Frequently Asked Questions : Co-Applicant
Adding a Co-Applicant to Your Loan Application
Does adding a co-applicant increase chances of a larger loan amount?
Yes. With higher combined income and an improved risk profile, applicants may qualify for:
- Higher loan amounts
- Longer tenures
- Lower interest rates compared to a single-applicant loan
Is the co-applicant equally responsible for loan repayment?
Yes. A co-applicant is jointly and severally liable for the loan. This means both the primary applicant and the co-applicant are legally responsible for timely repayment.
What happens if the primary applicant defaults?
In case of default:
- The lender can recover dues from either the primary applicant or the co-applicant
- Recovery actions may apply to both borrowers as per the loan agreement
This is why co-applicants should fully understand their responsibility before joining the loan.
Will the loan appear on the co-applicant’s CIBIL report?
Yes. The loan is reported to credit bureaus for both applicants. Timely repayment can positively impact both credit scores, while delays or defaults can negatively affect both.
Can adding a co-applicant help improve credit scores over time?
Yes. When EMIs are paid on time, both applicants benefit from positive credit reporting, which can help gradually improve CIBIL scores and overall credit health.
Does adding a co-applicant guarantee loan approval?
No. Loan approval is still subject to:
- Credit assessment
- Income verification
- Repayment capacity
- Internal credit policy
There are no guaranteed approvals.
Is adding a co-applicant the right choice for everyone?
Adding a co-applicant is a powerful option, but it should be chosen responsibly. Both parties must be comfortable with the shared financial obligation and long-term commitment.
What is the maximum loan amount I can get with a co-applicant at Omozing?
With a strong and eligible co-applicant, Omozing has successfully disbursed unsecured personal loans of up to ₹25 Lakhs. The final amount depends on combined income, FOIR, credit profile, and repayment capacity.
Has Omozing actually approved ₹25 Lakhs loans with co-applicants?
Yes. Omozing has approved and disbursed loans up to ₹25 Lakhs where the co-applicant materially strengthened the overall credit profile through stable income and disciplined repayment history.
What makes a co-applicant “strong” for higher loan eligibility?
- Stable and verifiable income
- Reasonable or good credit history
- Low existing obligations
- Consistent banking patterns
Can a co-applicant help me qualify for ₹25 Lakhs even if my CIBIL is low?
In many cases, yes. A stronger co-applicant profile can help offset a lower or borderline CIBIL score, subject to overall credit assessment.
Does adding a co-applicant always mean I will get ₹25 Lakhs?
No. Final sanction depends on:
- Combined income
- Overall FOIR
- Credit history of both applicants
- Repayment capacity
Can adding a co-applicant also help reduce the interest rate?
Yes. A stronger combined profile may help qualify for more competitive interest rates due to improved risk assessment.
Is ₹25 Lakhs the cap even with a co-applicant?
Yes. Currently, the maximum unsecured personal loan amount offered by Omozing is up to ₹25 Lakhs, including joint applications, subject to eligibility.
What is the biggest benefit of adding a co-applicant for higher loans?
The biggest benefit is access to higher loan amounts with better structuring—longer tenure, manageable EMIs, and potentially better pricing—while staying within responsible lending norms.