<\/a> Contact us to know about our smooth application process, flexible tenures, and unparalleled services. Find tailored personal loan<\/a> at Tata Capital and meet your financial needs with ease. Simply log on to our website to know more!<\/p>\n\n\n\n

\n
\n
<\/div>\n\n\n\n
\n
\n
Apply for Personal Loan<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Chocolates, socks, weekends – some things are better in twos! <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":20136,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-19922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"\nIs Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-29T03:26:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-15T14:45:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2021\/06\/1-joint-personal-loan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/\",\"name\":\"Is Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-29T03:26:42+00:00\",\"dateModified\":\"2024-11-15T14:45:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tatacapital.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Is Taking a Joint Personal Loan Beneficial for You?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/\",\"name\":\"TATA Capital Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\",\"name\":\"Tata Capital\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"caption\":\"Tata Capital\"},\"sameAs\":[\"https:\/\/tata-blog.osian.dev\/blog\"],\"url\":\"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Is Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog","description":"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"Is Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog","og_description":"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!","og_url":"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/","og_site_name":"TATA Capital Blog","article_published_time":"2023-08-29T03:26:42+00:00","article_modified_time":"2024-11-15T14:45:43+00:00","og_image":[{"width":770,"height":400,"url":"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2021\/06\/1-joint-personal-loan.jpg","type":"image\/jpeg"}],"author":"Tata Capital","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tata Capital","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/","url":"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/","name":"Is Taking a Joint Personal Loan Beneficial For You? - Tata Capital Blog","isPartOf":{"@id":"https:\/\/www.tatacapital.com\/blog\/#website"},"datePublished":"2023-08-29T03:26:42+00:00","dateModified":"2024-11-15T14:45:43+00:00","author":{"@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a"},"description":"Know about the Joint Personal Loans along with their pros & cons. Here is a Complete Guide to the Benefits of Taking a Joint Personal Loans. Read more for details!","breadcrumb":{"@id":"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/is-taking-a-joint-personal-loan-beneficial-for-you\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.tatacapital.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Is Taking a Joint Personal Loan Beneficial for You?"}]},{"@type":"WebSite","@id":"https:\/\/www.tatacapital.com\/blog\/#website","url":"https:\/\/www.tatacapital.com\/blog\/","name":"TATA Capital Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a","name":"Tata Capital","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g","caption":"Tata Capital"},"sameAs":["https:\/\/tata-blog.osian.dev\/blog"],"url":"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/"}]}},"featured_image_url":"https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2021\/06\/1-joint-personal-loan.jpg","_links":{"self":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/19922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/comments?post=19922"}],"version-history":[{"count":5,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/19922\/revisions"}],"predecessor-version":[{"id":45895,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/posts\/19922\/revisions\/45895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/media\/20136"}],"wp:attachment":[{"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/media?parent=19922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/categories?post=19922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tata-blog.osian.dev\/blog\/wp-json\/wp\/v2\/tags?post=19922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}