All posts by Vinayak

Life is uncertain and unexpected financial challenges can arise anytime, from sudden medical bills to urgent home repairs. When facing these emergencies, having access to fast and reliable funds is crucial. That’s where an emergency personal loan comes into play. In this comprehensive guide, we’ll walk you through the essential steps to take when you need funds ASAP.

Step 1: Assess the Emergency

Before diving into the loan application process, take a moment to assess the nature and urgency of the financial emergency. Ask yourself:

Is it a genuine emergency, or can it be delayed or budgeted for?
Do you need the entire amount upfront, or can you manage with a partial loan?
How soon do you need the funds?

Understanding the specifics of your situation will help you make informed decisions regarding the loan amount, terms, and repayment.

Step 2: Explore Your Options

An instant personal loan can be used in times of emergency and funds can be used for any purpose you wish.

Step 3: Check Your Credit Score

Your credit score plays a significant role in securing a personal loan and determining the interest rate you’ll receive. Before applying for a loan, obtain a copy of your credit report and check your credit score. A higher credit score can open gates to lower interest rates and more favorable loan terms.

Step 4: Gather Necessary Documentation

Some lenders require specific documentation to process your loan application swiftly. Common documents include:

Proof of identity
Proof of income
Bank statements
Employment verification

However, some lenders like IndusInd Bank offer instant personal loan with 100% paperless application process and no income proof requirement. Look for such options at your disposal to obtain funds ASAP.

Step 5: Apply for the Loan

Be prepared to provide accurate information about your financial situation, including your income, expenses, and the purpose of the loan. Double-check your application for any errors before submission to avoid delays.

Step 6: Compare Offers

If you’re approved for multiple loan offers, take the time to compare them thoroughly. Pay attention to:

Interest rates

Loan terms and duration
Monthly payment amounts
Fees (e.g., processing fee, penalties, etc.)

By comparing offers, you can choose the loan that best fits your budget and financial goals.

Step 7: Read the Fine Print

Before accepting a loan offer, carefully review the loan agreement, including all terms and conditions. Ensure you understand:

Interest rate
Repayment schedule and due dates
Any fees associated with the loan
Prepayment options and penalties

It’s crucial to be fully aware of the terms to avoid any surprises down the road.

Step 8: Accept the Loan

Once you’re satisfied with the loan terms and have a clear understanding of the agreement, you can accept the loan offer.

Step 9: Receive the Funds

After accepting the loan, the lender will typically disburse the funds directly to your bank account.

Step 10: Create a Repayment Plan

Establish a budget that includes your monthly loan payments and ensure you can meet them consistently. Timely repayment not only helps you avoid late fees but also improves your credit score over time.

Conclusion

Facing a financial emergency can be stressful, but knowing how to navigate the process of securing an instant personal loan can provide the relief you need when you need it most. Remember to assess your needs, explore your options, check your credit score, and compare loan offers before making a decision. By following these steps and making responsible financial choices, you can address your financial emergencies with confidence and move toward a more stable financial future.

If you’re looking for an instant personal loan at best-in-class rates, then do check out IndusInd Bank Personal Loan that is mindfully designed to fit into the varied needs of individuals as per their lifestyles. With IndusInd Bank Personal loan, you get to enjoy instant approval, quick disbursal, and flexible repayment tenure options. That’s not all, its application process is 100% paperless with minimal or low processing fee*.

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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

The impact of closing a credit card account on your credit score

September 8, 2023 Vinayak Leave a comment

Credit cards enable you to pay for your purchases, earn rewards, and build your credit history. But what happens when you decide to close a credit card account? Does it affect your credit score? And if so, how?

The answer is not straightforward, as different factors may influence the impact of closing a credit card account on your credit score. Here are some of the main aspects to consider before you make the decision to close a credit card account.

Credit Utilization Ratio

One of the most important factors that affect your credit score is your credit utilization ratio, which measures how much of your available credit you are using. Ideally, you want to keep this ratio as low as possible, preferably below 30%. This shows that you are not overusing your credit and can manage your debt responsibly.

Closing a credit card account can increase your credit utilization ratio, especially if you have a high balance on other cards or if you close a card with a high credit limit. This can lower your credit score, as it indicates that you are relying more on your credit and may have difficulty paying it off.

For example, suppose you have two credit cards, each with a limit of ₹50,000. You have a balance of ₹10,000 on one card and ₹5,000 on the other. Your total available credit is ₹1,00,000 and your total balance is ₹15,000. Your credit utilization ratio is 15%, which is good for your credit score.

However, if you close the card with a ₹10,000 balance, your available credit will also drop to ₹50,000 but your balance will increase to ₹15,000. Your credit utilization ratio will jump to 30%, which is the upper limit of what is recommended for your credit score.

Therefore, before you close a credit card account, you should consider how it will affect your credit utilization ratio and try to pay off any outstanding balances on other cards.

Length Of Credit History

Another factor that affects your credit score is the length of your credit history, which reflects how long you have been using credit and how well you have managed it. Generally, the longer your credit history, the better your credit score, as it shows that you have more experience and stability with credit.

Closing a credit card account can reduce the length of your credit history, especially if you close an old card that you have had for a long time. This can lower your credit score, as it reduces the average age of your accounts and makes your credit history look shorter and less diverse.

For example, suppose you have three credit cards, one that you opened 10 years ago, one that you opened 5 years ago, and one that you opened 1 year ago. The average age of your accounts is 5.3 years (10 + 5 + 1 / 3), which is good for your credit score.

Now, if you close the card that you opened 10 years ago, your average age of accounts will drop to 3 years (5 + 1 / 2), which is not as good as before.

However, if you close the card that you opened 1 year ago, your average age of accounts will increase to 7.5 years (10 + 5 / 2), which is better for your credit score.

Therefore, before you close a credit card account, you should consider how it will affect the length of your credit history and try to keep older accounts open.

Credit Mix

Another factor that affects your credit score is your credit mix, which reflects the diversity of your types of credit accounts. Having a variety of credit accounts, such as loans and cards, can improve your credit score, as it shows that you can handle different kinds of debt.

Closing a credit card account can reduce your credit mix, especially if you have few other types of accounts or if you close a unique type of card. This can lower your credit score, as it makes your credit profile look less varied and less adaptable.

For example, suppose you have four types of accounts: a home loan, a car loan, a personal loan, and a travel rewards card. Your credit mix is good for your credit score, as it shows that you have experience with different kinds of debt and benefits.

Therefore, before you close a credit card account, you should consider how it will affect your credit mix and try to maintain a balance of different types of accounts.

Conclusion

Closing a credit card account can have both positive and negative effects on your credit score, depending on various factors such as your credit utilization ratio, length of credit history, and credit mix. Before you make the decision to close a credit card account, you should weigh the pros and cons and evaluate how it will impact your overall financial situation.

If you are looking for a new credit card that offers you world-class lifestyle benefits along with never expiring rewards points, you may want to check out the IndusInd Bank Credit Cards. IndusInd Bank offers a range of credit cards that suit different needs and preferences, such as travel, shopping, entertainment, dining. Moreover, you can apply for an instant credit card online with IndusInd Bank in just three easy steps and get instant approval. Apply for your credit card online here!

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Personal Loan

Economic Planning Made Easy: Leveraging a Personal Loan EMI Calculator for Budgeting

September 8, 2023 Vinayak Leave a comment

Whether you’re planning a major purchase, consolidating debt, or dealing with unforeseen expenses, a personal loan can provide a much-needed financial lifeline. However, before taking the plunge, it’s essential to understand how a personal loan will affect your budget. This is where a Personal Loan EMI Calculator can be your best friend. In this blog, we’ll delve into the art of economic planning through the use of a Personal Loan EMI Calculator.

The Power of Financial Planning

Without sound financial planning, you may find yourself adrift in a sea of unexpected expenses and debt. The key to a stable financial future is understanding the implications of your financial decisions.

A personal loan is a popular choice for individuals seeking funds for various purposes – from medical emergencies to home renovations. However, taking out a personal loan without considering its impact on your monthly budget can lead to financial stress. This is where a Personal Loan EMI Calculator allows you to foresee the financial commitment associated with your loan, empowering you to make informed decisions.

What is a Personal Loan EMI Calculator?

A Personal Loan EMI Calculator is a digital tool offered by leading lenders like IndusInd Bank. Its primary function is to help you calculate the Equated Monthly Installment (EMI) that you’ll need to pay for a specific loan amount, interest rate, and loan tenure.

Here’s how it works

Input Loan Details: Start by entering the amount you wish to borrow, the interest rate offered by the lender, and the loan tenure.

Calculate EMI: After entering these details, the calculator will instantly display your EMI amount.

Why You Should Use a Personal Loan EMI Calculator?

1. Accurate Financial Projections

A Personal Loan EMI Calculator provides precise information about your monthly financial obligations. Knowing your EMI amount allows you to align your budget accordingly and avoid unpleasant surprises.

2. Quick and Convenient

Calculating EMIs manually is prone to errors and involves a lot of hassle. The digital calculator simplifies the process, providing results within seconds.

3. Comparing Loan Offers

When exploring different loan options, you can use the calculator to compare EMIs from various lenders. This helps you choose the loan that best suits your financial situation.

4. Understanding Interest Costs

The calculator breaks down your EMI into principal and interest components. This transparency enables you to understand how much of your payment is going towards repaying the loan amount and how much is paying off interest.

5. Assessing Loan Tenure

By adjusting the loan tenure in the calculator, you can see how it affects your EMI. Opting for a shorter tenure may increase your EMI but can save you money on interest in the long run, while a longer tenure may reduce the EMI but increase the overall interest cost.

Conclusion

Economic planning doesn’t have to be a daunting task. With the help of a Personal Loan EMI Calculator, you can navigate the world of personal loans with confidence. By understanding your monthly obligations, interest costs, and repayment options, you can make informed decisions that align with your financial goals.

Remember that responsible borrowing and careful financial planning go hand in hand. Before taking out a personal loan, take advantage of the resources available to you, such as the EMI calculator, to ensure that your financial journey is smooth sailing.

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Credit Card

Evaluating the IndusInd Bank Club Vistara Explorer Credit Card: The Best Travel Card?

September 8, 2023 Vinayak Leave a comment

If you are a frequent flyer, you know how important it is to have a credit card that rewards you for your travel expenses and offers you various benefits and privileges. However, with so many credit cards in the market, how do you choose the best one for your needs?

One of the credit cards for frequent flyers is the IndusInd Bank Club Vistara Explorer Credit Card. This card is a co-branded card between IndusInd Bank and Vistara, one of India’s finest full-service carriers. It promises to offer you a grand life of luxury, rewards, and convenience.

Is IndusInd Bank Club Vistara Explorer Credit Card the best travel card for you?

Whether it is the best travel card for you depends on your personal preferences and spending patterns. Let’s find out by answering some key questions.

If you fly mostly with Vistara or its partner airlines ( Air Canada, Japan Airlines, Singapore Airlines, United Airlines and Lufthansa), then this card is ideal for you as it gives you more rewards and benefits with them.
If you travel abroad frequently or make a lot of international transactions online or offline, then this card is perfect for you as it offers zero foreign currency mark-up fees.
If you value lounge access and other travel perks such as priority check-in and boarding, then this card is suitable for you as it gives you access to over 600 lounges worldwide.

Features and Benefits of the IndusInd Bank Club Vistara Explorer Credit Card

Welcome Benefits: When you apply for this card, you get a host of welcome benefits, such as:

Complimentary Club Vistara Gold membership, which gives you priority check-in, priority boarding, additional baggage allowance, priority baggage handling, and more.

A complimentary business class ticket voucher from Vistara, which waives the base fare component on one-way ticket for travel on Vistara domestic network.
Gift vouchers worth ₹25,000 from IndusInd Bank, which you can choose from a range of luxury and premium brands, such as Oberoi Hotels, Luxe Gift Card and Vouchagram.

Reward Points: You earn reward points in the form of Club Vistara (CV) Points, which you can redeem for flight tickets, upgrades, hotel stays, car rentals, and more. You earn CV Points as follows:

8 CV Points per ₹200 spent on Vistara website/app

6 CV Points per ₹200 spent on hotel, airline, or travel
2 CV Points per ₹200 spent on all other categories
1 CV Point per ₹200 spent on utility, insurance, government payment, or fuel

Milestone Benefits: You get up to 5 complimentary business class ticket vouchers on achieving milestone spends of up to ₹15 lakhs in a year (One Complimentary Business Class Ticket voucher on every spend milestone of INR 3 lacs). This means you can enjoy the luxury and comfort of Vistara business class without paying any extra cost.

Zero Foreign Currency Mark-up: You pay no foreign currency mark-up fee on your international expenses with this card. This means you save money on every transaction you make abroad.

Waiver of Fees and Charges: You pay no late payment fee, no over-limit fee and no cash advance fee with this card. This means you enjoy more convenience and flexibility with your card usage.

Lounge Access: You get access to 600+ lounges across the world with the membership of Priority Pass program. You also get a waiver of lounge usage charges at Priority Pass lounges outside India for up to 8 usages per year with the Travel Plus program. This means you can relax and refresh yourself before or after your flight at any of these lounges.

Other Benefits: You also get other benefits such as complimentary insurance cover for accidental death, air accident, lost card liability, and more. You also get exclusive offers and discounts on dining, shopping, entertainment, and travel with various partners.

Based on the features and benefits mentioned above, it is clear that the IndusInd Bank Club Vistara Explorer Credit Card is a great travel card for frequent flyers. It offers you a lot of value for your money and enhances your travel experience with Vistara and other partners.

Ultimately, the best travel card for you is the one that matches your lifestyle and goals. You can compare the IndusInd Bank Club Vistara Explorer Credit Card with other credit cards and see which one suits your needs better. Apply for a credit card online today!

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Savings Account

Top 5 savings account security features

September 8, 2023 Vinayak Leave a comment

The digital world of banking has increased the convenience of managing your savings account. But it has also necessitated the importance of ensuring its security. You must employ relevant security-related measures to safeguard the money parked in your savings account.

Let us discuss the top 5 essential security features of savings accounts, highlighting the reasons behind the need for security and how it will contribute to your financial well-being.

Savings account security features

Savings accounts not only offer interest earnings but also provide you with avenues to operate day-to-day transactions. Some of these common transactions comprise online fund transfers, bill payments, cash withdrawals, etc. Security becomes crucial as you operate many of these transactions digitally.

Below are the top 5 security features that will help you operate your savings account without any fear of security breach:

Multi-factor authentication

Multi-factor authentication (MFA) acts as a virtual gatekeeper and ensures that only authorized users have access to your savings account. This layer of security asks you to provide two or more authentication factors for operating your savings account.

These authentication factors could be your password and a unique code or OTP that is sent only to your registered mobile number for initiating any banking activities. MFA will reduce the risk of unauthorized access to your account, even if your password gets compromised.

Encryption and secure socket layer (SSL) technology

Imagine your financial data as a confidential message that you send to your bank. End-to-end encryption is the digital equivalent of sealing that message in an unbreakable envelope. This security feature encodes your sensitive information during data transfer, making it nearly impossible for cybercriminals to intercept and decipher your data. When you open an online savings account, make sure that the bank employs this vital safeguard.

IndusInd Bank Savings Accounts offer multiple layers of security through encryptions, SSL and password protection. This ensures that the data transmitted between the device through which you are digitally accessing your savings account and the bank’s server remains encrypted and secure. This suggests that even if someone intercepts your data, it will be virtually impossible for them to decipher it without the encryption key.

Real-time transaction alerts

You receive an alert message on your phone each time a transaction is made via your savings account. This feature provides an extra layer of security by notifying you of any suspicious activity. If you identify a transaction, you did not authorize, you can immediately contact your bank to prevent any further unauthorized access.

With IndusInd Bank, you get free SMS alerts for all your online transactions, including fund transfers, utility bill payments, cash withdrawals, debit card transactions, etc.

Secure online banking platform

Your bank should offer an online banking platform that meets the highest security standards. This platform should implement strict security measures, including firewalls, intrusion detection systems, and regular security audits. Before opening an online savings account, you need to ensure that the bank prioritizes the safety of your financial data.

IndusInd Bank is a renowned name for providing secure and robust digital banking services. You can open an instant savings account online via the IndusInd Bank website or the IndusMobile app. It is a 100% digital and paperless process. The video KYC feature adds to your convenience and provides access to your account within minutes.

Fraud monitoring

Banks use complex algorithms to monitor your savings account for unusual or suspicious activities. If they detect anything abnormal, they proactively reach out to you for verification.

Additionally, several banks offer zero liability protection, meaning that if your savings account is compromised due to unauthorised transactions, you would not be held responsible for the financial loss.

Why is security important for savings accounts?

Protection against cyber threats

As you embrace the convenience of online banking and open an online savings account, it is crucial to secure your data from cybercriminals. Threats arising due to cybercrime are becoming increasingly sophisticated. You must have adequate security measures in place to prevent unauthorized access to your money.

However, with robust security and multiple layers of protection, IndusInd Bank ensures that you have the complete convenience of opening an online savings account.

Preventing identity theft

Besides your money, your savings account can provide criminals access to a lot of your personal information. This can lead to identity theft and financial losses. Security features like biometric identification and MFA act as guardians. They ensure that only you have access to your account.

Peace of mind

When your savings account is fortified with top-notch security features, you can rest assured that your money is safe. You can confidently manage your finances, make transactions, and check your balance without worrying about security breaches.

Financial stability

Security breaches can have grave financial consequences. Money lost through unauthorised transactions can take a toll on your financial stability. However, by following IndusInd Bank’s strong security measures, you will be able to safeguard your savings account and financial future.

While banks in India take complete care of securing your savings account, you also have the responsibility of securing your account. You must always keep your confidential data safe and must never disclose information like your debit card PIN, NetBanking passwords and OTPs, to avoid unauthorised access.

Conclusion

In today’s digital age, the world of finance is at your fingertips. However, this convenience comes with the responsibility of safeguarding your savings account from cyber threats and unauthorized access. As you open savings accounts or manage existing ones, prioritizing security is a must. So, empower yourself with the security features discussed in this blog, and step into a future where your money is safe.

IndusInd Bank offers complete digital security to open an online savings account. The bank offers attractive interest rates on savings accounts. These interest earnings will give you quick financial growth and help you meet your daily financial needs. So, go ahead and open an IndusInd Bank 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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Conclusion

Is IndusInd Bank Club Vistara Explorer Credit Card the best travel card for you?

Features and Benefits of the IndusInd Bank Club Vistara Explorer Credit Card

Savings account security features

Multi-factor authentication

Encryption and secure socket layer (SSL) technology

Real-time transaction alerts

Secure online banking platform

Fraud monitoring

Why is security important for savings accounts?

Protection against cyber threats

Preventing identity theft

Peace of mind

Financial stability

Conclusion