Understanding Line of Credit!

If you are looking for a loan, you might have encountered the terms Line of Credit or a Credit Line. And it often leads to the question “What is a Line of Credit?” And how exactly is it so different from a personal loan? In this blog, we are going to uncover the meaning of a credit line and how you can benefit from it.

Line Of Credit Meaning

A credit line, also known as a line of credit, is a type of loan that allows you to borrow money up to a certain limit and repay it over time. Unlike a traditional loan, where you get a lump sum of money at once, a credit line gives you the flexibility to draw money as and when you need it. Plus, you have to pay interest only on the withdrawn amount.

Things To Consider

A line of credit loan can be useful for various purposes, such as covering unexpected expenses, paying bills, making purchases, or investing in your business. However, not all instant line of credits online are equal. Some may charge high-interest rates, fees, or penalties, while others may have strict eligibility criteria or repayment terms.

Get The INDIE Advantage

That’s why we, at INDIE, have designed an instant line of credit that is simple, affordable, and hassle-free. INDIE is a revolutionary new-age banking app from IndusInd Bank. With INDIE, you can activate a line of credit of up to ₹5 lakhs on the app in minutes, without any paperwork or collateral. You can borrow money in multiple drawdowns and repay it in convenient EMIs. You only pay interest on the amount you withdraw.

But that’s not all. With INDIE, you also get access to a range of other features that make your banking experience more rewarding and convenient. For example:

• You can open a fixed deposit account with INDIE and earn an attractive interest rate of up to 7.5% p.a. You can also link your FD to the INDIE savings account to make payments directly from your FD account.
• You can win rewards every time you spend with your INDIE debit card. You can earn up to 3% INDIE gems on the brands you select and redeem them for cashback or vouchers. 1 Gem = ₹1. 
• You can get a numberless physical debit card with INDIE, which means your card details are not printed on the card. This makes your card more secure and prevents any misuse. You can also create a single-use virtual card on the app for online transactions on lesser-known/unsecured websites or generate a dynamic PIN whenever you use the card. 
• You can invest in your favorite stocks with INDIE. You can enjoy one of the lowest broking charges on the market and trade across multiple segments. You have to pay ZERO account opening charges to start your trade.
• You can track and manage your expenses with MoneyMate, a smart feature that gives you detailed insights into your spending habits. You can also set your monthly budget goals and get nudges when you overspend.

As you can see, INDIE offers more than just an instant line of credit. It’s a complete digital banking solution that helps you save more, earn more, and spend smarter. So, what are you waiting for? Download the INDIE app today and join the revolution!

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.