Personal loans have emerged as one of the best ways to obtain quick finance in times of dire needs. While people mostly tend to opt for a personal loan individually, there are instances when opting for a personal loan jointly can be of more use. Here are some of the top reasons why you should jointly opt for a personal loan -

Improving CIBIL Score
CIBIL score is one of the biggest parameters for judging a loan application. It is a three-digit number which reflects your credit history including how regular you have been with your payments in the past. If you have been defaulter in the past, then it can be difficult getting a personal loan as your credit score will surely be less as a personal loan for a CIBIL defaulter is difficult and strict too, when it comes to terms and condition.
In case your credit score is not up to the mark, then you can make a joint application with someone having a good score to better your chances of getting that loan. This is because when a joint application is made, lenders also take into consideration the credit score of the co-applicant.Additional Read: How to Deal with Emergencies with Short-Term Personal Loans


Loan Repayment Together
When a joint personal loan application is made, then the burden of repayment is shared among the applicants. This is really useful in case you face financial difficulty trying to pay the instalment at some time. The joint applicant can do the payment on your behalf and reduce your chances of defaulting on payment on negatively affecting your credit score.

With the rising applications for personal loans, the number of lenders offering it has gone up steadily. As a result, a number of financial institutions have also started offering personal loans of up to Rs. 25 lakhs which can be repaid back in a period of up to 60 months. However, the interest rates, terms and conditions, along with other features vary from one lender to the other. It is thus prudent to compare the lenders before applying.

With the personal loan numbers of your requirement can be fulfilled. However the interest rate is higher than any other loan, with personal loan you can arrange the money for lump sum all your requirement like, you can arrange your travel expenses, go for home renovation and other more.

Beyond the PMAY (Pradhan Mantri Awas Yojana) scheme, there are numbers of schemes launched by government from 2014. Each and every scheme is launched remembering particular section or citizen of India. Being an Indian its your responsibility to have at least little knowledge about these. Here are the 5 Most Helpful Schemes by the Modi Government that you may read.

Watch the video to know what is the minimum CIBIL score for personal loan, so that you can opt a hassle free personal loan.