All posts by IndusInd Bank

Tokenization is a process by which your sensitive card details are replaced by a uniquely generated virtual code known as a ‘Token’. It ensures safer credit card purchases, easier card management, quicker checkouts, and greater convenience.

On 1 October 2022, an important mandate of the Reserve Bank of India (RBI) came into force. According to the directive, payment aggregators, online merchants, and wallets can no longer save any sensitive information related to customer cards.

The card details would henceforth be replaced by a ‘token’ or a code in the form of a random arrangement of numbers and letters unique to that card.

If you are a credit card user and are concerned or even just curious about what is card tokenization, and how this may affect your credit card purchases, here’s everything you need to know on the subject.

What is Card Tokenization?

Card-on-file tokenization refers to the process through which your card’s actual details such as 16-digit number and expiry date are replaced by a unique code. This token does not have any personal information that can be directly accessed. Additionally, it is randomly generated. Tokenization is applicable only to online transactions as face-to-face or point of sale (POS) transactions do not involve storage of data. Every online merchant would have a unique token associated with every card.

How to Tokenize your Credit Card

Tokenizing your card is easy. All you have to do is follow the instructions specified by the online merchant to register for tokenisation.

Generally speaking, the process would involve the following steps:

Ø Enter your card details and choose the option ‘tokenise your card’.

Ø You will receive a one-time password OTP on your registered mobile number. Enter the OTP.

Ø A token associated with your card will be created. When you next return to the same platform, you will only see the last four digits of your saved card.

How Tokenization Affects your Credit Card Transactions

Tokenization does not hamper your credit card experience in any way. On the other hand, it only makes your credit card transactions more secure because your actual card details are never shared with the merchant.

Tokenization of yourcredit card affects your transactions in the following positive ways:

Ø Robust Security: Tokenization has been designed to improve card security for digital transactions. The fact that your card details are concealed ensures safer online transactions for your credit card.

Ø Easier Card Management: Tokenizing automatically limits the number of places where your card data can be found. It is simple, convenient, and makes it easier to keep track of your credit cards and the online merchants they have been tokenised with.

Ø Faster Purchases: Tokenization of your credit card results in faster checkouts because you do not need to fill in your card details on every credit card purchase.

Ø Greater Convenience: Tokenization eliminates the need to carry any type of physical credit card to make online payments. Since there is a saved virtual version of your card, you can make payments anywhere and anytime without worrying about having to carry your wallet all the time.

Tokenizing your IndusInd Bank Credit Card

The process of tokenization is completely free of cost. It is also not mandatory for customers at present. However, it must be noted that if you do not tokenize your credit card, you will have to manually enter your full card details including card number, CVV, and expiry date for every credit card purchase you make.

If you have an IndusInd Bank credit card, you can go right ahead & tokenize your card to avoid the hassle of putting in the card details every time you make an online transaction. IndusInd Bank credit cards can be tokenized on several merchant sites such as Amazon, Flipkart, Swiggy, Make My Trip, and Big Basket among others.

Tokenize your IndusInd Bank credit card now for safe online transactions, and faster checkouts!

If you are looking out to apply for credit card, IndusInd Bank offers a diverse array of credit cards, each with a unique set of features tailored to meet varying lifestyle needs and preferences. From a range of credit cards with zero joining fees and zero annual fees to a host of cards with premium lifestyle privileges – IndusInd Bank has something in store for everyone. 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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Personal Loan

Determine How Much Personal Loan I Can Afford?

May 19, 2023 IndusInd Bank Leave a comment

If you’re considering a personal loan, it’s important to determine how much you can actually afford. By carefully considering the crucial factors and personal loan eligibility, you can make sure you don’t take on too much debt and are able to comfortably repay your loan over time. If you are in need of funds urgently, apply for an IndusInd Bank Instant personal loan today!

Personal loans can be a helpful financial tool for various reasons, be it for consolidating debt or for covering unexpected expenses. However, it’s essential to determine how much personal loanyou can afford before applying to avoid taking on more debt than you can handle.

In this blog post, we’ll explore how to determine how much personal loan you can afford, including factors to consider before taking out a loan.

Whether you are considering the idea of a personal loan for the first time or looking to refinance your existing debt, keep reading to learn how to make a wise and informed decision with regard to your loan.

Why Choose A Personal Loan?

A personal loan can be a flexible and convenient financing option for various needs, including consolidating debt, financing a home renovation project, or covering unexpected expenses. One of the significant advantages of a personal loan is that it typically comes with a fixed interest rate and a preset repayment period, allowing you to plan a budget for repaying your loan.

Personal loans typically have lower interest rates than credit cards, making them a more cost-effective borrowing option. Personal loans do not require a collateral, so you don’t have to pledge your assets to get the funds you need.

Factors To Consider Before Taking Out A Personal Loan

Calculate Your Monthly Budget

Before taking out a personal loan, it’s essential to consider your monthly budget. Calculate your monthly expenses and subtract them from your monthly income to determine how much disposable income you have. This will give you a clear idea of how much you can realistically repay every month towards your personal loan.

Additionally, it’s important to keep in mind any unexpected expenses, such as medical bills or car repairs, to ensure that you have a safety net to cover these costs without compromising your ability to repay the loan.

Determine How Much Loan You Need

When taking out a personal loan, it’s important to consider how much you need to borrow. Taking the maximum amount offered is tempting, but this can lead to unnecessary debt and financial stress down the road. Start by assessing your financial situation and determining the specific purpose of the loan.

For instance, while it makes sense to apply for a little extra when taking out a personal loan for a medical emergency, a travel loan should more or less amount to just what you may need. Also remember to take note of any additional fees or charges associated with the loan.

Your Credit Score

Your credit score is an important factor that lenders consider when you apply for a personal loan. A good credit score can help you get access to larger loan amounts, better interest rates and loan terms, while a poor credit score can make it challenging to even qualify for a loan. Before you apply for a personal loan, check your personal loan eligibility and credit score. Make sure to review your credit report for any errors or issues that need to be addressed.

Conclusion

By understanding your budget and financial goals, you can make an informed decision about the right loan amount and repayment terms for your needs. Moreover, always be sure to borrow responsibly, only applying for an amount you can comfortably repay. Armed with these tips, it should be easy to make a smart financial decision that supports your long-term goals.

Are you in urgent need of a personal loan? Choose an IndusInd Bank personal loan! With an easy 4-step 100% paperless application process and instant approval, you can be sure to receive the funds quickly. What is more, IndusInd Bank offers attractive interest rates, making it one of the most affordable personal loan options.

Apply today for an IndusInd Bank personal loan and fulfil all your financial needs in one go!

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Manage your Finance

Important Tips for Using your Credit Cards Responsibly

May 18, 2023 IndusInd Bank Leave a comment

Important tips for using your credit card responsibly are as follows: 1) understand the card terms 2) know when and how to use your card 3) pay your dues in full 4) pay your dues on time 5) plan and time your purchases 6) Keep a low credit utilization ratio 7) enjoy the rewards!

Ever since it first came into being, the credit card has revolutionised the way people transact, allowing cardholders to borrow funds on a short-term basis and make cashless payments for goods and services.

Today, the statement that your credit card can be a really helpful financial tool ‘if used responsibly’ has acquired such ubiquity, it has almost become an adage for credit card-users to swear by.

Contrary to popular opinion, using your credit card prudently entails much more than making timely repayments. It’s also about maximising benefits and improving your credit profile.

Whether you are an existing credit card user or plan to apply for one, here are 7 tips for using your credit card in the most beneficial, responsible way possible.

Understand the Card Agreement & Terms

When you begin using a new credit card, make sure to carefully go through the credit card customer information in the agreement. Keep an eye out for information regarding your billing cycle, fees, due dates, and interest rates. This way, you’ll be better prepared to use your credit card wisely and responsibly.

2. Know When & How to Use the Credit Card

There are so many uses of a credit card. It is easy to get tempted into making purchases on impulse. But using your card ‘responsibly’ means steering clear of frivolous purchases and using your card for needs, not wants. If you are using it to buy big-ticket items – such as a smart T.V. or laptop – you could always consider the option of paying back via credit card EMIs so as to avoid a financial strain.

3. Pay your Outstanding Dues in Full

Making the minimum payment on your credit card helps you avoid penalties and is better than paying nothing at all – but it’s not enough. You should ideally pay the outstanding balance in full. This will help you avoid the heavy interest rates and keep your credit score high. Besides, you’ll always be free of the stress of carrying a balance.

4. Make Timely Repayments

Making timely repayments – before the due date – on your credit card is just as important as repaying in full. Not only is your payment history an important factor in determining your credit score, missed or late credit card payments will lead you to incur late payment fees and interest charges – a double whammy you definitely want to avoid.

5. Plan your Purchases

Every credit card has its own billing cycle. Planning and timing your purchases while keeping the bill generation date of your credit card in mind can greatly help you maximise your interest-free period. For instance, if you have an IndusInd Bank credit card and you make a purchase immediately after your credit card bill is generated, you can actually enjoy up to 50 interest-free days. However, the interest-free period is only applicable if the total amount due has been paid in full.

6. Maintain a Low Credit Utilization Ratio

The credit utilization ratio refers to the percentage of the total available credit you are using. Ideally, the outstanding balance on your credit card should always be lower than 30% of your credit limit. This means, if your limit is INR 1 lakh, you should keep your balance under INR 30,000. This will ensure a perpetually healthy credit score.

7. Enjoy the Rewards

For most people, the best part about having a credit card is the world of discounts and privileges it opens the door to. An IndusInd Bank credit card, for instance, earns reward points for you on every transaction and fetches bonus reward points on achieving milestone spends. Additionally, the reward points on your IndusInd Bank credit card do not expire, giving you the freedom to use them whenever you wish. Other benefits include complimentary lounge access at airports, year-round discounts on eating out, movie tickets, grocery shopping and plenty more!

Take your Pick from a Range of Credit Cards!

Different people have different uses of a credit card. That’s precisely why IndusInd Bank offers a diverse array of credit cards, each with a unique set of features tailored to meet varying lifestyle needs and preferences. From a range of credit cards with zero joining fees and zero annual fees to a host of cards with premium lifestyle privileges – IndusInd Bank has something in store for everyone.

Add to this a 100% paperless, 3-step online application process and access to a world of exclusive memberships, discounts and rewards. Apply for an IndusInd Bank credit card now!

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Calculators

What Is A Car Loan Interest Rate? How Can You Calculate It?

May 17, 2023 IndusInd Bank Leave a comment

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!

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Credit Card

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

May 16, 2023 IndusInd Bank 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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What is Card Tokenization?

How to Tokenize your Credit Card

How Tokenization Affects your Credit Card Transactions

Tokenizing your IndusInd Bank Credit Card

Why Choose A Personal Loan?

Factors To Consider Before Taking Out A Personal Loan

Calculate Your Monthly Budget

Determine How Much Loan You Need

Your Credit Score

Conclusion

Take your Pick from a Range of Credit Cards!

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?