Are you a salaried individual who wants to borrow a personal loan sometime soon? Then there is one thing that you must know about it in advance. It is regarding how your employers’ status can affect your personal loan eligibility criteria set by the financing firms.
Almost every possible type of business institution is now established in India. Whether it is a Fortune 500 company or a startup, one will be able to find all. It also means that people are now working in a varying degree of organizations ranging from the topmost to the lowest.
It has given rise to the need for categorizing employers or companies based on their turnover and reputation. There are around six categories created in general by banks such as Super A, Cat A, Cat B, Cat C, Cat D and Non-Listed.
What is the connection between company status and a personal loan?
Depending on the category in which your employer or company is listed, you will be eligible to gain certain benefits. In other words, these can also affect the employee’s personal loan eligibility standards across India.
Based on the ranking of your employer, you can get personal loan instant approval easily. However, for this, you need to be an employee of one of the best companies in India. Every bank or financing institute has a list of company categories mentioned either on their websites or prospectus.
These can be collected on request to understand where exactly your application stands. In case you want to know the benefits that you can receive by being an employee of a reputed company, then here is a list that you can check out.
- Less documentation
People working for a reputed employer can get personal loan instant approval with the help of less documentation. It means you would not have to gather tons of paperwork to submit along with your application form. It also reduces the hassle on your part and frees up your precious time.
- Better interest rates
Another advantage of being employed in a good company is that you get better interest rates on your personal loan. Apart from personal loan instant approval, the lower rate of interest also proves to be one of the biggest benefits that a borrower can gain. It is something that can help you save a great deal.
- Quick processing
Even though personal loan instant approval is easy to acquire, it still requires some time to process. This time is usually taken up by the personal loan verification process conducted by the financing company. However, when a borrower is working for a reputed organization, the processing time gets reduced.
- Larger amount limits
The next one on our list of benefits that you receive along with personal loan instant approval is of the funding limit. As an employee of a reputed business, you will be able to borrow way more finance than others. In simple words, it extends your borrowing limit significantly.
- Additional benefits
Lastly, every financing institute has a list of additional benefits that they offer to Super A or Cat A employees. It can include things like flexible payment tenor as well as a floating interest rate, sometimes.
Bajaj Finserv offers many different financing services like personal loans, business loans, and home loans. For these services, you can easily find pre-approved online deals as well. These deals will facilitate the loan acquiring process and make it entirely hassle-free for a potential borrower.
To unlock your pre-approved loan offers today, you can submit your name and contact number.