New Delhi, May 19 -- Personal loans are gaining popularity across India for their easy availability and flexibility. Due to the same many borrowers question and wonder if their spouse's security or co-signature is necessary for loan approvals.

The answer to this question largely depends on several different factors such as, the lender's policies, the loan applicant's profile and the specific loan product the loan application has been submitted for. Still, to put it simply, there is no such rule that mandates spouse security for approval of personal loans.

It is important to acknowledge the fact that most of the personal loans in India are unsecured, meaning they do not need or require collateral or a guarantor, including spouse or near ...