Learn every aspect of the joint loan account.

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Learn every aspect of the joint loan account.
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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.

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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.

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• When should you open a joint loan account?

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Poor creditworthiness

• Even if your credit score is poor, a joint loan
  can help you secure funds.

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First-time applicant

• If you have not yet established a credit history,
  a joint loan can help you secure funds.

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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.

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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?

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• A joint loan account comes in handy if you have
  average credit but need a significant sum.

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Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel [phone]
Email customer.care_at_herofincorp.com
Website https//www.herofincorp.com/
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-loan-account