An individual who signs a note to guarantee a loan made to another party and is jointly liable with that party for repayment.
Person who is jointly obligated on the promissory note and whose income is used along with the borrower's income to quality for the loan. The co-applicant benefits from the loan proceeds.
A person, who applies for a loan as a secondary applicant is called as a Co-applicant. The primary applicant with whom he applies, gets the loan in his name. The co-applicant can be either the spouse or the parent of the applicant. Co-applying for the loan helps to avail a higher loan amount.