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Before you opt for a joint loan account, you must learn about its key aspects.<br><br>https://www.herofincorp.com/blog/joint-loan-account<br>
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What does a joint loan account mean? • It is a type of credit that involves more than one borrower. • Both borrowers are responsible for repayment based on their share of the loan.
Advantages of a joint loan account It allows you to obtain a large sum of money. If the joint loan in question is a home loan, you may be eligible for an additional tax benefit. Debt repayment becomes pocket-friendly.
Poor creditworthiness • Even if your credit score is poor, a joint loan can help you secure funds.
First-time applicant • If you have not yet established a credit history, a joint loan can help you secure funds.
Considerations when seeking a joint loan • Your co-applicant must have an excellent credit history. • If any applicant fails to meet the repayment obligation, the other applicant will be held accountable. • Both applicants must meet the same eligibility criteria.
Key questions to ask before proceeding with a joint loan • How long have you known your co-applicant? • Does your co-applicant have a good credit history? • What valuable assets could assist your co-applicant with debt repayment during a crisis?
A joint loan account comes in handy if you have average credit but need a significant sum.
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