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Learn every aspect of the joint loan account

Before you opt for a joint loan account, you must learn about its key aspects.<br><br>https://www.herofincorp.com/blog/joint-loan-account<br>

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Learn every aspect of the joint loan account

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  1. Learn every aspect of the joint loan account.

  2. 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.

  3. 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.

  4. When should you open a joint loan account?

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

  6. First-time applicant • If you have not yet established a credit history, a joint loan can help you secure funds.

  7. 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.

  8. 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?

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

  10. Thanks! • Would Love to hear from you. • Hero Fincorp Limited • 09, Basant Lok, Vasant Vihar, New Delhi - 110057 • Tel : 18001024145 • Email : customer.care@herofincorp.com • Website :https://www.herofincorp.com/ Know More : https://www.herofincorp.com/blog/joint-loan-account

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