All posts by ANAND BHIDE

Corporate salary accounts are unique savings accounts available to salaried individuals and are a convenient way for organizations to distribute salaries to their employees. But IndusInd Bank’s corporate bank accounts come with loads of benefits for employees as well. It is not only convenient facilitation to collect your salary but one can also enjoy premium perks and a quality banking experience. So, let us go over why IndusInd Bank has the best range of salary accounts and why you should also get one.

1. Easy to Manage

At IndusInd Bank, we make it easier for our customers to operate their corporate salary accounts. Whether employees or employers, they get a seamless banking experience due to our vast network of outlets and a comprehensive digital banking ecosystem.

Employers can quickly deposit salaries into their employees’ salary accounts entirely online. At the same time, employees get a debit card and mobile and net banking services to withdraw and transfer money from their salary account without hassle.

2. Zero Balance Account

A regular savings account requires maintaining a minimum balance to avoid non-maintenance charges. However, if you have a corporate bank account with us, you do not need a separate zero-balance account. This is because our corporate bank accounts neither require you to maintain any minimum balance nor do we levy any non-maintenance charges. So, when your salary is credited, you can spend it on maintaining your lifestyle without worry.

3. Excellent Customer Services

IndusInd Bank is a leader in banking, and our corporate bank account holders get to avail of our omnipresent customer service. We provide round-the-clock banking services through WhatsApp, Facebook and Alexa. If you need assistance, you can connect with our support team and Branch Manager over video chat. Not only that, but we also offer door-step cash and cheque pick-up and delivery.

4. Attractive Perks and Privileges

Apart from zero-balance requirements and omnipresent customer service, our corporate salary accounts offer you the best perks and privileges. So, our account provides you with loads of benefits, whether travelling, staying in hotels, dining, or watching movies. Perks include special discounts, cashback, access to the airport lounge, free movie tickets and more.

And that is not all.

Depending on your corporate bank account type, we will also extend these perks to your family members for free.

5. Customized Corporate Bank Account

At IndusInd Bank, we offer many different corporate salary accounts tailored to meet your financial needs. You can select from a range of accounts to have a seamless banking experience. For instance, if you regularly use ATMs to withdraw cash, you can get Indus Comfort Premium corporate account with unlimited ATM withdrawals.

Similarly, if you plan to invest a part of your salary in the stock market, Indus Comfort Exclusive salary account will allow you to open a Demat Account for free. Apart from that, we also have corporate salary accounts with benefits like insurance, 100% off on lockers, and Certified Relationship Managers for financial guidance.

To Conclude

These are some reasons why you should open an IndusInd Bank corporate salary account. In short, you can get the best salary accounts in the country. Our digital banking ecosystem allows you to bank on the go without worrying about non-maintenance charges. Spending is also fun, with a vast range of premium perks from our bank accounts. So, head to our website and apply for a corporate bank account 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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Manage your Finance

6 Factors That Keep You from Getting a Business Loan

February 15, 2023 ANAND BHIDE Leave a comment

Whether starting a new enterprise or growing an existing one, you’ll need money to cover operational costs, hire staff, or resolve immediate cash flow issues. A business loan can come in handy for helping you meet these needs and grow your business.

Even though business loans have a lot of benefits, getting one approved is not always easy and you must be prepared for any potential challenges. Listed below are 6 common roadblocks to securing business loan approval and tips on how to overcome them.

1. Poor credit score

Getting a business loan with a low credit score could be difficult. A credit score of 750 or above reflects a good credit history, raising your chances of getting a business loan application approved. Lenders typically prefer applicants with a solid credit history. Such applicants frequently experience quicker approvals than individuals or businesses with less favourable credit histories. So, make sure to check and improve your credit score if you’re considering applying for a business loan.

2. Limited cash flow

A positive cash flow is an indication of a business’s health and consequent ability to repay debts and pay expenses. This is why cash flow is one of the first factors considered by lenders while assessing your business’s financial stability. A positive cash flow is also essential for keeping your business operational on a daily basis. Lenders will perceive you as particularly risky if your business has a limited cash flow, affecting your chances of getting finance. Therefore, it is crucial to assess your financial situation before submitting a business loan application online.

3. Lack of a business plan

Spontaneity is scarcely valued in the finance industry. It is not advisable to submit a loan application without or with a fuzzy business plan. A business plan is a formal explanation of your business objectives and the strategy you will be deploying to achieve those. It assists lenders in determining the feasibility of your growth strategy and potential profitability of your business model. You could boost your chances of obtaining a business loan by creating a strong business plan and sticking to it.

4. Multiple loan applications

You might be tempted to submit multiple business loan applications to various lenders all at once, believing this would allow you to choose the best offer. Quite the contrary, submitting a number of loan applications within a short span of time could invite multiple hard inquiries and make you seem credit-hungry, making it even more challenging to get a loan.

5. Missing documents

When applying for a business loan onlineor offline, you must submit all requisite paperwork, including your KYC documents, business plan, financial statements, income tax returns, ownership proof, and so on. Not having the necessary documentation could cause your application to get rejected. So make sure to carefully fill out the form, furnish all documentation, and review these before submission.

6. Not Heeding Expert advice

A business loan application requires extensive planning. The process can get tedious since errors could lower your chances of being approved. Consulting business advisors and professionals in the course of the loan process could help you with certain tasks, such as document preparation and drafting of the business plan.

Final Thoughts

Make sure to pay close attention to the aforementioned factors if you require funds to set up or grow a business. A thorough understanding of what to avoid when applying for a business loan is sure to help you obtain the funds you need to kick-start your entrepreneurial journey.

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Savings Account

Is Debit Card important for managing your Savings Account?

February 15, 2023 ANAND BHIDE Leave a comment

As the world moves closer towards 100% digitization, the payment landscape is rapidly shifting to more and more cashless transactions. With today’s secure technology, the pros of cashless transactions heavily outweigh the cons. The biggest advantage of moving away from cash is the sheer level of convenience – for both – consumers and businesses/merchants. The need for customers to carry around notes and coins and the need for merchants to keep change on their stores is eliminated with cashless payments.

One of the most preferred ways of making these cashless payments is a debit card. A debit card eliminates the need for customers to wait in a bank or ATM queue to get their cash. With debit card payments, the funds go straight into the recipient’s account without delay. In today’s blog, we will try to explain what exactly a debit card is, and how can you apply for one if you don’t have it yet.

What is a debit card?

A debit card is a card linked to your bank account which allows you to withdraw money from an ATM or pay directly by swiping/tapping on a POS machine. You can also make online payments by entering your card details.

You may be wondering how is it different from a credit card? Yes, credit card also offers similar facilities. However, the key difference is that with a credit card, the bank lends you money which you can use, and later pay them back with interest on a monthly basis. With a debit card, you are spending the money which you already have. Since a debit card is linked to a bank account, your transactions cannot exceed the amount of money in your account.

Benefits of having a debit card with IndusInd Bank

Before we tell you how to get a debit card, let’s first take a look at all the benefits you can avail with IndusInd Bank debit cards. You can withdraw your cash at any ATM within the limit prescribed by RBI. IndusInd Bank Debit Cards are acceptable at a large number of merchant outlets across India. You can also use your debit card for online payments including utility bills, government entities, e-commerce websites etc. Apart from safe and secure features to protect your money, IndusInd Bank Debit Cards also exciting cashbacks, fuel surcharge waiver, reward points etc.

How to get a Debit Card with Savings Account

A savings account is the most trusted product in both – traditional and new age banking. It’s the safest way to earn interest on your money, while keeping it handy. When you open a Savings Account with IndusInd Bank, you automatically get a debit card linked to the account. To get the best-in-class debit card, attractive returns on your savings, account number of your choice & much more, open IndusInd Bank Savings Account now.

With IndusInd Bank, you can open a savings account, within minutes, without visiting any branch. The 100% digital account opening journey that you will experience with IndusInd Bank Savings Account opening will also eliminate the stressful paperwork process that you may face in traditional banking. You will still get to enjoy attractive interest rates, instant virtual debit card, WhatsApp banking, cashbacks and discounts on top brands, etc.

Open IndusInd Bank Online Savings Account in just 4 Steps with Video KYC

As a bank who puts its customers first, we are dedicated to making this digital journey seamless and secure. With IndusInd Bank, opening an online savings account is as easy as making a video call. All you need is a smartphone, a stable internet connection and just few minutes to open a savings account from anywhere.

Step 1: Pick an account number of your choice

Step 2: Enter your personal details

Step 3: Add funds to your account

Step 4: Complete Video KYC from anywhere, anytime!

Start earning interest on your account balance! IndusInd Bank Savings Account is a great way to earn high return on your funds while making sure it is accessible to at all times. With IndusInd Bank, you can grow your savings with attractive interest rates on your account balance. So, what are you waiting for? OPEN SAVINGS ACCOUNT 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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MSME

5 Reasons to download Indus Merchant Solutions App

February 15, 2023 ANAND BHIDE Leave a comment

The Indian Business Sector has been growing at an exponential rate. Medium to small scale businesses are now driving India’s growth. Owning a business can be incredibly rewarding, but running a big business, or starting a small one, requires a lot of work, time, and money. Additionally, you will face a lot of challenges in terms of hiring, marketing, scaling your business, and managing finances.

Today, we will address the most obtrusive challenge of all – finding the right banking partner for your business.

Banking Problems that Businesses Face

Running a business can feel like a mammoth task when you have to overcome so many challenges in such little time. Most small businesses fail to stay afloat due to financial obstacles. Here are some of the most common banking problems faced by businesses:

1. Lengthy paperwork – From opening a current account to getting a business loan, the amount of energy you lose in tedious paperwork comes with a very high opportunity cost. Most of this paperwork becomes redundant after a certain time period and starts piling up on your desk.

2. Time-consuming bank visits – As a business owner, you have several important decisions to make. Instead of utilizing your precious time to strategize and map the growth of your business, most business owners are often swamped with time-consuming bank visits for smallest of the tasks.

3. Lack on urgent credit – Money is to business what fuel is to engine. Non-availability of instant business loans for urgent capital requirements puts you in a chronic financial stress, and your business in jeopardy.

4. Absence of quick & instant payment solutions – Even if the business is running smoothly, lack of secure and real-time payment solutions can tarnish the image of the business in front of customers and investors.

5. Glitchy online services – Many banks fail to focus on the seamlessness of their mobile and internet banking services. A glitchy and complex interface for online services can be irritating – forcing you to schedule a bank visit for the smallest tasks.

The One Solution for all your business banking needs – Indus Merchant Solutions App

We understand that your business needs a seamless and hassle-free solution that can help you overcome the above-mentioned problems. That is why IndusInd Bank introduced Indus Merchant Solutions App.

Top 5 reasons to download Indus Merchant Solutions

1. The ‘All-In-One’ App – Having multiple channels and platforms for your dynamic banking needs can be confusing and may lead to discrepancies. With the Indus Merchant Solutions App, you can undertake an array of activities such as accept instant cashless payments, track sales via in-built dashboards, order an exclusive Point of Sale (PoS) machine, as well as apply for business loans from just one app!

2. Instant & Paperless Current Account Opening– You can open a current account via Indus Merchant Solutions App in just a few clicks. Open account digitally from anywhere, anytime and enjoy 100% paperless banking.

3. Multiple Payment Solutions – The world is moving to cashless transactions. We understand this and offer you multiple payment solutions like POS device for contactless card payments & QR Code for UPI payments on shop, and Payment Links for remote payments. You can also order a Soundbox to get real-time audio confirmation of payments!

4. Pre-Approved Loans – You can fulfill your urgent working capital needs in just a few clicks with the Indus Merchant Solutions App. Apply for a collateral-free business loans for purchasing machinery, hiring staff, or expanding your business without pledging any asset as a security against the credit.

5. Auto-settlement of payments & digital ledger – With Indus Merchant Solutions, you can collect, track & manage payments seamlessly with auto-settlement of funds and a digital ledger!

Additionally, you can also place service requests such as reset debit card pins, report discrepancies, send cheque book requests on the IMS App.

How to use Indus Merchant Solutions App?

Business banking has never been easier! All you have to do is download the app from Play Store for Android phones and from Apple App Store for iOS phones. If you have a current account with IndusInd Bank, you can download the app and start using it instantly! If you are new to the bank, you can open a current account with IndusInd Bank using the app itself. The IndusInd Bank current account opening is fully digital and can be opened from anywhere at any time.

Shift your business into the next gear, switch to Indus Merchant Solutions App!

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Business Loan

Where can I Get an Unsecured Small Business Loan?

February 14, 2023 ANAND BHIDE Leave a comment

An unsecured business loan is a collateral-free loan with a higher rate of interest. Packed with favourable features, a business instalment loan from IndusInd Bank is a great way to secure funds for your small business.

If you are a small business owner, getting funding for your business can be challenging, particularly if you prefer not to provide any security or collateral to the bank. In such cases, an unsecured business loan could be the solution you are seeking. Unsecured loans are a great option for businesses that don’t own too many assets, as well as start-ups that are growing fast and need additional finance to hire more employees, purchase inventory, or expand operations.

All you Need to Know about an Unsecured Business Loan

Detailed below are some of the common features of unsecured business loans:

The borrower does not have to provide any collateral or pledge any assets against the amount being borrowed.
This type of loan is given on the basis of the applicant’s creditworthiness and repayment capacity and history.
Unsecured business loans typically have higher interest rates as the risk to the lender is greater.
The loan application process as well as approval and disbursement of funds is faster as compared to a secured business loan

Unsecured Business Loans from IndusInd Bank

If you are looking to get quick, easy, and hassle-free funding for your business, look no further than IndusInd Bank. Designed to help businesses grow and develop, an unsecured business loan from IndusInd Bank is given on the basis of business vintage i.e. age of the business and audited financials for 3 years. Its key features and benefits are as follows:

Option of availing a loan of up to Rs. 50 lakhs
Basic documentation and speedy processing
Easy instalments through longer loan repayment tenure of up to 48 months
Doorstep service for assistance with all loan requirements
The loan could be used for all types of business needs, including immediate cash needs, purchasing new inventory or equipment, timely vendor payment, bridge funding to cover the gap in delayed credit limit enhancement, as well as medium and long-term working capital requirements

The table below enumerates the eligibility criteria for availing an unsecured business loanfrom IndusInd Bank.

Minimum Turnover of Business	Profitability	Paid up Capital	Age of Applicant	Business Vintage	Past Payment History	Ownership
Rs. 1 crore in the latest financial year with audited financial statements for 3 years	Positive Profit Before Depreciation and Tax (PBDT) in the last 3 years	Greater than or equal to Rs.10 lakhs	25 years – 70 years (21 years for a 2nd generation businessman)	At least 3 years	12 months of clean record for a minimum loan of Rs. 4 lakhs.	Mandatory ownership of property

If your business has enough financial goodwill and you are comfortable paying a steeper rate of interest, financing solutions from IndusInd Bank are a great way to secure immediate capital for your myriad business needs.

A Business Instalment loan from IndusInd Bank is easy to apply for. You may apply for a business loan online. Just fill in your details and submit the application form along with the requisite documents for further processing by the bank.

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1. Easy to Manage

2. Zero Balance Account

3. Excellent Customer Services

4. Attractive Perks and Privileges

5. Customized Corporate Bank Account

To Conclude

1. Poor credit score

2. Limited cash flow

3. Lack of a business plan

4. Multiple loan applications

5. Missing documents

6. Not Heeding Expert advice

Final Thoughts

What is a debit card?

Benefits of having a debit card with IndusInd Bank

How to get a Debit Card with Savings Account

Open IndusInd Bank Online Savings Account in just 4 Steps with Video KYC

Banking Problems that Businesses Face

The One Solution for all your business banking needs – Indus Merchant Solutions App

Top 5 reasons to download Indus Merchant Solutions

How to use Indus Merchant Solutions App?

All you Need to Know about an Unsecured Business Loan

Unsecured Business Loans from IndusInd Bank