CIBIL Score
My CIBIL Score is 620 — Can My Wife Apply as Primary Borrower for My Son's VIT Loan?
Propelld AdvisorMarch 24, 20262 min readEducation LoansCollateral-Free LoansVIT VelloreSelf-Employed LoansNBFC LoansB.Tech Funding
In Brief
Yes — your wife should apply as primary borrower. With her 740 CIBIL and salaried income, she's the stronger applicant. Your 620 as co-applicant carries less weight. Propelld is your best first call — they accept bank statements instead of ITR, process in 2-3 days, and evaluate VIT's placement record as a positive factor. Banks are worth trying in parallel but harder without ITR.
Yes — Make Your Wife the Primary Applicant
Your wife's 740 CIBIL and documented salaried income make her the stronger applicant. When she's primary, lenders evaluate her creditworthiness first — your 620 as co-applicant carries significantly less weight in the approval decision. This is a straightforward strategy and lenders are used to it.
Your combined family income of ₹1L/month (₹70K business + ₹30K salary) shows clear repayment capacity for an ₹18L loan. VIT Vellore's strong NIRF ranking and CSE placement record also work in your favour — lenders evaluate the student's course quality alongside the co-applicant profile.
Best First Option: Propelld
Propelld is your most realistic approval path. Unlike banks that strictly need ITR, they accept 6-12 months of business bank statements as income proof. They process in 2-3 days, go up to ₹50L collateral-free, and evaluate VIT's placement outcomes as a compensating factor for weaker credit profiles.
| Option | Approval Probability | Rate | Processing | Key Requirement |
|---|---|---|---|---|
| Propelld (wife primary) | High | 12%+ | 2-3 days | Bank statements, salary slips |
| VIT campus bank partner | Moderate | 9-12.5% | 7-10 days | Salary slips, stricter docs |