All posts by Vinayak

A personal loan is a type of loan that is typically unsecured, meaning it doesn’t require collateral such as a house or car. Instead, it’s based on your creditworthiness and ability to repay the loan. Personal loans can be used for a variety of purposes, such as paying off credit card debt, financing a home improvement project, or covering unexpected expenses.

The loan amount and terms (such as the interest rate and repayment period) are determined based on factors such as your credit score, income, and other financial information. It’s important to carefully consider the terms and conditions of a personal loan before applying and to make sure you can comfortably make the required payments.

If you’re considering taking a personal loan, you’ll need to provide certain documents to your lender to complete the application process. The specific documents required may vary depending on the lender, but here are some general documents that are commonly requested.

Personal Identification Documents: To apply for a personal loan, you’ll need to provide personal identification documents, such as a passport, driver’s license, AADHAAR card, or voter ID card. This helps the lender to verify your identity and ensure that you’re eligible to apply for a loan.
Proof of Income: When you apply for a personal loan, the lender will verify that you have a steady source of income to repay the loan. If you’re a salaried individual, you may be asked to provide your most recent salary slips or tax returns to demonstrate your income. If you’re self-employed, you may need to provide additional documentation, such as bank statements, profit and loss statements, or tax returns.
Employment Verification: In addition to proof of income, lenders may also perform employment verification to confirm that you’re currently employed and to verify your job title and length of employment. This may involve providing contact information of your employer or providing a letter from your employer.
Bank Statements: To help determine your ability to repay the loan, the lender may ask for your bank statement of last 3-6 months. This statement can help the lender to see how much money you have coming in and going out each month, providing a better understanding of your overall financial situation.
Credit Report: Your lender will also want to review your credit report to evaluate your creditworthiness and determine the interest rate and terms of the loan. You can obtain a free copy of your credit report from any of the major credit bureaus.
Loan Application Form: To apply for a personal loan, you’ll need to complete a loan application form. This form will ask for personal information such as your name, address, phone number, and information about the loan you’re applying for, such as the loan amount and repayment term.
Other Supporting Documents: Depending on the lender and the type of loan you’re applying for, you may also need to provide additional supporting documents, such as proof of insurance, proof of residency, or information about your assets and liabilities.

It’s important to note that the specific documents required may vary depending on the lender and the type of loan you’re applying for. Some lenders may require additional documentation, while others may require less. Before applying for a personal loan, it’s a good idea to research different lenders and their requirements to ensure that you have all the necessary documents ready.

If you’re looking for a personal loan that is available instantly at best-in-class interest rates, do check out IndusInd Bank Personal Loan. Its application process is 100% paperless with low processing fees and attractive interest rates.

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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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Savings Account

What are the Benefits of Having Multiple Savings Accounts

April 21, 2023 Vinayak Leave a comment

Saving money is a fundamental financial habit that empowers you to create a safety net for emergencies, invest in your future, and achieve financial milestones. A savings account serves as a foundation for building a strong financial portfolio and helps you inculcate disciplined saving habits.

Let’s first understand a bit more about savings account. A savings account is a secure and accessible place to deposit and store your savings, while also earning interest on the deposited amount. It serves as a foundation for building a strong financial portfolio and helps you inculcate disciplined saving habits.

One of the significant advantages of having a savings account is the interest rate offered on the deposited amount. The interest rates on savings accounts may vary depending on the financial institution. IndusInd Bank Savings Accounts offer competitive interest rate so you can multiply your wealth over time while maintaining liquidity.

Benefits of Having Multiple Savings Accounts

Better Financial Organization: Having multiple savings accounts allows you to effectively organize your savings based on different financial goals. For instance, you can dedicate one account to an emergency fund, another for a vacation fund, and another for retirement savings. This segregation of savings can help you track your progress towards each goal, ensuring that your savings are allocated and utilized optimally.

Enhanced Budgeting and Saving Strategies: Multiple savings accounts can facilitate efficient budgeting and saving strategies. You can set up automatic transfers from your primary account to each savings account, ensuring that a fixed amount is saved towards each goal regularly. This helps you stay disciplined with your savings plan and avoid dipping into funds allocated for specific purposes.

Improved Financial Flexibility: Having multiple savings accounts can provide you with greater financial flexibility. You can allocate funds to specific savings accounts based on priority, such as short-term, medium-term, and long-term goals. This allows you to access funds for short-term expenses without affecting your long-term savings, helping you better manage your financial needs in different situations.

Access to Discounts and Offers on Top Brands: IndusInd Bank offers exclusive discounts and offers on top brands to their savings account holders. By having multiple savings accounts, you can take advantage of such promotional offers and save money on your purchases. These discounts and offers can range from online shopping discounts, cashback offers, reward points, or special deals on travel, dining, entertainment, and more. This can help you save on your regular expenses and stretch your budget further, providing additional value and benefits to having multiple savings accounts.

Customized Financial Planning: Multiple savings accounts allow you to customize your financial planning based on your unique needs and goals. You can allocate funds to specific savings accounts based on priority, such as education expenses, down payment for a house, or a wedding fund. This allows you to monitor the progress of each goal separately and make necessary adjustments to your savings and spending habits.

Conclusion:
Having multiple savings accounts can offer significant benefits for you in optimizing your savings and achieving your financial goals. It provides better financial organization, enhanced budgeting and saving strategies, improved financial flexibility, diversified interest earnings, and customized financial planning. However, it is important to carefully manage and monitor each savings account to ensure that they are utilized effectively to achieve your desired financial outcomes. With IndusInd Bank Savings Accounts, you can do the same via the all-in-one IndusMobile App.

So, consider exploring the option of having multiple savings accounts to maximize your savings and achieve your financial aspirations. Happy Saving!

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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Current Account

Differences Between Traditional and Online Current Accounts

April 20, 2023 Vinayak Leave a comment

The banking industry has undergone a significant transformation in recent years with the introduction of digitization. Online banking has become an integral part of the financial landscape, providing customers with faster, more convenient ways to manage their money. The digitization of the banking industry has also significantly impacted the small businesses in India. With the rise of online banking, small businesses now have access to a range of financial services that were previously out of reach. Traditional current accounts are now accompanied by online current accounts.

Both these types of current accounts have their advantages and disadvantages. In this blog, we will discuss the differences between traditional and online current accounts.

What is an online current account?

A current account is a type of bank account that is primarily used for business transactions. It allows you to deposit and withdraw money as per your convenience. An online current account is a type of bank account that can be opened and operated entirely online. It is an excellent option for those who prefer to bank digitally and want to manage their finances from anywhere at any time.

What is a traditional current account?

A traditional current account is offered by a physical bank or financial institution. To open this account, you need to visit the bank in person, fill out the application form, provide the necessary documents, and complete the verification process. Once your account is active, you can visit the bank branch to deposit and withdraw money. You can also use a checkbook to make transactions.

Traditional current account vs online current account: Key differences

Traditional and online current accounts offer different features and benefits that can affect your banking experience. Here are some key differences to consider before choosing between the two:

1. Ease of account opening: Online current accounts often have a more straightforward account opening process than traditional current accounts. You can usually apply online and get approved quickly, without the need to visit a physical branch.

2. Instant banking services: Online current accounts also offer instant banking services, such as the ability to transfer money or pay bills instantly, without the need for processing time. In contrast, traditional current accounts may take longer to process transactions, especially if you need to visit a branch in person.

3. Fees and charges: When it comes to fees and charges, online current accounts typically have fewer and lower costs compared to traditional current accounts. This is because online banks have lower overhead costs and can pass on the savings to their customers.

4. 24X7 account access: Online current accounts offer 24X7 account access from anywhere, making it convenient for you to manage your finances on-the-go or outside of regular business hours. In contrast, some banks many require traditional current account holders to visit a physical branch during business hours to access their account or carry out transactions.

5. Speedy customer service: Online current accounts usually provide speedy customer service through phone, email, and chat, making it easier for you to get assistance whenever you need it. In contrast, traditional current accounts may offer in-person customer support at their branches, however you may have to wait in line or book an appointment beforehand.

Opening an online current account with IndusInd Bank

You can open an Online Current Account with IndusInd Bank without any tiring paperwork by clicking here. The account opening process is simple and can be completed within a few minutes using Video KYC. Once your account is active, you can manage it through the mobile application Indus Merchant Solutions app. You can check your account balance, transfer funds, pay bills and even apply for loans via this all-in-one app. With an online current account, you can access your account 24X7, which makes banking more convenient and user-friendly!

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Manage your Finance

How to Avoid Common Savings Account Mistakes

April 20, 2023 Vinayak Leave a comment

Savings are an essential part of personal finance and play a vital role in achieving financial security. Saving money allows you to build an emergency fund for unexpected expenses, invest in your future, and achieve long-term financial goals, such as buying a house or retiring comfortably. Savings also provide a safety net during tough economic times, allowing you to weather financial storms without resorting to high-interest debt or relying on others for financial support.

Savings accounts are a fundamental part of personal finance, and they are a great way to save money and achieve financial security. However, there are common mistakes that many people make when it comes to managing their savings accounts.

Common Savings Account Mistakes to Avoid

1. Not Shopping Around for the Best Interest Rates

When it comes to savings accounts, one of the most common mistakes that people make is not shopping around for the best interest rates. Different banks offer different interest rates, and you can easily find a bank that offers a higher rate than your current one. Take some time to research different banks and compare their interest rates and look for banks that often offer higher rates than traditional banks.

IndusInd Bank Savings Accounts is a great option, as they offer competitive interest rates on industry-leading savings accounts.

2. Not Meeting Minimum Balance Requirements

Many savings accounts have minimum balance requirements that you must meet to avoid fees or receive interest. If you don’t meet these requirements, you may end up paying unnecessary fees or missing out on potential interest earnings.

Make sure you know what the minimum balance requirement is for your savings account and work to keep that balance. If you struggle to maintain the minimum balance, consider looking for a savings account with a lower minimum balance requirement or setting up a budget to help you save more money.

3. Not Automating Your Savings

Another common mistake is not automating your savings. It’s easy to forget to transfer money into your savings account each month, but automating your savings can help you avoid this mistake.

Set up automatic transfers to your savings account on a monthly basis. This way, you don’t have to remember to transfer money, and your savings will continue to grow. You can also set up automatic transfers from your paycheck to your savings account to ensure that you save a certain percentage of your income each month.

4. Using Savings as a Checking Account

Using your savings account as a checking account is another common mistake. Savings accounts are designed to help you save money, not to be used for everyday expenses. If you find yourself frequently transferring money from your savings account to your checking account, it may be time to reevaluate your budget and spending habits.

5. Not Monitoring Your Account

Finally, not monitoring your savings account is a common mistake that can lead to problems down the road. It’s important to regularly check your account to ensure that your balance is accurate and that there are no unauthorized transactions. IndusInd Bank Savings Account gives you 24X7 access to your account details via Indus Mobile App!

IndusInd Bank Savings Account—a perfect fit for your saving needs

Are you struggling to determine which savings account is the perfect fit for you? It’s important to find an account that aligns with your specific needs and financial objectives while also providing easy access to your funds.

IndusInd Bank offers a variety of savings accounts that are customized to cater to your unique savings requirements. These accounts provide attractive interest rates, along with benefits such as rewards programs, cashbacks, and discounts. With multiple options for cash withdrawals, including ATMs, online transactions, cheque, and debit cards, accessing your funds has never been more effortless. Choose IndusInd Bank for a savings account that aligns with your lifestyle and financial goals.

Apply now for a Savings Account.

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Credit Card

3 Things to Check in Your Credit Card Statement

April 20, 2023 Vinayak Leave a comment

Today, credit cards have become an essential part of our daily lives. With so many benefits like cashback, reward points, discounts, and more, it’s no surprise that they’ve become a go-to mode of payment for many people. However, while using credit cards, it is important to keep a close eye on your credit card statements to ensure that everything is in order.

Checking your credit card statement may seem like a mundane task, but it’s essential to ensure that you are not being charged any incorrect fees or fraudulent transactions. In this blog, we’ll discuss the top 3 things to check in your credit card statement.

Billing Errors

Billing errors are one of the most common issues faced by credit card users. These errors can occur due to various reasons like incorrect billing cycles, duplicate charges, or unauthorized transactions. It is essential to keep a close eye on your credit card statement to ensure that you are not being overcharged.

One of the easiest ways to identify billing errors is to compare your credit card statement with your receipts. This will help you to spot any discrepancies between the two. If you find any billing errors, it’s important to contact your credit card company immediately and get it resolved. Delaying the resolution of billing errors can lead to further complications.

It is also important to keep track of your credit limit to avoid over-limit fees. Make sure to check if you are close to exceeding your credit limit, and if so, try to pay off the balance as soon as possible.

Unauthorized Transactions

Unauthorized transactions are another common issue faced by credit card users. These transactions can occur due to various reasons like lost or stolen cards, phishing scams, or identity theft. It is important to keep a close eye on your credit card statement to ensure that there are no unauthorized transactions.

If you find any unauthorized transactions on your credit card statement, it is essential to report it to your credit card company immediately. Your credit card company will investigate the matter and take the necessary steps to resolve the issue. In addition, you can also take proactive steps to prevent unauthorized transactions from happening. For example, you can sign up for text or email alerts for transactions made on your credit card. This will help you to keep track of all the transactions made on your credit card and identify any unauthorized transactions immediately.

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Rewards Points and Cashback

Credit card companies offer various rewards points and cashback programs to their users. These rewards points and cashback can be redeemed for various benefits like discounts, cashback, or travel rewards. It is important to keep track of your rewards points and cashback to ensure that you are getting the maximum benefit from them.

Make sure to check your credit card statement for any rewards points or cashback earned during the billing cycle. If you find that you have not received any rewards points or cashback, contact your credit card company immediately to get it resolved. Also, it is also important to keep track of the expiry date of your rewards points or cashback. Most credit card companies have an expiry date for their rewards points and cashback. If you do not redeem your rewards points or cashback before the expiry date, you will lose them.

In conclusion, checking your credit card statement is an essential task that every credit card user should undertake. By keeping a close eye on your credit card statement, you can identify any billing errors, unauthorized transactions, and maximize the benefits of rewards points and cashback. Make sure to check your credit card statement regularly and contact your credit card company immediately if you find any issues. By doing so, you can ensure that your credit card usage is smooth and hassle-free.

If you’re looking for a credit card that encompasses all the benefits and rewards to match your lifestyle, check our offerings and you’d definitely find your ideal pick. IndusInd Bank offers a range of lifetime free credit cards that enable you to enjoy exquisite privileges and help save more with reward points that never expire.

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Common Savings Account Mistakes to Avoid

1. Not Shopping Around for the Best Interest Rates

2. Not Meeting Minimum Balance Requirements

3. Not Automating Your Savings

4. Using Savings as a Checking Account

5. Not Monitoring Your Account

IndusInd Bank Savings Account—a perfect fit for your saving needs