Summary: Maximise the benefits of a loan against property by comparing interest rates, selecting a suitable repayment tenure, and borrowing an amount that aligns with your repayment capacity.  

Leveraging the value of your property by taking out a loan against it can be a prudent financial decision. It provides access to substantial funds for a variety of purposes, including home renovation, higher education, medical expenses, debt consolidation, and business expansion. However, like any financial decision, navigating the world of loans against property demands careful consideration. One wrong decision can jeopardise your prospects of securing the loan. Here are five essential tips to help you avoid costly mistakes when considering a loan against your property.

Apply for a Loan Against Property with IndusInd Bank

If you want to maximise the value of your property, apply for a loan against it with IndusInd Bank and unlock a treasure of financial opportunities. Here’s why our loan against property stands out as the best option for meeting your financial goals:

1. Access to higher loan amounts tailored for personal or business requirements
2. Streamlined and efficient process for long-term funding
3. Flexibility to repay the loan over 20 years
4. Convenient doorstep services to save your valuable time and effort

Eligibility Criteria for IndusInd Bank’s Loan Against Property

For Salaried Individuals:

• Individuals with permanent jobs in a public sector undertaking, MNC, listed public limited company, government/semi-government undertaking, or a well-known private limited company with a CRISIL rating of BB+ or a turnover exceeding INR 50 crores, as well as NRIs, may apply
• Applicants must be at least 21 years old
• Maximum age at the time of loan maturity is 65 or retirement age, whichever is lower

For Self-Employed Professionals/Non-Professionals:

Eligible applicants include professionals such as Doctors (MBBS, MS, MD, Diploma in Ophthalmology [D.G.O], etc.), Bachelor of Dental Surgery (BDS) and D.O.M.S i.e. Diploma in Ophthalmic Medicine and Surgery), Chartered Accountants, Cost Accountants, Architects, Engineers (BE/B. Tech, ME/M Tech, M.Sc. Electronics, AMIE, MS (IIT) and BSc-Engineering), Master in Business Administration (MBA/PGDM/MMS), Company Secretary/CFA working as professional consultants in their respective core fields

• Any individual who files an IT return can apply
• Applicants must be at least 21 years old (if income is taken into account) or 18 years old (if income is not taken into account)
• Applicants’ age at loan maturity should not exceed 70 years (if income is considered) or 75 years (if income is not considered)

Check your eligibility and secure a hassle-free loan against property with IndusInd Bank. Apply online now!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your 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 making any financial decisions based on the contents and information. 

Summary: Studying abroad requires prudent financial management. Foreign currency can be carried in the form of forex cards, foreign currency demand drafts (FCDD), and traveller’s cheques. Forex cards are excellent for convenience and budgeting. IndusInd Bank’s Indus Multicurrency Forex Card offers advanced security features and support for multiple currencies.

Your dream of studying abroad is finally approaching reality! As you gear up for this incredible adventure, your to-do list is most likely very long.  Among the essentials is identifying the optimal way to manage your finances in a foreign country. To cover immediate expenses upon arrival, such as transportation, meals, and settling into your new accommodations, you require the currency of the country you’re travelling to. While carrying cash might seem like the easiest way to carry foreign currency, it’s not the safest or the most convenient.

In this article, we explore the best ways to carry foreign currency so that your funds remain safe and accessible throughout your stay.

1. Forex Cards

Forex cards are the most popular and, arguably, the most convenient way to carry foreign currency. These cards function in a manner similar to debit cards, and can be loaded with a specific amount of foreign currency. They can be used for various transactions, including ATM withdrawals, POS purchases, and online payments, making them one of the best options for students studying abroad.

Key Features of Forex Cards

1. Security: Forex cards offer greater security compared to the old method of carrying large amounts of cash. The card can be blocked in case of loss or theft, and the remaining balance can often be recovered.

2. Convenience:  Forex cards are widely accepted at ATMs and merchants worldwide, making them convenient for accessing funds and making payments while travelling.

3. No Exchange Rate Fluctuation: Forex cards protect you against currency fluctuations; the exchange rate remains unchanged upon loading the card.

4. Multiple Currency Support: Multicurrency forex cards offer ultimate convenience on international travels by allowing users to load up to 14 currencies.

2. Foreign Currency Demand Drafts (FCDD)

Foreign currency demand drafts are another option for carrying money abroad. These drafts are prepaid instruments that can be drawn in a specific foreign currency. You can purchase them from your bank and carry them with you when you travel.

Key Features of FCDD

1. Fixed Amount: The amount on the draft is fixed, which helps manage large payments like tuition fees without the risk of overspending.

2. Wide Acceptance: Many educational institutions and organisations accept FCDDs for fee payments.

3. No Daily Limits: Unlike other methods, there are no daily transaction limits with FCDDs.

3. Traveller’s Cheque

Traveller’s cheques are prepaid cheques that can be used like cash in foreign countries. They are a traditional method of carrying money abroad.

Key Features of Traveller’s Cheque

1. Acceptance: While not as widely used as other methods, traveller’s cheques are still accepted at many institutions.

2. No Expiration: Traveller’s cheques do not expire, allowing you to use them when needed.

3. Ease of Use: They are easy to use and can be exchanged for local currency.

Carry Foreign Currency Safely with IndusInd Bank’s Indus Multicurrency Forex Card

FCDDs may be useful for fixed expenses such as tuition fees and traveller’s cheques can prove to be a good backup; however, they simply do not offer the convenience of forex cards.

Forex cards offer students travelling abroad a winning combination of convenience, security, and financial control. If you’re looking for a reliable card, IndusInd Bank’s Indus Multicurrency Forex Card is the perfect choice. This card allows you to load up to 14 currencies, and is ideal for travel across multiple countries. You can use this card at merchant outlets, international ATMs, and online transactions. The Indus Multicurrency Forex Card is packed with advanced security features that protect your funds from unauthorised access.Apply for a forex card online through the IndusInd Bank website today!