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HDFC Bank issues a list of companies that source Personal Loans and readily provide Personal Loans to applicants employed with such entities. Companies are rated according to their profile, turnover, and stability. HDFC Bank continuously refreshes and updates the Company list.
Customers employed by companies approved and listed by the bank are offered personal loans on a priority basis with enhanced terms and conditions. The Employer plays a significant role in processing a Personal Loan the Bank evaluates the Employer's profile to confirm the validity and profitability of the organisation.
A Listed company registered on the stock exchange to trade stocks and bonds by the public, which can hold shares in the Company. A Non-Listed Company is privately owned by its owners.
Non-Listed Companies follow government guidelines, while listed companies follow the guidelines of SEBI (Securities and Exchange Board of India).
HDFC Bank has an exhaustive list of companies that fund Personal Loans. Companies are featured in this list based on their performance and turnover.
The Bank HDFC Company Category List Includes:
HDFC Bank Provides Personal Loans to Employees of companies in the HDFC Bank Company Category List.
An Applicant working in a Non-Listed Company can submit a request to add an Employer to the Company list. A form with details of the Company Profile, such as Turnover, Number of Employees, and Offices, is submitted for consideration. The company will be featured on the list of approved companies for sourcing Personal Loans if the request is approved.
If a Company's stocks fall below the required margin, the profile has become risky due to market conditions, and sourcing from that Company is restricted. For example, the hospitality and travel industry faced losses during the COVID lockdown. As a result, airlines and Hotels could not pay salaries on time and laid off Employees due to the loss of business; therefore, sourcing from these organisations was put on hold.
HDFC Bank declares a company negative or not approved for sourcing Personal Loans if there is a large percentage of default by employees not paying their Loan instalments or if the organisation is involved in unlawful or nefarious activities.
A Customer should verify before Applying for a Personal Loan if the Employer features in HDFC Bank's Company List by checking on the HDFC Bank App, our Company list page, and contacting us at Yourloanadvisors.com to solve all your queries.
The HDFC Bank categorises companies as Super A, A, B, C, and D.
The terms, loan amount, and interest are applied according to the company hierarchy for example, a customer employed with a Super A category organisation is eligible for a loan amount of up to ₹ 40 Lakhs, whereas an applicant working with a Cat D company will not be awarded the same amount.
| Category | Salary | Multiplier | Salary | Multiplier |
|---|---|---|---|---|
| Super A/ Cat A | 30k | 18 months | 50k | 27 months |
| Cat B | 30k | 18 months | 50k | 20 months |
| Cat C | 35k | Ten months | 50k | 20 months |
| Cat D | 50k | Seven months | 75k | 15 months |
The maximum loan amount that can be issued to an applicant as a Personal Loan is calculated according to the eligible multiplier. For example, the maximum Personal Loan Eligibility for an applicant working in a Cat A company is calculated as follows.
Salary into multiplier = Maximum Loan Amount
40k × 18 = 7,20000/-
This is the maximum amount the applicant is eligible for if the applicant has an existing Loan and is paying an EMI of 5000/-; the EMI being paid is deducted from the eligibility calculations.
| Loan Amount | Tenure | Rate of Interest | EMI |
|---|---|---|---|
| 720000 | 48 months | 12% | 18960/- |
| Current EMI - Existing EMI | Eligible EMI |
|---|---|
| 18960 - 5000 | 13960 |
The applicant is eligible for a loan of 5 lakhs as per the present outgoings.
HDFC Bank does not fund Personal Loans for employees of partnership and proprietorship companies, which are not included in the HDFC Listed Companies for Loans.
The HDFC Bank processes a Personal Loan Top-up according to the applicant's current profile. If the applicant obtained a personal loan from HDFC Bank when employed with a company featured in the HDFC Bank Listed Companies for Personal Loan but is presently employed with a non-listed company, the Top-up request is declined.
Most banks' primary approved company list is similar, including consistent top-performing companies and new emerging corporations with promising growth prospects. Individual Banks include companies with which they have a relationship, such as a corporate or salary account. The company list can also differ according to the financer's target segment.
An applicant with an HDFC account is offered a discount on the processing fee and an extended tenure for their Personal Loan Process.
The interest rate offered for a Personal Loan depends upon the net salary and the loan amount sanctioned. The minimum interest rate offered for a loan amount of ₹ 15 Lakhs and above is 10.75% at a monthly reducing balance.
It is not mandatory to have a CIBIL Score if you are employed with a company listed in the HDFC Bank for Loan's list of listed companies.
Please check with us if your company category features in the HDFC Bank-Approved Companies List Online at Yourloanadvisors.com/
