I know it can be very discouraging, particularly if your low credit score or lack of income is the reason for the personal loan rejection. At that time, you may think, can you use spouse income for a personal loan? So, the answer is yes. Choosing to take out a shared personal loan is one method to get beyond this obstacle.
Can I Get a Personal Loan on My Spouse Income?
Yes, you can use your spouse's income to enhance your eligibility for a personal loan by applying jointly as co-applicants. This approach is particularly beneficial if your individual income or credit score falls short of the lender's requirements.
A joint personal loan involves two applicants—typically spouses—who share equal responsibility for loan repayment.
Lenders assess both applicants' incomes and credit scores. It can increase the chances of loan approval and may qualify you for a higher loan amount or better interest rates.
This is especially advantageous when one applicant has a lower income or credit score, as the combined financial profiles present a stronger case to lenders.
To qualify for a joint personal loan in India, both applicants generally need to meet the following criteria:
Citizenship: Must be Indian citizens.
Age: Between 21 and 60 years.
Employment: Employed in a public or private limited company or an MNC.
Credit Score: A credit score above 750 is preferred.
I hope you found this helpful.
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Can You Use Spouse Income For A Personal Loan?
ravi
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9 months
2025-05-01T10:45:42+00:00 2025-05-01T10:45:42+00:00Comment
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