🚀 Get Swift Loan Approval: Why a Co-Applicant Can Be Your Fastest Route
At Omozing (powered by Aparampaar Finance Pvt. Ltd.), our main goal is simple: to help you get the credit you need quickly, clearly, and responsibly.
Sometimes, when we check your loan application, our credit team might suggest adding a co-applicant (also known as a co-borrower or guarantor).
Don’t worry—this is not a rejection! It is often the fastest and best way to get your loan approved and secure better terms.
Let’s explore why we ask for a co-applicant and how it works to your benefit.
🧐 What is a Co-Applicant and Why Do We Ask for One?
A co-applicant is a person (like a spouse, parent, or sibling) who applies for the loan with you. They legally agree to repay the loan if you cannot.
Our internal checks—which look at your credit history (CIBIL/Experian), income, and existing debt—make sure the loan is affordable for you.
We usually suggest a co-applicant in these common situations:
1. You Have Past Credit Issues (CIBIL Concerns)
If your credit report shows any of these marks:
- Accounts that were “written-off” or “settled.”
- Serious remarks like “suit-filed” or “wilful default.”
- Too many delayed payments (high DPD).
The Solution: Adding a co-applicant with a clean repayment history strengthens the overall application. It gives us (the lender) more trust that the loan will be repaid on time.
2. Your Income-to-Debt Ratio (FOIR) is High
Your Fixed Obligation to Income Ratio (FOIR) shows how much of your monthly income goes toward existing loans (EMIs). If this ratio is too high (usually above 50–60%), it means you have less money free for a new EMI.
The Solution: Adding a co-applicant who has a steady income can help you:
- Increase the total combined household income.
- Reduce the overall FOIR for the application.
- Qualify for a higher loan amount or faster approval.
3. You Have Limited or No Credit History
If you are new to borrowing (you’ve never had a loan or credit card) or have a very short credit record, we call this a “thin file.”
The Solution: A co-applicant with a solid, established credit history gives us extra confidence in your ability to manage debt.
4. Other Situational Needs
Sometimes, a co-applicant is helpful when:
- Your income changes often (e.g., you rely heavily on incentives or commissions).
- You are self-employed with inconsistent income proof.
- Your employment is very new or with a less-known company.
🌟 4 Major Ways a Co-Applicant Helps You
Adding a co-applicant is a smart move that benefits your financial profile:
- ✅ Boosts Eligibility: The combined income of both applicants instantly raises the maximum loan amount you can qualify for.
- ✅ Increases Approval Chances: The co-borrower’s strong credit history can directly offset any small weaknesses in your individual credit profile.
- ✅ Helps Secure Better Terms: Lower risk for the lender often leads to quicker processing, better interest rates, and improved loan terms.
- ✅ Builds Credit for Both: When the loan is repaid successfully, both applicants benefit from a stronger credit history for future borrowing.
🤔 What If You Cannot Find a Co-Applicant?
We understand that not everyone can easily find a co-applicant. This is not a deal-breaker.
If you cannot add a co-applicant, our team will re-evaluate your file. We may suggest:
- A smaller loan amount that fits your current individual profile.
- Alternative loan options if they are available.
Our goal is to always help you move forward in your financial journey, not to stop it.
🏦 About Omozing | Aparampaar Finance Pvt. Ltd.
Omozing is powered by Aparampaar Finance Pvt. Ltd., an RBI-registered NBFC. We are committed to ethical lending, clear communication, and providing personalized support to every borrower on the path to financial wellness.