Totally agree. I’ve seen it personally. I applied to transfer my existing loan (LAP) from another bank. Even after having a perfect track record of paying the EMIs, IDFC First bank rejected my application twice because my employer profile was not good enough. In second rejection, I came to know from a bank representative “unofficially” that my employer company has been posting losses for 2 years and hence my loan applications are getting rejected by the bank.
Although I felt bad because I wanted bank to get benefitted from my loan (fee income + interest), but as a long-term investor, I also got more convinced by knowing that the bank is not compromising on credit quality as per their standards.
Disc: Invested heavily since 2019 for my target of 200+ in 5-6 years (delayed by around 1 year due to COVID).
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