Is it mandatory to have a co-borrower? If yes, who can be a co-borrower?
It is optional to have a co-borrower. Having a co-borrower with regular income increases the chance of getting approval, especially for applicants with low income or below average credit. A co-borrower can be a spouse or siblings. Parents can join as the guarantors only. A friend, an organization or a company is ineligible to be a co-borrower.