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Co-signing a Loan


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1 A co-signer takes responsibility for a loan, in case it defaults, without being a co-borrower.

2 A co-borrower is a co-owner, shares the loan proceeds, undertakes to pay the EMIs and gets the benefit of any tax deductions, if applicable.

3 The co-signer only needs to pay up in the event of a default. The co-signing arrangement is built on the trust that the borrower would make payments.

4 Both co-signer and co-borrower are responsible for the loan. If the borrower cannot afford to repay, the co-signer will be held liable.

5 A co-signer takes the risk of the loan without any benefit of ownership or right to the asset.

6 A default will reflect on the co-signer's CIBIL credit score. It is not possible to remove the co-signer's name from the loan when it is still due.






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