Can I apply for a commercial bike loan with a co-applicant?

Yes, you can apply for a commercial bike loan with a co-applicant, such as a family member, friend, or business partner.

Discussing and agreeing on repayment plans with your co-applicant is essential to prevent misunderstandings. This shared responsibility comes with a lot of benefits, such as:

• Improved Approval Chances: A co-applicant with a better credit history or higher income can increase your chances of approval and may even help you secure more favourable loan terms.
• Better Loan Terms: With added financial security, lending institutions offer more favourable terms.
• Joint Obligation: You and your co-applicant are equally responsible for repaying the loan, which makes managing payments easier and reduces each individual's financial burden.
• Enhanced Eligibility: Some lending institutions have specific eligibility criteria, and having a co-applicant can help meet those requirements, primarily if one applicant alone does not fulfil them.