New Delhi, March 20 -- An individual has to fulfil the various eligibility criteria of the bank to get a personal loan. These include a good credit score, a steady career, a stable income source, a lower debt-to-income (DTI) ratio, etc. If the borrower doesn't fulfil any of the eligibility criteria, the bank may ask the borrower to get a co-applicant instead of outright rejecting the personal loan application. In this article, we will understand who is a co-applicant, and how getting one increases the chances of getting a personal loan.

A personal loan co-applicant is an individual who applies for a personal loan along with the primary borrower. A co-applicant is also known as a co-borrower. A co-applicant shares an equal responsibility ...