Company listing categories for Personal Loan
Salaried people applying for personal loans should keep two things in mind i.e. loan amount and Interest Rate, which vary not only with your profile but also with the portrait of your workplace. In a nutshell, it is significant to know the category of your company while applying for a loan. Your company can make a difference and can get you a lower rate of interest and more relaxed repayment schedule.
Working in an MNC has its own perks. So, if you are working in an MNC and you require a personal loan, then your rate of interest on the applied loan can be as low as 10.99% from the Topmost Private banks like HDFC, ICICI, Axis, Citibank, etc.
In India, banks use a complex process to identify the category in which a particular company falls. These categories are Super Cat A, Cat A, Cat B, Cat C and Cat D. Insights tell that there are about 33,000 listed companies which further fall into the categories stated above. The advantage of working in a listed company is that an employee is eligible to get a loan from topmost private banks even if his salary is around 18,000.
Employees of companies belonging to Super Cat A and Cat A enjoy special offers from banks when applying for loans such as low interest rates, discounted processing charges and other such freebies. There are around 1100 companies which fall under Super Cat A and Cat A. Out of these only 50 enjoy supremacy of lowest interest rate. The super special category enjoys the likes of Accenture, TCS, HCL, JP Morgan, Capgemini, Oracle etc.
On the contrary, if you are working for a lower category company, the requirements for loan disbursement become increasingly stringent with significantly higher interest rates being one of the main differences.
The nightmare would be if your company is not listed with banks. The process becomes more cumbersome, list of documents required increases, the rate of interest of the loan increases and in a nutshell, there are more worries as eligibility criteria increases. In this case, NBFCs can give a loan depending on your repayment ability.
List of Company category