{"id":26545,"date":"2023-08-28T23:04:00","date_gmt":"2023-08-28T23:04:00","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=26545"},"modified":"2024-02-08T13:21:48","modified_gmt":"2024-02-08T07:51:48","slug":"does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application\/","title":{"rendered":"Does Co-Applicant CIBIL Score Has an Impact On Personal Loan Application?"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>A personal loan can help you tide through all your immediate financial emergencies. However, to qualify for the loan, you must fulfill some basic requirements set by lenders. These include income, credit score, credit utilisation, and more. However, in case you don\u2019t meet these requirements, you can get a co-applicant to boost your loan eligibility.<\/p>\n\n\n\n<p>A co-applicant can be a close family member or a relative who is earning a regular income. Why? Because when you apply for a loan with a co-applicant, the loan is treated as a joint loan. So, if you don\u2019t meet the eligibility requirements by yourself, the co-applicant compensates for it. But does this apply to credit scores too? Let\u2019s take a look.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How credit score requirements work with a co-applicant<\/strong><\/h2>\n\n\n\n<p>Lenders typically check the borrower&#8217;s credit score to determine their repayment capacity before approving a loan. So, the higher the credit score, the greater the loan approval chances. Typically, lenders consider a score of 750 points or above excellent and readily approve the loan.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:&nbsp;<\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/what-is-a-cibil-score-why-is-it-important-while-applying-for-a-loan\/\">What is a CIBIL Score? Why is it important while applying for a loan?<\/a><\/p>\n\n\n\n<p>However, if you don\u2019t meet these requirements, getting a co-applicant with a higher credit score to co-sign your personal loan application can boost your approval chances. This is because lenders are assured your co-applicant can make the loan repayments on your behalf (given their lower debt-to-income ratio) if you don\u2019t have the funds to make it yourself. However, if you and your co-applicant are unable to repay the EMIs on time, both your credit scores suffer the consequences.<\/p>\n\n\n\n<p>Now that we know the co-applicant personal loan impact<strong>, <\/strong>let\u2019s look at the benefits of having a co-signer with a high credit score.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of having a co-applicant with a high credit score<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><em>Better loan eligibility<\/em><\/strong><em>: <\/em>As stated earlier, co-applicants with a higher <a href=\"https:\/\/tata-blog.osian.dev\/check-credit-score.html\">credit score<\/a> can boost <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\">personal loan eligibility<\/a>, thanks to their lower debt-to-income ratio.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><em>Lower personal loan interest rates<\/em><\/strong>: If you didn\u2019t know, lenders consider the borrowers&#8217; credit score before determining the loan interest rate. Usually, borrowers with higher credit scores get lower interest rates since they boast a clean repayment record. Hence, if you don\u2019t have a good enough credit score (above 750 points), you can rope in a co-applicant with a higher score and negotiate lower interest rates with your lender.<\/li>\n<\/ul>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:&nbsp;<\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/trends\/all-you-need-to-know-about-cibil-score\/\">All You Need to Know About CIBIL Score<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Final word<\/strong><\/h3>\n\n\n\n<p>It\u2019s clear that the co-applicant&#8217;s CIBIL score plays a big role in boosting the borrower&#8217;s loan approval chances and getting attractive interest rates. But choosing the right lender can get you even more benefits like quicker approval times, flexible repayment terms, and more. <\/p>\n\n\n\n<p>If you&#8217;re looking for a reputed financier to get a loan, turn to Tata Capital. We offer a multipurpose <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">personal loan<\/a> on flexible repayment terms and minimal documentation. With us, you can choose the EMI repayment plan that matches your repayment ability. And if you need help calculating your monthly EMIs, simply use our <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/emi-calculator.html\">personal loan EMI calculator<\/a> on our website.<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan\">Apply Now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A personal loan can help you tide through all your immediate financial emergencies. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":26546,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-26545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does Co-Applicant CIBIL Score Has an Impact On Personal Loan Application? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Sometimes you may feel that you are wrongly denied for personal loan due to co-applicants CIBIL Score. Let&#039;s know how it works and if it affects your loan application.\" \/>\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=\"Does Co-Applicant CIBIL Score Has an Impact On Personal Loan Application? - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Sometimes you may feel that you are wrongly denied for personal loan due to co-applicants CIBIL Score. Let&#039;s know how it works and if it affects your loan application.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T23:04:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T07:51:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2022\/04\/12-co-applicant-CIBIL-score-impact.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\/does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/does-co-applicant-cibil-score-has-an-impact-on-personal-loan-application\/\",\"name\":\"Does Co-Applicant CIBIL Score Has an Impact On Personal Loan Application? - Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T23:04:00+00:00\",\"dateModified\":\"2024-02-08T07:51:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Sometimes you may feel that you are wrongly denied for personal loan due to co-applicants CIBIL Score. 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