Loan rates for SELECT and WEALTH savings account

[professorpeaky]

I would like to know if anyone who has a privilege account with IDFC (SELECT / WEALTH / PRIVATE) has enquired about their interest rate for a car loan / home loan. In the welcome letter their have mentioned "preferential rates" for all loans, but I don't know anyone who has taken the loans. I myself have have select account which I think will upgrade to wealth soon.

 

[jk51]

I would like to know if anyone who has a privilege account with IDFC (SELECT / WEALTH / PRIVATE) has enquired about their interest rate for a car loan / home loan. In the welcome letter their have mentioned "preferential rates" for all loans, but I don't know anyone who has taken the loans. I myself have have select account which I think will upgrade to wealth soon.

Not speaking about IDFC in particular but across any bank based on relationship the term ‘Preferential Rate’ in any kind of loan usually constitutes a minor component in the overall deduction. Weightage is always more for the usual components such as Profile of the individual (if one is into Govt Service or Working in an MNC which has tie up with the bank then they have a very high chance of getting good interest rate in comparison to a Business Person or Self Employed Professional such as CA, Advocate, Doctor, etc), CIBIL Score and History, Already any secured loan running from existing bank, etc

For example if the interest rate difference is 1% overall then preferential portion might only be 0.25-0.35% within the same. Rest of the portion is dependent on above factors.

For IDFC I once enquiried for Car loan but its rate of interest was 0.65% higher than what I was getting from the market despite having select account.