Are you working with Infosys or TCS? Then, you are an employee of a company that is in the set of Priority for the banks. One of the cryptic facts is that banks have some companies in this set of Preference, which they term as Listed Companies. According to a recent report, the leading banks like HDFC have around 33,000 companies listed with them, under some categories like Super A, Cat A, Cat B, Cat C and Cat D. IT Giants like Infosys, TCS, Wipro, L&T, Cognizant, HCL, CapGemini etc. fall under the Super A Category.
The most efficient feature of falling in this group is that there is always a special offer running for these customers by the banks and the NBFCs. The Interest Rates are relaxed or deviated for the employees of these companies. Also, the Loan Amount Eligibility is more than the ordinary customer. These customers get an interest rate on their loan amount starting from 11.99% to 15% according to his profile. There are some 1100 Companies listed with HDFC, which are considered as Super A and Cat A.
Other companies that are called as Cat B, Cat C or Cat D also enjoy a good reputation with the lenders, as these employees also get some deviation according to their profile. Their Rate of Interest lies in the bracket of 16% to 23%.
But if you are not so lucky to work in a listed company, then also there are many doors open for you. The NBFCs, such as Bajaj Finance or Fullerton India lend money according to the repayment capability of the customer. If you are working with a non-listed company, say Gaurav Enterprises and you have a salary of Rs. 80,000 per month and you need a loan amount of 10 Lacs; then you will not be eligible from the bank. The banks will consider you eligible for a loan amount of 80,000 as your company is not listed with them but NBFC like Fullerton India, will provide you a loan amount up to 12 Lacs according to your profile and Repayment ability. Also, the Personal Loan Interest Rates can be as low as 17.25% with other features such as part-payment facility or reduction in processing fees.
In a nutshell, it is necessary to know your Company Category before applying for any loan as your Rate of Interest and your Loan Amount Eligibility will depend on your profile.
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