All posts by Vinayak

In today’s day and age, credit cards have become one of the most popular ways of making payments and availing various benefits such as rewards, cashback, discounts, etc. But the application process for a credit card can get taxing. You have to meet certain eligibility criteria set by the card issuer, which may vary depending on the type of card you choose. In this blog post, we will tell you who is eligible to apply for a credit card and what other factors affect your credit card eligibility.

IndusInd Bank Credit Card Eligibility Criteria

You have to meet the following eligibility criteria set by IndusInd Bank:

Residential status: You should be a resident of India to apply for a credit card in India.

Age: You should be at least 18 years old and not more than 75 years old to apply for an IndusInd Bank credit card.
Income: You should have a stable monthly or annual income, either as a salaried or self-employed person. The minimum income requirement for an IndusInd Bank credit card is ₹20,000 per month. However, some cards may have higher income requirements than others.

Occupation: You should be either self-employed or a salaried employee to apply for an IndusInd Bank credit card.

You can further check out more details on your eligibility here.

Please Note: Your credit card application getting approved will be determined by other internal policies of IndusInd Bank.

Other Factors Affecting Credit Card Eligibility

Apart from meeting the above-mentioned eligibility criteria, there are some other factors that affect your credit card eligibility. These factors are:

Credit Score: Your credit score is a numerical representation of your past credit behavior, such as paying your bills on time, closing your debts, etc. A good credit score indicates that you are a responsible borrower and can repay your credit card dues on time. A poor credit score can lower your chances of getting a credit card approval or result in higher interest rates and fees. Generally, a credit score above 750 is considered good for getting a credit card easily.
Credit Utilization Ratio: Your credit utilization ratio (CUR) is the percentage of your available credit limit that you use. Take this example, if you get a credit limit of ₹1 lakh and you use ₹30,000 in a month, your CUR is 30%. A low CUR shows that you are not credit hungry and can manage your finances well. A high CUR can negatively impact your credit score and your credit card eligibility. It is advisable to keep your CUR below 30% to maintain a good credit score.
Credit Enquiries: Every time you apply for a loan or a credit card, the lender requests your credit report from the credit bureau. This request is known as a hard enquiry. Too many hard enquiries in a short span of time can lower your credit score and indicate that you are desperate for credit. You should avoid multiple hard enquiries and compare different options before applying for a credit card. There should be a gap of at least 6 months between two credit card applications.

Apply Now to Stay Fee-Free for Life with IndusInd Bank LIFETIME-FREE Credit Card.

How to Apply for an IndusInd Bank Credit Card?

If you meet the eligibility criteria, you can apply for an IndusInd Bank credit card online. The online application process is simple and hassle-free. Simply follow the 4 easy steps mentioned below to apply for an IndusInd Bank credit card online:

Step 1: Enter your mobile no. and PAN

Step 2: Verify your address

Step 3: Select your preferred Credit Card

Step 4: Complete your Video KYC

Plus, there is no need for physical documents. All you need is:

Your Aadhaar and PAN number to speed up the application process
Your residential proof if the current address mentioned in Aadhaar is different

Conclusion

Getting a credit card can be a great way to enjoy various benefits and convenience. However, you have to meet certain eligibility criteria to get a credit card from any bank. You should check these criteria before applying for an IndusInd Bank credit card to avoid rejection.

Do maintain a good credit score, a low credit utilization ratio, and avoid multiple credit enquiries to improve your credit card eligibility. You can apply for an IndusInd Bank credit card online now by clicking the button below.

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.

Share This:

Personal Loan

Key Things to Consider When Applying for a Personal Loan

June 27, 2023 Vinayak Leave a comment

Personal loans can be a useful financial tool when you need funds for various purposes, such as consolidating debt, covering medical expenses, or pursuing home improvements. However, before you apply for a p e rsonal loan, it’s crucial to understand the key factors that impact your borrowing experience. By considering certain essential elements, you can make an informed decision and choose a loan that suits your needs and financial situation. In this blog post, we will discuss the key things to consider when applying for a personal loan.

Interest Rates

One of the most critical factors to consider when taking a personal loan is the interest rate. The interest rate determines the cost of borrowing and directly affects your monthly payments. Generally, borrowers with higher credit scores are offered lower interest rates, while those with lower credit scores may have to bear higher rates. It’s crucial to compare rates from different lenders to ensure you secure the best possible deal. Understanding the impact of interest rates on your loan helps you assess affordability and choose a loan that fits within your budget.

Repayment Terms

When considering a personal loan, carefully evaluate the repayment terms offered by various lenders. Repayment terms include the loan duration, monthly installments, and any prepayment penalties. Longer loan durations often come with lower monthly payments but result in higher overall interest costs. On the other hand, shorter loan durations have higher monthly payments but allow you to repay the loan faster with less interest paid. It’s crucial to strike a balance between affordable monthly payments and minimizing interest costs.

Credit Score and History

Your credit score plays a crucial role in determining your loan eligibility and the interest rate you’ll receive. Lenders assess your creditworthiness based on your credit score and history, which reflects your past borrowing and repayment behavior. Before applying for a personal loan, obtain a copy of your credit report and review it for accuracy. A higher credit score means greater chances of getting a personal loan with favorable terms. And a lower credit score may result in higher interest rates or even loan rejection, so it’s important to be aware of your creditworthiness.

Fees and Additional Charges

In addition to interest rates, personal loans may come with various fees and charges that can affect the overall cost. Common fees include processing fees and late payment fees. Processing fee is charged when the loan is disbursed and varies from lender to lender. A late payment fee is levied if you miss a payment deadline. It’s crucial to read the loan agreement carefully and understand the fee structure to avoid any surprises when applying for a personal laon.

Lender Reputation

Before finalizing a personal loan, it’s important to research and evaluate the reputation of the lender. Look for reviews, ratings, and testimonials to gauge their experiences. A reputable lender will have transparent policies, good customer service, and a track record of reliable lending practices. Check for red flags that may indicate potential issues. Researching the lender’s reputation helps ensure that you’re entering into a loan agreement with a trustworthy institution that values its customers.

Conclusion

Taking a personal loan requires careful consideration of several factors. By focusing on interest rates, repayment terms, credit score, fees, and lender reputation, you can make an informed decision that aligns with your financial goals. Remember to compare offers from different lenders, assess the affordability of monthly payments, and understand the impact of interest rates on the overall cost of the loan. With thorough research and planning, you can confidently secure the financial support you need while maintaining a healthy financial outlook.

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*.

Apply Now

Share This:

Personal Loan

Can I Get a Personal Loan If My Monthly Salary is ₹25,000?

June 26, 2023 Vinayak Leave a comment

When financial needs arise, a personal loan can be a convenient option to meet your expenses. However, a common concern among individuals with a salary of ₹25,000 is whether they will qualify for a personal loan or not. In this blog, we will explore the possibilities and shed light on the factors that lenders consider when assessing loan eligibility based on your income.

Understanding the Eligibility Criteria

While income plays a crucial role in determining loan eligibility, it is not the sole factor. Lenders consider various aspects before approving a personal loan application. Let’s explore these criteria.

Credit Score: Your credit score reflects your creditworthiness and repayment history. Lenders usually prefer applicants with a good credit score as it indicates responsible financial behavior. Even with a salary of ₹25,000, a good credit score can improve your chances of securing a personal loan.

Debt-to-Income Ratio: Another factor that lenders assess is your debt-to-income ratio, which compares your monthly debt obligations to your income. If your salary is ₹25,000 and you have minimal existing debts, it can work in your favor when applying for a personal loan.

Employment History and Stability: Lenders also consider your employment history and stability while deciding on your application. While a salary of ₹25,000 might seem modest, if you have a stable job with a consistent income and a good employment track record, it can positively impact your loan application.

Other Financial Obligations: Apart from your salary, lenders evaluate your financial obligations as well. They consider factors such as rent, existing loans, and other recurring expenses. If your salary of ₹25,000 allows you to comfortably manage these obligations, it strengthens your case for a personal loan.

Tips for Improving Loan Approval Chances

If you earn ₹25,000 and want to enhance your chances of getting a personal loan, consider the following tips:

Improve Your Credit Score: Ensure you have a good credit history by making timely repayments on existing debts and keeping your credit utilization low. Monitor your credit report regularly and report any errors, if found.

Lower Your Debt-to-Income Ratio: Reducing your existing debts will lower your debt-to-income ratio and demonstrate your ability to manage your finances responsibly.

Find a Suitable Lender: Different lenders have varying criteria and offerings. Research various lenders to find the one that is more lenient or caters to individuals with lower incomes.

Opt for a Lower Loan Amount: If your salary of ₹25,000 is not sufficient to meet the desired loan amount, consider borrowing a smaller sum. Applying for a lower loan amount increases the probability of approval.

Conclusion

While a salary of ₹25,000 might be considered modest, it is still possible to secure a personal loan if you meet the eligibility criteria and present a strong case to lenders. Focus on improving your credit score, reducing your debt-to-income ratio, and showcasing financial stability. Research different lenders and those that suit your income level. Remember, responsible borrowing and timely repayments will strengthen your financial profile in the long run.

Apply Now

Share This:

Personal Loan

Who is Eligible to Apply for a Personal Loan?

June 26, 2023 Vinayak Leave a comment

Personal loans have become a popular financial tool for individuals seeking funds to fulfill their immediate needs or manage unexpected expenses. Whether it’s funding home improvements or covering medical bills, an instant personal loan is a flexible borrowing option to suffice your needs. However, it’s crucial to understand the eligibility criteria and factors that influence loan approval before applying for a personal loan. In this blog, we’ll outline the key criteria lenders typically consider, helping you assess your eligibility and increase your chances of securing the loan.

Credit Score

One of the primary factors that lenders assess when evaluating personal loan applications is your credit score. A credit score reflects an individual’s creditworthiness and history of repayment. A higher credit score means a lower risk for lenders and more chances of loan approval. While credit score requirements vary from lender to lender, a score of 700 or above is often widely accepted, while a score below 600 may pose challenges. Maintaining a good credit score by making timely payments of your existing loans/credit cards and managing debts responsibly can significantly improve your eligibility for an instant personal loan.

Income and Employment History

Lenders closely evaluate your income and employment history to determine your ability to repay the loan. A stable and consistent income source assures lenders that you can meet your financial obligations. Employment history, including job stability and duration, also plays a crucial role. Typically, lenders prefer borrowers with a steady employment track record, indicating reliability and a reduced risk of default.

fleible tenure options with digital personal loan

Debt-to-Income Ratio

The debt-to-income DTI ratio is another essential factor that lenders consider. It is basically the percentage of your monthly income that goes into debt payment. A lower DTI ratio indicates better ability to manage additional debt obligations. While specific requirements may vary, a DTI ratio below 40% is generally considered favorable. To improve your eligibility, consider reducing existing debts or increasing your income. Lowering your DTI ratio not only boosts your chances of loan approval but also enhances your financial stability.

Age and Citizenship

Age and citizenship are basic eligibility criteria for personal loan applications in India. You must be above 21 years old and a citizen or permanent resident of India to be considered eligible for an instant personal loan. Lenders also require AADHAAR and PAN verification along with other documents listed in the loan requirement. However, some prominent lenders like IndusInd Bank offer 100% paperless application process for personal loan and you can get instant approval without the need of in-person bank visits and physical documentation.

Conclusion

Getting a personal loan can provide the financial assistance you need. Understanding the eligibility criteria is crucial before applying, as it helps you assess your chances of approval. Factors such as credit score, income, employment history, and debt-to-income ratio play a significant role in determining your eligibility and chances of approval. By maintaining good financial habits and meeting the above-mentioned criteria, you can maximize your chances of securing a personal loan.

Apply Now

Share This:

MSME

MSME: What Kind of Businesses Are Tax Exempted?

June 26, 2023 Vinayak Leave a comment

Taxation is an essential aspect of running a business, as it helps fund public services and infrastructure. However, certain businesses may be eligible for tax exemptions, allowing them to reduce their tax liabilities or even be completely exempt from paying certain taxes. In this blog post, we will explore the types of businesses that are commonly tax exempted and provide an overview of the benefits they can enjoy.

Nonprofit Organizations: One of the most well-known categories of tax-exempt businesses is nonprofit organizations. These organizations are typically established for charitable, educational, religious, scientific, or literary purposes. Nonprofits are often exempted from income taxes and may also enjoy exemptions from property taxes and sales taxes, depending on the jurisdiction.

Government Agencies: Government agencies and entities are generally exempt from paying taxes since they operate under the umbrella of the government itself. These entities include federal, state, and local government organizations, as well as public schools, libraries, and hospitals.

Educational Institutions: Schools, colleges, and universities are often tax-exempt entities. They play a crucial role in society by providing education and fostering knowledge. To encourage the growth and accessibility of education, many countries grant tax exemptions to educational institutions.

Religious Institutions: Religious organizations, such as churches, mosques, temples, and synagogues, are frequently granted tax exemptions due to their religious and charitable activities. These exemptions are aimed at supporting freedom of religion and allowing religious institutions to devote their resources to their core missions.

Healthcare Providers: Nonprofit hospitals, clinics, and healthcare facilities that primarily serve the public interest often enjoy tax-exempt status. These exemptions are designed to support organizations that provide vital healthcare services to communities, particularly those that serve low-income populations.

Agricultural and Farming Businesses: In some jurisdictions, agricultural and farming businesses may be eligible for tax exemptions or preferential tax treatment. This is often done to support the agricultural sector, which plays a crucial role in food production and the economy.

It’s important to note that tax exemption criteria and regulations may vary from state to state. The eligibility for tax exemptions depends on factors such as the nature of the business, its purpose, and the specific laws and regulations of the governing authority.

While tax exemptions can provide significant advantages to eligible businesses, it’s essential to ensure that you manage your finances efficiently and effectively to stay afloat in the long run. And when it comes to managing your business finances, having the right banking partner can make all the difference.

IndusInd Bank understands the unique needs of businesses and offers a comprehensive range of financial solutions to help you thrive. Let’s take a closer look at the features and benefits of the IndusInd Bank Current Account that can give your business a competitive edge.

Elevate Your Business Banking Experience with IndusInd Bank Current Account

1. My Account, My Number: IndusInd Bank understands that personalization is key when it comes to managing your business finances. With the unique “My Account, My Number” feature, you have the freedom to choose a personalized account number that is easy to recall. This empowers you to create a memorable identity for your business account, making it convenient for you and your stakeholders to access and remember.

2. Group Accounts and Shared Authorized Signatories: Managing multiple businesses or subsidiaries under one roof can be complex. IndusInd Bank simplifies this process by allowing you to group various businesses under a single current account. This consolidated approach streamlines your financial management and provides a holistic view of your business operations. Additionally, you can assign shared authorized signatories, granting them access to manage transactions and account activities. This convenient feature saves time and effort by centralizing control and simplifying the management of your business finances.

3. Pre-approved Business Loans: IndusInd Bank understands that businesses often require immediate capital to seize growth opportunities or overcome financial hurdles. With pre-approved business loans at attractive interest rates*, you can meet your immediate capital needs without delays. These loans are designed to offer quick access to funds, giving you the flexibility to invest in new projects, expand your operations, or manage unforeseen expenses. IndusInd Bank’s competitive interest rates* ensure that you can grow your business while keeping your borrowing costs manageable.

4. Cheque and Cash Pickup and Drop-off Service: Managing your banking transactions should be hassle-free and convenient. IndusInd Bank offers a cheque and cash pickup and drop-off service, which can be requested from the comfort of your office. This value-added service eliminates the need for you to visit the bank personally, saving you time and effort. By availing this service, you can focus on running your business smoothly while ensuring that your financial transactions are handled securely and efficiently.

5. Seamless Account Management: IndusInd Bank understands the importance of flexibility and convenience in managing your current account. With our user-friendly mobile and internet banking interface, you can effortlessly manage your account from any location and at any time. Whether you need to check your balance, view transaction history, initiate fund transfers, or set up alerts, IndusInd Bank’s digital banking platform provides a seamless and intuitive experience. This empowers you to stay in control of your finances, make informed decisions, and effectively manage your business accounts on the go.

Click here to open IndusInd Bank Online Current 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.

Share This:

M	T	W	T	F	S	S
				1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30	31

Products

Accounts

Deposit

Loans

Cards

Insurance

Investments

Payments Products

Foreign Exchange

Financial Inclusion

Make Payments

Digital Banking

Apply Online

Vehicle Auction

Reach Us

Rates

Quick Links

NetBanking

Credit Cards

Forex Cards

IndusInd Bank Credit Card Eligibility Criteria

Other Factors Affecting Credit Card Eligibility

How to Apply for an IndusInd Bank Credit Card?

Conclusion

Interest Rates

Repayment Terms

Credit Score and History

Fees and Additional Charges

Lender Reputation

Conclusion

Understanding the Eligibility Criteria

Tips for Improving Loan Approval Chances

Conclusion

Credit Score

Income and Employment History

Debt-to-Income Ratio

Age and Citizenship

Conclusion