All posts by ANAND BHIDE

Summary: Calculating a car loan interest rate and understanding what’s involved in the equation can be difficult and intimidating. But with a few simple steps, you can learn to determine how much interest you will have to pay on your loan.

If you are considering buying a car with the help of a loan, it is crucial to fully understand your auto loan terms and conditions – especially the interest rate. Understanding how much interest you will be charged on your car loan can help you make a wise financial decision regarding your vehicle and manage its repayments over time. So what exactly is the car loan interest rate? How do lenders calculate this cost? And how do they decide how high or low your interest should be? Read on to know the answers to these questions in detail.

What Is a Car Loan Interest Rate?

For car loans, the interest rate is the additional amount you pay on top of the principal amount borrowed. Interest rates are typically calculated on an annual basis.

<h3>Factors that affect car loan interest rates</h3>

Credit score: A good credit score is one of the most critical factors to help you secure a low-interest rate on your car loan. Lenders usually reserve their best interest rates for borrowers with high credit scores, as they are considered less risky.
Loan term: The length of your loan term can also affect your interest rate. Generally, shorter loan terms tend to have lower interest rates than longer loan terms, as the lender has less time to be exposed to potential risks.
Down payment: Making a larger down payment on your car can help you get a lower interest rate, as it reduces the amount you need to borrow and consequently brings down the lender’s risk exposure.
Income and employment history: Your income and employment history can also affect your interest rate, as lenders want to ensure that you have a stable source of income to repay the loan.
Type of car: The type of car you are purchasing can also impact your interest rate. Generally, new cars tend to have lower interest rates than used cars, as they are less risky for the lender.

How To Calculate A Car Loan Interest Rate?

<h3>Importance of using a car loan calculator for accurate calculations: </h3>

A car loan calculator is essential to get an estimate of the total interest payable on the loan.
It helps you figure out the impact of different interest rates, loan tenures, and down payment options and arrive at the right decision.
It allows you to compare varied loan options and choose the one that best suits your budget and financial goals.

<h3>Guide to calculate car loan interest rate: </h3>

Calculating the interest rate on a car loan can seem daunting, but it is actually quite simple. Here is an easy way to calculate the interest rate on car loan:

E= P * R * (1+R)^n/[(1+R)^n -1]

To break it down further, P is the principal amount borrowed, R is the annual interest rate charged by the lender, and N is the number of monthly installments. Lastly, E is the total EMI payable each month.

For instance, if you obtain a car loan of INR 10 lakhs for 2 years or 24 months at an annual interest rate of 12%, the approximate monthly EMI will be: [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] = INR 47,073.

Why Choose IndusInd Bank For Car Loan?

IndusInd Bank is a great choice for car loans due to its competitive interest rates, flexible repayment options, and quick loan processing time. With IndusInd Bank car loans, borrowers can choose a loan amount of up to 100% of the car’s on-road price. Additionally, the bank offers loan tenures of up to 7 years, giving borrowers ample time to repay their loans in accordance with their comfort and convenience.

Furthermore, borrowers can benefit from IndusInd Bank’s doorstep service. Use the IndusInd Bank car loan EMI calculator to calculate the monthly loan EMI based on loan amount, interest rate, and repayment tenure with ease. Apply for an IndusInd Bank new car loan today!

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.

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Credit Card

How To Activate Your IndusInd Bank Credit Card Once You Receive It?

May 16, 2023 ANAND BHIDE Leave a comment

Summary: You can activate your IndusInd Bank credit card easily in three quick ways: Via our website, through SMS or via our App. Choose the option that suits you best!

If you are a new IndusInd Bank credit card holder, it’s natural to be looking forward to using your fancy new plastic card to make purchases and enjoy rewards and perks.

Before you start swiping your card, there’s an important step you need to take – activating your card. The activation process is quick and easy and will only take a few minutes.

This blog post will guide you through the IndusInd credit card activation process with simple step-by-step instructions and useful tips to make the whole experience seamless.

How To Activate your IndusInd Credit Card?

To activate your IndusInd Credit Card, you can do it by simply activating it for online or offline transactions.

To activate your Card for offline transactions, you just need to generate your Credit Card’s PIN, and can start doing ATM and POS transactions.

To activate your card for online transactions, you can do it simply by enabling your card for ECOM/Online transactions for domestic or international transactions.

These activations can be done using one of three methods: via our website, by SMS, or via our App. The details of these procedures are provided below.

Activating IndusInd Bank Credit Card Through Website:

Follow the below-mentioned steps to activate your IndusInd credit card through our service page:

Step 1: Visit the bank’s service page for credit card

Step 2: You need to enter the last 4 digits of your card number as well as your registered mobile number

Step 3: Enter the OTP received on your registered mobile number.

Step 4: You now have the option for setting up your PIN as well as enabling your Card for online transactions.

In addition, you can also modify your transaction preferences, set your card limits as well as apply for an Add-on-Card for your family members.

Activating IndusInd Bank Credit Card Through App

To activate your IndusInd credit card through mobile banking, you first need to link your Credit Card to the app.

For this, first you need to download the IndusMobile app and follow the steps below:

Steps to Link if you are an existing bank user

Step 1: Login in the app

Step 2: Click on Cards -> Credit Card -> Link Now

Step 3: Enter your Card Details

Step 4: Verify with OTP

Voila, your Credit Card is added.

Steps to link if you are a new user

Step 1: Open the app

Step 2: Enter Mobile Number

Step 3: Select ‘I’m new to Bank’ -> Do not have a User ID

Step 4: Select Credit Card

Step 5: Enter your Card Details

Step 6: Verify with OTP

Voila, your Credit Card is added.

Once your Card has been added, you can generate your Credit Card PIN, enable domestic and international transactions, as well as set transaction limits for your Card.

Apply to IndusInd Bank Lifetime free Credit Card to Stay fee-free for life

Why Should You Opt for IndusInd Bank Credit Card?

IndusInd Bank offers a wide range of credit cards with attractive rewards and benefits, making it an excellent choice for those who want to maximize their savings. With features like reward points that never expire, airport lounge access, cashback on fuel purchases, and discounts on dining and shopping, IndusInd Bank credit cards provide a host of perks that help you make savings and enhance your lifestyle. You can optimize your spending and receive significant rewards by selecting a card that complements your lifestyle and preferences.

So, wait no more! Experience the power of rewards and convenience with IndusInd Bank Credit Card – Apply Now!

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.

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Manage your Finance

How can I Reduce My Bike EMI?

May 16, 2023 ANAND BHIDE Leave a comment

Summary: Using a bike for your daily needs is essential, but paying hefty EMI amounts for your bike loan need not be. You can conveniently reduce your EMIs with better planning such as, applying for a loan amount you can afford, opting for a convenient tenure, prepaying your loan, or using an EMI calculator to determine your monthly outflow. Read more here.

As transportation plays a vital role in both work and daily life, owning a personal vehicle has become a necessity. While cars may be expensive, bikes are generally affordable to most. And with easy EMIs that many lenders offer you on two-wheeler loans, purchasing a bike is no longer a challenging task.

However, there may be times when the EMI might be too much for you, and you’d like to reduce it. Today, we tell you how you can lower your bike EMI without having to break a sweat!

Steps to Reduce Your EMI for Your Bike Loan

1. Know How Much You Can Afford

This might be a commonly covered step, but it can be the most important one. Because you need to pay a relatively significant amount to own your bike, knowing how much you need to spend can help. For instance, if you plan to buy a bike costing Rs 80,000, then you should determine the minimum and maximum loan amount you can afford.

This can tell you how much of a down payment you can make and what you can take as a loan. So if you choose to make a bigger down payment initially, you’ll need to apply for a lower loan amount and fetch much lesser bike loan interest rates, which will, in turn, reduce your EMI.

2. Use an EMI Calculator

Before you take a bike loan, you can get a good understanding of how much you need to pay using an EMI calculator. For instance, you may want to choose between various lenders offering different amounts, tenures and interest rates. With an EMI calculator, you can see how much your bike loan EMI will change depending on the factors and pick the right loan depending on your affordability.

3. Opt for an Extended Repayment Schedule

A short-term bike loan might attract a higher EMI. Inversely, when your tenure is longer, you’ll be able to reduce your EMI substantially. However, you must also keep the bike loan interest rates in mind when opting for a longer term. They tend to increase when the tenure is more extended, even if the overall EMI you pay each month is less.

4. Consider Prepayment of the Loan

Specific lenders may offer the option of prepaying an existing bike loan after a period of time. When you have excess funds that you can spare, you can use that money to pay off a massive chunk of your loan. This will not only reduce the total amount of the outstanding principal but will, consequently, reduce your EMI too.

5. Choose a Lender with an Existing Relationship

If you have a reliablet working relationship with your bank, this relationship can help you get loans easily too. For example, In the case of a bike loan, you can request your lender to see if you can get good bike loan interest rates, as you’ve been their regular customer for a long time.

You can easily reduce your bike EMI with lesser interest rates and save more money. Making use of your existing relationships is a sure way to buy your bike without making any significant expenses.

Buying your next bike

With all these steps in mind, you can now be more confident in purchasing a bike. However, as two-wheeler loans are becoming more commonplace, you would still need a trustable source to approach. At IndusInd Bank, you can avail of bike loans that match your expectations. With attractive interest rates, generous tenures, and easy documentation processes, you can quickly get a loan to purchase your bike today.

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Savings Account

Benefits of Opting for Savings Account Designed for Specific Customer Groups

May 15, 2023 ANAND BHIDE Leave a comment

Of its many Saving Account offerings, IndusInd Bank offers three unique savings accounts catering to specific customer groups, namely the Indus Diva Women’s Savings Account, the Indus Senior Citizen Savings Account, and the Indus Young Saver Savings Account. Each type of savings account is brimming with features and privileges tailored to benefit each specific customer group.

Each person is unique and has unique spending and saving patterns. Likewise, banking needs and preferences can vary vastly from person to person. We at IndusInd Bank earnestly believe that every customer group is unique and that the banking products they choose should have features they find beneficial. Accordingly, IndusInd Bank offers specific types of savings accounts catering to specific customer groups. Each type of savings account comes with an array of features specially designed to benefit the customer group it is intended for. Three such types of savings accounts are as follows:

For Women: Indus Diva Women’s Savings Account
For Senior Citizens: Indus Senior Citizen Savings Account
For Minors: Indus Young Saver Savings Account

Read on to get the complete features on each type of account, including their features and the benefits they bring to the specific customer group.

Indus Diva Women’s Savings Account

Packed with privileges and benefits across categories, the Indus Diva Women’s Savings Account is a one-of-a-kind women’s savings account. Designed to fulfil the unique banking needs and lifestyle aspirations of the new-age woman, this savings account comes with an array of attractive features. These are as follows:

These features are applicable with your platinum plus debit card

Attractive discounts linked to debit card on online food delivery on Swiggy worth INR 7200 in a year and groceries on Bigbasket.com worth INR 1800 in a year
Irresistible offers across categories of travel, shopping, and fashion
Get movie tickets with a ‘Buy 1 Get 1 Free’ offer on bookmyshow.com worth up to INR 3000 in a year.
Up to 35% discount on small/medium lockers worth up to INR 3500
Free insurance cover worth over INR 35.5 lakhs with your Platinum Plus Diva Debit Card
Reward points upto INR 2000 in a year on shopping with your Platinum Plus Diva Debit Card
Complimentary XtraSmiles points worth INR 1000 which can be redeemed on multiple brands
Free Zero Balance Family Accounts with facility to group accounts of up to 2 family members, enabling extension of banking privileges to all 3 accounts while balance can be maintained through any or all the account/accounts

Indus Senior Citizen Savings Account

A deeply valued customer group at IndusInd Bank, senior citizens rightly deserve seamless and hassle-free banking services. The Indus Senior Citizen Savings Account is marked by a host of specially curated features aimed to provide complete peace of mind. The key features are as follows:

No charges on non-maintenance of minimum balance
Doorstep banking assistance for maximum convenience, eliminating the need to wait in queues at your Bank branch
Personalised account number of your choice
Fingerprint authentication, freeing you of the hassle of remembering multiple passwords
Convenience banking, ensuring maximum comfort and minimum hassle

Additionally, the salient benefits of this account are as follows:

Higher interest rates on Fixed Deposits i.e. an additional 0.5%
35% off on small & medium lockers for year 1
Free Zero Balance Family Accounts with facility to group accounts of up to 2 family members, enabling all 3 accounts to enjoy banking privileges while the balance can be maintained through any or all the account/accounts
Great deals and offers across categories of shopping, health & wellbeing
Attractive discounts linked to debit card on online food delivery on Swiggy worth INR 7200 in a year and groceries on Bigbasket.com worth INR 1800 in a year
Irresistible offers across categories of travel, shopping, and fashion
Get movie tickets with a ‘Buy 1 Get 1 Free’ offer on bookmyshow.com worth up to INR 3000 in a year.
Reward points upto INR 2000 in a year on shopping with your Platinum Plus Debit Card
Free Zero Balance Family Accounts with facility to group accounts of up to 2 family members, enabling extension of banking privileges to all 3 accounts while balance can be maintained through any or all the account/accounts.

Indus Young Saver Savings Account

Managing money responsibly is both an art and a skill. The earlier an individual learns it, the better. Initiate your little ones into the world of banking with the Indus Young Saver Account, a savings account specially customised for minors. Thoughtfully designed to impart knowledge of banking activities in children while inculcating the habit of saving in them, this special savings account offers features like a cheque book, debit cards, etc.

Additionally, the VISA Gold Debit Card, the recommended debit card with this minors’ savings account, comes with the following features:

Attractive rewards program
Attractive offers on Swiggy and Bigbasket
Limit of INR 50,000 on ATM withdrawals
Limit of INR 1, 00,000 on POS Point-of-Sale transactions

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Investment

Understanding The Maturity Process of Fixed Deposits: When and How to Withdraw Your Funds

May 11, 2023 ANAND BHIDE Leave a comment

The FD maturity process allows investors to renew the FD, withdraw the entire amount, or transfer it to another investment option. Invest in IndusInd Bank FD for a secure financial future!

Fixed Deposits FD have maintained their position as a popular investment option because of their flexibility and attractive returns. The interest rate is set at the time of booking and is not impacted by market fluctuations, allowing for confident investment planning. You can also use IndusInd Bank FD Calculator to check your returns.

Fixed deposits offer the liquidity necessary in times of need. However, understanding the maturity process of FDs and knowing when and how to withdraw your funds can be tricky. This blog will help you by offering a thorough overview of the FD maturity process to ensure a smooth withdrawal of funds.

What is FD Maturity Period?

The FD maturity period is the time between the date of deposit and the date of maturity when the investment principal and interest earned are returned to the investor. It is predetermined and set when booking the FD, and it can vary from a few days to several years.

What Happens to An FD When It Matures?

Banks typically handle matured FDs in either of two ways.

They automatically renew the FD for a period of one year OR the previous tenure, in accordance with the specific tenure set by the account holder
Or, they automatically liquidate both the principal amount and interest earned on the FD and transfer these funds into the account holder’s designated account

When Can You Withdraw Your Funds?

You can withdraw your FD amount prematurely or upon maturity from your bank. The partial withdrawal before maturity is not allowed for tax saver/non-withdrawable fixed deposits. Tax saver FDs usually have a lock-in period of five years.

Withdrawal Upon Maturity: When your FD matures, you can easily liquidate or withdraw the deposit by visiting the branch or online.
Premature/ Partial Withdrawal: If you urgently need funds, you can withdraw your FD before maturity. Banks generally impose a penalty for withdrawing any FD prematurely or partially.

How Do You Withdraw Your Funds?

Visit your bank and fill out a withdrawal form, or you can do it online if your bank offers that option
After you have completed the form, the bank will typically process your request within a few business days

How To Close the FD Account on Maturity?

To close your FD account upon maturity, you must follow these steps:

Visit your bank and provide the fixed deposit certificate, which all account holders must duly sign
Provide instructions to the bank regarding the management of your funds. You may choose to close the FD, renew it, transfer the funds into a new FD or investment, or withdraw some of the funds while retaining the rest in the FD
You may be asked to submit a letter detailing your preference and including all the necessary transaction details

You can invest in IndusInd Bank Fixed Deposit to grow your wealth securely over time. The bank offers competitive interest rates higher than the prevailing savings account interest rates. With flexible tenure options, you can choose the tenure that matches your financial objectives. Moreover, the convenience of online banking makes it easy to open and manage your FD account from the comfort of your home. As a well-established bank with a strong financial track record and reputation, IndusInd Bank provides a safe investment option.

Invest in IndusInd Bank FD account today for potentially higher returns on your savings!

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What Is a Car Loan Interest Rate?

How To Calculate A Car Loan Interest Rate?

Why Choose IndusInd Bank For Car Loan?

How To Activate your IndusInd Credit Card?

Activating IndusInd Bank Credit Card Through Website:

Activating IndusInd Bank Credit Card Through App

Steps to Link if you are an existing bank user

Steps to link if you are a new user

Why Should You Opt for IndusInd Bank Credit Card?

Steps to Reduce Your EMI for Your Bike Loan

1. Know How Much You Can Afford

2. Use an EMI Calculator

3. Opt for an Extended Repayment Schedule

4. Consider Prepayment of the Loan

5. Choose a Lender with an Existing Relationship

Buying your next bike

Indus Diva Women’s Savings Account

Indus Senior Citizen Savings Account

Indus Young Saver Savings Account

What is FD Maturity Period?

What Happens to An FD When It Matures?

When Can You Withdraw Your Funds?

How Do You Withdraw Your Funds?

How To Close the FD Account on Maturity?