Purchasing a car is adream for many people. But certain complications can avert your dream of buyinga new car. To overcome the complications of getting a car and fulfil your dreamof having a car, banks offer car loans. The bank requires credit information toget a car loan, which creates trust in the bank to give you the loan amountrequired.

If you want to avail a car on loan, you have to strengthen the CIBIL score. If you are searching for a perfect car loan, click here to avail the best options for you.

What is creditworthiness for a car loan?

Credit InformationBureau (India) Limited analyzes accounts of the people to create the creditscore. The range of CIBIL scores varies between 300-900. A score above 700 isgenerally considered good, which is a sign of trust.

What if the score is below 700?

CIBIL score below 700 isimprovable, and there are steps to improve your CIBIL score and make you eligible to have your car loan.

• Make all the loan payments on time.
• While paying for credit cards, make sure to repaythe complete amount on time.
• Ensure to restrict your payments via creditcards, within the approved limit.
• Avoid applying many number of loans at a singleattempt.

Conclusion

With the above steps,you can improve your CIBIL score. By paying your loans within time, you canprove a good CIBIL score on your records. A good CIBIL score will help you getthe car of your dream.

If you need a car loan, IndusInd Bank has the finest options for you to avail it. The vehicle loans provide you with the best interest rates options and manageable repayment plans. Enquire now at IndusInd Bank to clear all your doubts regarding car loan.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

You may need to transfer money abroad for a number of reasons. While these transactions are easy, they do come with a set of guidelines mandated by the apex financial body – the Reserve Bank of India – to safeguard your money. Before you send money abroad, familiarise yourself with these important rules.

Here are 7 outward remittance guidelines for you!

1. Eligible Purposes

RBI requires individuals making an outward remittance to declare the purpose of the transaction. If your purpose is not authorised, you won’t be allowed to send money abroad. The purposes allowed under the Liberalised Remittance Scheme (LRS) include Education, Employment, Medical, Purchase of Property Overseas, Business Travel.

RBI has prohibited transactions for purchase of lottery tickets, banned magazines, or any item mentioned under Schedule 2 of the Foreign Exchange Management Rule, to countries identified as “non-cooperative” by the Financial Action Task Force (FATF).

2. Transaction Limit

You can only make a transaction of up to USD 250,000 per financial year. You can utilise the limit at once or through multiple transactions in a financial year. However, the LRS can be surpassed for reasons such as studying abroad and medical expenses subject to supporting documents being provided to the bank.. For any other purpose To make a transaction for an amount greater than USD 250,000, you will have to submit official documents proving the need for the same and secure RBI’s permission.

3. Authorised Institutions

You cannot make outward remittances just through anyone. RBI has authorised certain banks (Authorised Dealer-I) and Authorised Dealer-II) to make these transactions. Make sure you check if the party that you are trusting your money with is authorised or not. With IndusInd Bank, you can send funds abroad with zero hassles by visiting their online portal – www.Indusforex.com or by visiting one of the Forex enabled branches .

4. RBI Mandated Requirements

The RBI has laid out two specific requirements for individuals to be able to make a transaction abroad. You need to declare the purpose of remittance and submit a copy of your KYC documents, particularly your PAN card. If you are transferring a large amount, you may also need to reveal the source of the money as well as furnish a certificate from a Chartered Accountant.

You may have a certain exchange rate in mind while sending your money abroad, but you should note that the exchange rate keeps fluctuating. Thus, the exchange rate of the day when the recipient receives the money will only be applicable.

5. Money Transfer Methods

Money can be transferred either through a wire transfer/ telegraphic transfer or through a Demand Draft. The Foreign Currency Demand Draft (FCDD) is denominated in the foreign currency and should be drawn in the favour of the recipient.

In comparison to FCDD, the wire transfer or SWIFT (Society for Worldwide Interbank Financial Telecommunications) is more convenient as it can be made within 24 hours.

6. Intermediary Bank Charges

Your money is routed through a number of intermediary banks before it reaches the recipient. These banks charge a fee for their services that vary from country to country. The intermediary charge for the Australian Dollar, for example, is up to 25 AUD, the same for the British Pound can fall in the range of 18 to 20 GBP, etc. Thus, you should be aware of these charges beforesending money abroad.

7. Beneficiary Account Details

To transfer money, in addition to your own documents and details, you should have with you the details of the beneficiary. You need to have the recipient’s name and address (same as mentioned in their bank records), bank name (the recipient doesn’t need to have the same bank as the sender), bank address, the account number as well as the SWIFT code.

In addition to these details, different countries have different codes which are mandatory for such transactions. Here is a list:

• USA- Routing number
• Australia- BSB code
• UK- Sort code
• Canada- Transit code
• Middle East & Europe- IBAN number

Knowing these guidelines is essential especially if you have family, friends or need to send money abroad. A delay is the transfer of money can compromise with your plans, thus it is always better to be well prepared. Keep these guidelines in mind before you go to the bank to make your transaction and it is unlikely that you will face any inconvenience.

Visit any IndusInd Bank Forex Enabled Branch today to send money abroad. Or simply transfer online by visiting www.indusforex.com!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.