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    Indian Bank VISA Business Credit Card

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    Indian Bank VISA Business Credit Card

    The Indian Bank VISA Business Credit Card is available for corporates to give their employees the benefit of cashless transactions. The card can be used for business purposes that includes paying for travel and entertainment, repairs, operations, maintenance and more. Corporates and SMEs can avail of up to 5 cards per unit for their executives and employees. The credit limits are based on the available security coverage, audited financials and branch recommendations. The card is issued free of cost which includes zero joining fees and annual fees. Get cash advances for up to 20% of the credit limit at low finance charges. Get 15 to 45 days interest-free on your purchases. Revolve your credit at low interest rates of 1.99% per month.

    Benefits of Indian Bank VISA Business Credit Card:

    • No Joining Charges:
    • This card is available to corporates at no cost. Avail of this card for free and enjoy the multitude of benefits that are connected.

    • Zero Annual Fee:
    • The Indian Bank VISA Business Credit Card bears no annual fee or renewal fees.

    • Cash Advance:
    • Withdraw cash from any Indian Bank ATM and VISA ATMs when you need it. You can get up to 20% of your credit limit. Cash advances are charged at 2.25% per month.

    • Purchase Protection:
    • With complimentary purchase protection, you never have to worry about being cheated. Avoid paying for duplicate, fraud and damaged goods when you shop with your Indian Bank VISA Business Credit Card.

    • Comprehensive Insurance:
    • Your Indian Bank VISA Business Credit Card carries complimentary insurance that includes life insurance in case of death by air accident or any other accident. It also provides medical insurance in case of hospitalisation resulting from accident. You also receive travel insurance in case of lost baggage.

    Features of Indian Bank VISA Business Credit Card:

    • Business Purpose:
    • The card can be used for business expenditure that includes travel, entertainment, maintenance, repairs and operations.

    • Revolving credit:
    • Get a minimum of 15 days to a maximum of 45 days interest-free credit on your purchases. When you clear your bills in full, every purchase gets a fresh credit cycle.

    • Globally accepted:
    • The Indian Bank VISA Business Credit card is also accepted worldwide at over 30 million merchants which accept VISA. This includes over 1.5 lakh merchants in India.

    • High credit Limits:
    • The credit limit on the VISA Business Card ranges between Rs. 75,001 and Rs. 3 lakhs. Credit limits will be recommended by the Branch Manager taking into account a set criteria.

    • Low Finance Charges:
    • Interest is charged at 1.99% per month on your outstanding balance. (23.88% per annum). Cash transactions attract a higher charge of 2.25% per month. Interest is calculated provisionally from the date of transaction and will be refunded once you make the payment.

    Important Fees and Charges:

    Charge Amount
    Annual Fee Nil
    Joining Fee Nil
    Add on Card NA
    Interest on revolving credit 1.99% per month (23.88% per annum).
    Minimum due 25% of the transaction amount + charges, subject to a minimum of Rs. 1,000.

    Related Fees and Charges:

    Charge Amount
    Late Payment Penalty Rs. 250
    Cash advance limit Up to 20% of the credit limit.
    Cash advance transaction charge

    Indian Bank ATM - Nil

    Other domestic Bank’s ATM - Rs. 50

    International ATM - Rs. 250

    Finance Charges on Cash withdrawal 2.25% per month from the date of transaction. (27% per annum)
    Limit Enhancement Rs. 100
    Over limit charges Rs. 50
    Booking Railway ticket charges 1.8% of the transaction amount subject to a minimum of Rs. 10
    Fuel surcharge 2.5 % of the transaction subject to a minimum of Rs. 10.
    Cheque return Rs. 250
    Card re-issue Rs. 250
    PIN Mailer re-issue Rs. 50
    Chargeslip retrieval Rs. 125 per slip
    Statement retrieval Rs. 100 per statement
    Foreign Currency Transaction fee 3% markup
    Service Tax 14.50%

    Comprehensive Insurance:

    Insurance Coverage Amount
    Death due to air accident Rs. 5 lakhs
    Death due to any other accident Rs. 2 lakh
    Hospitalisation cover due to accident Rs. 1 lakh
    Credit shield on death Rs. 25,000
    Baggage Cover Rs. 10,000
    Purchase Protection Rs. 25,000

    Eligibility Criteria:

    To be eligible for an Indian Bank VISA Business Credit Card you need to meet the following requirements.

    • Limited Companies, partnerships and sole proprietary concerns can apply.
    • Applicants should have a corporate or SME Loan account with aggregate limits of Rs. 10 lakhs and above.
    • Reputed Corporates with current accounts which have satisfactory track records of operations.
    • A maximum of 5 cards can be availed for one unit.
    • Cards will be issued in the name of the executives or employees along with the name of the company on the card, as per the request of the corporates and SMEs.

    Documents Required:

    • Copy of PAN card.
    • Application form duly signed by the executive/employees and the authorized signatory of the business.
    • For current account holders, the last two years’ audited financial statements is required.
    • Branch recommendation in accordance to the annexure for SME/Corporate Accounts with credit facilities. Current accounts also need a recommendation from Circle Head.
    • An authorisation letter to debit the current account/OD/OCC with either the full or minimum amount due.
    • A letter to extend the lien on existing securities to cover the proposed business credit card.

    Guidelines for Credit Card Limits:

    The credit limit for the VISA Business cards will be determined on the following criteria:

    • Units having an aggregate limit of Rs. 10 lakhs above will be considered.
    • Units must have satisfactory conduct of the account and standard asset classification.
    • It should comply with KYC norms.
    • Value of securities available should be at least 125% of the aggregate of credit facilities sanctioned.

    Indian Bank VISA Business Credit Card FAQs:

    1. How do I pay my VISA Business Credit Card bill?
    2. For the VISA Business card, the auto-debit facility is mandatory. When applying for the card, you need to provide an authorization letter for the bank to debit the minimum due or the full amount from your bank account. If you have selected the full amount and there is insufficient funds, then the bank will debit the minimum due.

    3. When is the credit card billed every month?
    4. The billing cycle for the Indian Bank VISA Business Credit Card is 25th. For purchases made on 24th of every month, only a 15-day interest free period is granted. For purchases made on 25th, a 45-day credit period is granted.

    5. What should I do in case I lose my VISA Business credit card?
    6. Report the loss of card immediately to Indian Bank on their customer care helpline. Your card will be blocked and you will be issued a new one. If you suspect your card is stolen or there is misuse of the card, file an FIR with the police authorities and submit a copy of it to the bank.

    7. What are the charges for late payment?
    8. If you miss paying them minimum due by the payment due date, you will be charged Rs. 250. If you default on making any payment at all towards your credit card for two consecutive months, you will be charged an additional fee of Rs. 500. You will be marked as a defaulter if you miss payment for three consecutive months.

    9. What is the maximum credit limit I can get on the VISA Business Card?
    10. The maximum credit limit granted is Rs. 3 lakhs.

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