IIFL Home Finance IRM Interview Questions and Answers

Reducing and flat rate of interest refers to the interest rate charged on loans or investments.

• Reducing rate of interest means the interest is calculated on the outstanding principal amount, which reduces with each payment.

• Flat rate of interest means the interest is calculated on the original principal amount throughout the loan tenure.

• Reducing rate of interest is more beneficial for borrowers as they end up paying les...read more

Hero Fincrop has an office in Kolkata.

• Hero Fincrop has a branch office in Kolkata.

• The office is located in a prime location in the city.

• The office provides various financial services to customers.

• The staff at the office is well-trained and customer-friendly.

To apply for a DSA Code, you need to follow a specific process.

• Contact the relevant authority or organization that issues DSA Codes.

• Submit the required documents and information, such as identification proof and business details.

• Complete any necessary training or certification programs.

• Wait for the approval of your DSA Code application.

• Once approved, you will receive your DSA Code.

The reason for applying for the Branch Manager position is to utilize my leadership skills and experience in managing a team and driving business growth.

• I have a strong passion for leading and developing teams, and I believe that the Branch Manager role will provide me with the opportunity to do so.

• I have a proven track record of successfully managing teams and achieving sales targets in my previous roles.

• I am excited ...read more

Suspecting is the act of having a belief or feeling that someone is involved in a particular activity or wrongdoing without concrete evidence.

• Suspecting involves having a suspicion or doubt about someone's actions or intentions.

• It is based on intuition, observation, or circumstantial evidence rather than concrete proof.

• For example, a sales officer may suspect that a potential customer is not genuinely interested in pur...read more

Opened questions are designed to encourage a detailed response, while closed questions require a specific answer.

• Opened questions allow the interviewee to provide more information and elaborate on their thoughts.

• Closed questions typically have a limited set of possible answers and are used to gather specific information.

• Opened questions often start with 'what', 'why', 'how', or 'tell me about'.

• Closed questions often st...read more

The decision-making process involves individuals or groups who have the authority to make choices or determine actions.

• Decision making is typically done by individuals in positions of authority, such as managers or executives.

• In some cases, decision making may involve a group or committee, where multiple individuals contribute to the decision-making process.

• The decision maker(s) consider various factors, such as availa...read more

Closing skill is the ability to persuade and convince potential customers to make a purchase or take a desired action.

• Closing skill involves effective communication and negotiation techniques.

• It requires understanding customer needs and objections.

• Examples of closing techniques include trial closes, assumptive closes, and urgency closes.

• A sales officer may use trial closes by asking questions like 'Would you prefer the...read more

Mob marketing is a strategy where a large group of people promote a product or service through word-of-mouth and social media.

• It involves leveraging the power of social media to create a buzz around a product or service.

• It relies on the principle of social proof, where people are more likely to trust and buy a product if they see others doing the same.

• Examples include flash mobs promoting a new product launch or a grou...read more

The activation in market will depend on various factors such as product quality, pricing, marketing strategies, and customer demand.

• Product quality and features

• Pricing strategy

• Marketing and advertising efforts

• Customer demand and feedback

• Competitor analysis

• Sales team performance

Smart Wok is a high-tech cooking appliance that uses advanced technology to cook food quickly and efficiently.

• Smart Wok uses sensors and algorithms to adjust temperature and cooking time automatically.

• It can be controlled through a mobile app, allowing users to monitor and adjust cooking settings remotely.

• Smart Wok is designed to be energy-efficient and eco-friendly, reducing cooking time and energy consumption.

• It is a...read more