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Breaking Stereotypes: The Future Of Finance And Tech Is (And Will Be) Women

Work culture in organizations is gradually moving towards diversification and inclusion. The current times are witnessing gender stereotypes bring identified and shattered in the wake of gender sensitization and diversity. Organizations across the globe are making concerted efforts towards the goal of equality of opportunity. Still, equality at workplaces is a far fetched dream. Take for instance the case of the US, where: 

Yet they earn lower salaries and fill up fewer seats in male-dominated professions like technology and finance. Fortunately, these stereotypes – those of women typically avoiding math, science and often all things logic – are on the verge of shattering.

A study conducted by the global research organization Catalyst stated that among Fortune 500 companies, the companies which had the highest number of women directors on board have shown better financial results and those having at least three women on their board have stronger-than-average results.

Gender Stereotyping deeply impacts the psyche and confidence of the female workforce. As per research, by the age of 6 years stereotypes regarding intellectual ability take root in girls. Girls identify themselves less with STEM subjects (Science, Technology, Engineering, and Mathematics). At the workplace, women find a less conducive environment to hold leadership and skill-based jobs, share their ideas in discussions concerning these subjects. 

Indian Scenario: Tech

The current Indian scene has begun a positive, and hopefully soon – pretty picture: 

  • Women representation in corporate jobs has increased from 21% to 30% in a span of five years, as posted in  Zinnov-Intel Gender Diversity Study 2019
  • Females are represented higher in non-technical roles at 31%, while in technical roles their share is 26%. 
  • Only 11% of the C-suite positions are held by the women, they were represented at  20% in mid-roles and 38% in junior roles. 
Women's Day

If these stats are compared with the global figures, Indians are surely taking strides in leaps and bounds to cut across cultural misfits and gender Stereotyping issues. As per a NASSCOM study of IT professionals and middle management from companies of Europe and India, 35% of the people with specialist technology roles are women in India as compared to a mere 17% female representation in Europe. 

Several organizations like Oxfam India through its campaign Bano Nayi Soch are all in for progressive ideas that subvert the norms of patriarchy.   

In 2016, Facebook initiated recruitment practices focused on bringing in black and female workers into their workforce – in who now make up 36% of its workforce. Sheryl Sandberg, COO of Facebook and the only woman on their board posits the concept of ‘leaning in’ in her recent book as the idea of being ambitious in any pursuit.  

Kiran Mazumdar Shaw, the CEO of Biocon and the first woman billionaire entrepreneur, reiterates that there is no dearth of talent in meritorious women and even though a small minority, they are well respected and worthy of inclusion. 

Indian scene: Finance

Women are considered excellent investors, but female representation in the finance sector remains meager. A CFA Institute Gender in Investment Management study shows a mere 11% representation of women investment professionals in the industry.  Research across the globe has proved how a culturally rich and diverse workforce delivers optimum results and lower risks for investors. Experts cite several pros of getting the women included in the workforce. 

  • Firstly, female inclusion will tend to bring in newer perspectives into the industry that can usher in a new revolution in the industry. Quality of output and decisions will definitely see improvements. 
  • Gender diversity can lead to innovations and rethinking of the old investment strategies that are sure to impact investment outcomes. 

Several initiatives have been taken to improve the involvement of the females at all levels. For instance, Young Women in Investment, India’s first initiative seeks to create female awareness and interest in the investment management industry. The initiative focuses on presenting investment as a long term viable career option to the women. The success and support of this initiative have definitely paved the way for the inclusion of females in the future of finance. 

Initiatives to Break Stereotypes

While we’re doing well, there can be several initiatives that can make the future of tech and finance into a substantial female-centric arena: 

  • Tech can be leveraged to advance gender parity and women empowerment in a number of ways. The development of the gig economy is offering a contingent workforce that is sure to lessen such gaps in the future. 
  • Unlearning the biases in our mindset and doing away with gender stereotypes will be a daunting task that would demand our attention towards sustainable and all-inclusive economic growth. 
  • A survey conducted by Unilever showed that 77% of men and 55% of women felt that men are best suited for high-stake projects. Such views deeply impact gender parity issues. Marketers and media need to stop the sexist portrayal of women. 
  • Social, political and cultural fronts should take it upon themselves to curb these formative practices of stereotyping and expose both the genders to all kinds of non-traditional fields like tech or finance to let them make their decisions rationally. 
  • There is a dire need to bridge the skill gap among women by taking advantage of digitization and tech innovations. The global “talent shortage” is currently at 38%, with the top ten hardest jobs to fill in STEM professions. The focus has to shift to building competencies and skillsets among women. 
  • Another key area of concern is the online representation of women. There are 250 million fewer females present online as compared to males. Connecting and bringing greater access to regions with no internet can bring about unforeseen opportunities and can even act as catalysts synthesizing women’s inclusion in tech and finance. 

The instilling of the right temperament among the youth holds prime importance as the majority of them make their career choices by the age of 26 as per a survey. Women do not lack in tech or finance skills and knowledge, what they lack is the proper nurturing environment enabling them to fulfill their dreams sans any bias or stereotyping. Once the institutions of today get in sync with gender equality and diversity themes, the potential and opportunities awaiting women in tech and finance can be attained.
And we can surely hope for a feminine era in finance and technology awaiting us in the near future. 

“You are fierce, bold and daring! Also, the best when it comes to caring.”
Happy Women’s Day!

Featured

Spouse In The Same Office: A Closer Look At The Implications for HR

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is perfectly natural for a professional to fall for another if they’re working in the same office, or are spending a significant amount of time together. Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction. While they may be frowned upon, relationships within an office setting are far from uncommon. Some partners even often end up getting married. 

In this context, however, the HR function isn’t expected to remain out of the loop. Organizational policies, cultural sensitivities, etc – there are many factors influencing the HR functions’ role in managing professionals with a spouse in the same office. How can they approach this? Let’s look at some important aspects.

Disclosure of relationship

It is vital to maintain an environment where it is known that keeping a relationship or marriage secret is not in the interest of the company and can have larger implications. According to Sarah Churchman, head of diversity and inclusion and employee well being at PwC, the only way to manage relationships is for the couple to be totally out in the open. “If they don’t inform us, someone else in the department will. Not because they are necessarily behaving in an inappropriate manner, but simply because they may fear a problem with favoritism.”

Some enterprises have a policy in place allowing for managers to be demoted, transferred or even dismissed in the case of the manager being in a relationship with their direct report without disclosing the same. It is, therefore, essential that an office couple is made to sign out a disclosure form with the HR Department. This allows for a line of communication between the office and the parties involved and also serves as a formal notice of their relationship. It also prevents misinformation and rumor-mongering in the workspace which hampers productivity. 

Different organizations have varying HR policies on how they deal with a spouse at the same office. If a company is strictly against work relationships, one of the spouses can be dismissed, though it would not be a popular move and discourage transparency. “You can’t legislate against office romances or indeed falling in love, and an outright ban would be totally unworkable,” says Churchman.

It is imperative for a company to have a policy on office relationships and furthermore ensure that all employees, especially spouses, get familiar with these and abide by them at all times during work hours. This includes coffee breaks, lunch breaks, business trips, etc.

Personal life and Professional life

The need to maintain a professional relationship between spouses in the same office space is vital. Often, the hardest battle in managing office relationships is inculcating the need to strike a balance between personal life and professional life. According to a research “on flirting at work” conducted by Amy Nicole Baker, an associate professor of psychology in University of New Haven, and an author on workplace romance papers, it was found that people who frequently witness other colleagues flirting often feel less valued by the company and have a decline in job satisfaction. This feeling of discomfort can also lead to many quitting their jobs. In order to prevent others from being uncomfortable and thus putting oneself under the radar. 

Spouse In The Same Office: A Closer Look At The Implications for HR
“Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction”

Public displays of affection and flirtatious conversations can disrupt the working of the office and reek of unprofessionalism. It is essential to treat your spouse like a regular colleague within office hours and even in work parties, off-sites and other such events which are an extension to the office workspace.

Senior-Junior Relationship

In the case of a senior and subordinate getting married, the need for professionalism is critical in order to prevent conflict of interest. According to most office guidelines – it is necessary for the senior spouse not to be involved in the appraisal or evaluation of their partner. The two must not work together in the same department in order to curb the space for favoritism and nepotism within the workspace. There is also a potential threat to the security of confidential client information and the risk of information leaks.

To avoid the occurrence of favoritism, one spouse should be transferred to another department, and ideally, no couples should work together in the same department.

Divorce

The unfortunate scenario of a married couple splitting up can have deep repercussions on their work ethic, their behavior in the office as well as the office environment itself. The disclosure form should specify what would happen to both the parties in case of this occurrence. The way two ex-partners are treated in the office also deserves attention. They might act in a more isolated nature and may be unable to maintain good performance. This situation is a nursing ground for potential blame-game and office politics. This difficult period of the employees’ life should be battled with care and acceptance. They might not need advice and might need someone to listen to them in order to clear their mind and concentrate during work hours. In case of poor performance, they should be nudged towards the direction of working better and given gentle reminders instead of indifferent statements like “Your divorce is not our problem.”
Perhaps an Employee Assistance Program to help deal with such traumatic instances is worthy of consideration from employers.

Featured

Can Millennial Stress be Resolved by Financial Wellness?

Stress is an issue bigger than ever for millennials, who are rushing ahead with their worklife, finding little time to enjoy the intricacies of life. They are not only toiling themselves with projects, preparing reports and meeting targets, but also when off the work they busy themselves worrying about their debt, savings and expenditure.  India has been, off late, a very volatile economy with companies shutting down production and filtering out chunks of employees. As such millennials are forcing themselves to work in return for poorly paid salaries and unsatisfactory job environments. In most of the cases, they are not able to manage their day-to-day expenses and have to revert to debt; while in other cases are confused about their financial course.

A whopping 76% of Millennials say they are experiencing financial stress, up 23 percentage points from 2018, according to the PwC 2019 Employee Financial Wellness Survey.

Financial stress is the top contributor in affecting employee health and morale followed by their jobs and relationships. Matching your salary with your expenses is only the tip of the iceberg, when cash flow and debt issues add to the worries. Employees are worried that they are not able to save enough and will face or are facing a financial crunch. Let’s look at the major issues hounding today’s millennials in terms of finance:

Past concerns  

With higher education becoming more expensive each year, an increasing number of new employees enter the corporate sector already laden with the burden of huge debt in the form of education loans or personal loans. As per Workplace benefits report 2017, 40% of millennials say that they left high school and college unprepared for the real world. As such they look upon their employers for the necessary guidance and help related to a majority of topics around financial wellness. 18% of millennials want more help with their student loans.

In some cases, these debts may be gifted down from one generation to another. A son may have to pay off a home loan or some other debt incurred by his father. These circumstances dilute the finances and millennials find it difficult to lay away the stress.

Present concerns

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent). 

Peer pressure, maintaining the status quo and lavish lifestyles often lead millennials to the brink of a financial crisis if they do not plan their finances well in advance. Many are highly ignorant about how to proceed with investments; banks or mutual funds, long term or short term, commodity or shares, and a lot more. About 43% feel that they require more help with investing, 40% wanting more information on how to save taxes and 21% feel that they want to save more. It’s an additional issue when they require funds in a lump sum for unforeseen expenditure or a major purchase. They either trap themselves in instalments or else fall in a debt trap. 63% of Millennials consistently carry balances on their credit cards and two out of five have trouble making minimum monthly credit card payments.

Future Concerns

Besides provident fund schemes, gratuity and a few other benefits, employees aren’t assured adequately about their future. They remain concerned about their retirement and pension, their children’s education, medical expenses and a lot more. Pension schemes are offered by insurance firms, but which one is best suited remains a matter of concern. Career opportunities and growth also impact future and present decision making. Not surprising then that employees, especially millennials, find themselves to be dependent on their employers.

Why should employers take up financial wellness programmes?

Financial stress not only impacts an employee on a personal level, but his working capabilities and mental faculties get impacted too. Stress can be behind severe health concerns that may lead to employee absenteeism, employee turnover, and dissatisfaction. The issue of financial health becomes of utmost importance to keep the solubility of the firm intact on one hand and to achieve common organisational goals on the other. As per a survey, an employee spends 12 hours on an average each month stressing about their finances. 

Bank of America Merrill Lynch report says that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors.

A well thought of and structured wellness programme may act as a tonic for the employees’ financial health:

#1 Making an in depth study of employee concerns before finalising on the mode the financial programme is critical. Not everyone shares the same crisis, and not everyone will desire third party approvals or advice before taking decisions. A financial assessment is essential before you initiate the program and want it to succeed. This can be an eyeopener for those employees who may have been unaware of the causes of their financial stress and will make them ready to adopt the new financial course.

#2 Educating employees about financial health and other resources should be taken care of as well. This can be one through seminars, online courses, or even lectures and classes conducted by an expert or professional.

#3 The employees must be educated on healthcare costs as well. It doesn’t hurt to take this opportunity to promote healthier lifestyles as well. This can save them a lot in the long run. Group insurance schemes and health insurance schemes should be encouraged as a norm in the organisation.

#4 Financial debt management, especially the management of student loans, is another area of focus. Employers, if possible, could even consider taking it upon themselves to sort out the education loan or debt of the employees as a gesture of goodwill. This can be offered as an employee benefit as well. Executed right, the company can go a long way in earning the reputation of being the best in class when it comes to their employees’ welfare.

#5 Then comes the basic question of managing the current expenses such as installments, deductibles, premiums and other expenses. There are several paradigms involved in financial planning and it can be overwhelming for a millennial who has just been placed on his job.

Encouraging employees to take part in these programmes and letting them get involved through participation, and one on one discussion will assist them in reducing their financial stress. The overall focus of the employee can shift to organisational task boosting his productivity and overall efficiency. At the individual level, it will boost their confidence to manage their current expenses and plan for their future expenses in advance. Financial wellness programmes can, therefore, help in improving employee health and quality of life. A healthy and financially sound human resource can be an unending source of profitability and efficiency for any enterprise.

The Importance Of EMI Calculator For Getting A Personal Loan

Highlight: Using an EMI calculator is essential before a potential borrower takes out a personal loan. Personal loans are even more accessible now on Early Salary!

A personal loan is a credit instrument that has recently gained a lot of appeals, as it is an unsecured loan. It means you don’t have to submit or pledge any assets as security to get a personal loan

The best part is that the borrowed funds can be used for almost any purpose. Personal loan disbursement is also very quick, usually done within one or two working days after approval.

Whenever you take a personal loan, you need to pay the principal amount and the generated interest. Hence, it’s extremely crucial to accurately calculate your EMI or equated monthly installment before you take up a personal loan to avoid any inefficiencies.

Instead of calculating EMI manually, people have started to use online calculators. A lot of banks provide a free-to-use calculator on their online websites. 

When you use an online calculator, you get an idea of the monthly amount you have to repay during your tenure. This is quite helpful as borrowers get an idea of the influence of the loan on their spending and lifestyle. 

Remember! Interest rates vary from bank to bank. You must compare each interest rate before choosing the loan plan which best suits your long-term goals.

Let us now look at why a personal loan EMI calculator is important and beneficial to potential borrowers.

#1 Helps to Plan Your Personal Budget

Once you have gathered all the information on the due amount, you’ll have to repay monthly, planning the rest of your expenditure and savings becomes much easier. You can also chart out all your pending or future loans and gather an idea about all the EMIs you are due. Knowing about your state of finances in advance is always a good idea.

#2 Loan Tenure

EMI calculators allow you to choose the best-suited tenure plan for your loan. If you decide to pay a significant number of EMIs to reduce the interest rate on a loan, the loan’s tenure will be longer, and vice versa. You can change the loan’s value and number of EMIs to find the most effective loan tenure possible. You can also experiment with different loan amounts and tenure to find out the most convenient plan.

#3 Assured healthy credit rating

Prior knowledge of your financial statement will always help you maintain a good credit score. If you know all of your EMIs beforehand, chances of missing out on repayment of the loan amount are slim. This is important as avoiding a poor credit rating is very crucial.

On the other hand, you have to enter your credit rating on the calculator before it provides you with a figure. If it’s bad, then you have to pay increased interest rates. Improve your credit scores in this case.

#4 Interest Rates

The interest you must pay should be the first thing to check out when taking a personal loan. Rates of interest vary depending on the tenure of the loan and the EMI. The calculator makes your job significantly easier by allowing you to choose and test out with different values till you get the best rates suited for you.

#5 Eligibility and Accuracy

The calculator will let you know whether you are eligible for the loan or not based on the information you provide. The formula that will be used on the calculator varies from loan to loan. You may not be aware, but different formulae are used to calculate different sorts of loans. As a result, you won’t have to worry about manually calculating it or wondering if the correct formula was applied. Hence, all the calculations are accurate.

#6 Accessibility

EMI calculators are easily accessible and easy to use as they are online. Customizing the calculator based on your preferences and comparing the different combinations of interest rates and tenure to choose your perfect plan makes the whole process very appealing.

Taking out a personal loan for all your expenses, be it shopping, traveling or education is now even more convenient with EarlySalary. With fast disbursal and no prepayment charges, you don’t have to worry about your budget anymore. To be on the safer side though, opt for an EMI calculator to experience a seamless loan tenure!

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Best Way To Finance a Used Car Loan

Highlight Section: Understand the requirements and the loan process to finance your dream car with instant car loans.

The automobile industry is rapidly evolving, and the prices of cars are steadily going up. Owing to the high cost of several brand car models, it becomes difficult for many to invest in them. You may have to settle down for cars delivering lower performance than you desire due to the expense involved. Opting to buy a used car in place of a new one can be the perfect approach in this situation. It allows you to drive the vehicle of your dreams without busting your wallet. A used car particularly makes sense for first-time car buyers. It is also an excellent choice if you are planning to buy a second set of wheels in the family. And, the best way to finance it is through an instant car loan.

Multiple banks and non-banking financial companies, also known as NBFC, offer loans to used cars. The terms, conditions, and charges vary from one lender to another. You have the option to avail of an instant loan online today without having to deal with the hassle of spending hours at a bank. Today, financing companies allow you to get bank loans without lengthy paperwork, which can be a massive headache when borrowing from a bank. However, before applying for the loan, you need to identify the perfect used car to invest in. There are some factors you need to keep in mind while doing so.

Also Read: Should You Opt For Two Wheeler Loan?

Important factors to keep in mind when buying a used car

Check the car: Thoroughly check the vehicle you desire. If you are unsure about how to do that, you can always seek the assistance of a mechanic. If there is any minor issue with the car, you may get the chance to negotiate its price. It will be a good idea to drive the vehicle in a low-traffic region and check for any vibrations.

● Go through the essential papers: It is imperative to inspect the vehicle’s registration certificate and insurance papers properly. In addition, you need to check if the chassis number and engine number on the car match the ones mentioned in the documents.

● Vehicle history: It is crucial to check the history of the car before purchasing it. It will help you understand whether there is any service issue prevalent in the car or if it has been in an accident.

● Transfer the Registration Certificate: After purchasing the car, the Registration Certificate (RC) has to be transferred to your name. A NOC shall be needed if the vehicle is registered in a different state. NOC is also required if the previous owner has purchased the car on loan.

● Transfer the Insurance: The insurance coverage of the car needs to be transferred to your name immediately.

● Service the car: While you want to take your car out for a long drive just after the purchase, it will be wiser to get it serviced first. You need to clean up the car and change its fluids before using it for the first time.

You must select the type and model of the car that effectively meets your needs and comes under your budget range. Most lenders consider the type and age of the car model before providing a loan. Hence, selecting a relatively newer model will increase your chances of acquiring the loan amount without any issue. After choosing your vehicle, you can always explore options for an instant car loan on the web.

Also Read: Financial Wellness Programs To Help Employees in The Wake of Pandemic

Important aspects of acquiring a car loan

● Sum-up the amount for your car

: After zeroing in on a model, you need to calculate the sum of money to pay for it. You can apply for a small loan with a simple instalment scheme to afford to pay lump sum advance money.

● Set your requirement:

You will also have to select the monthly installments and loan term as you decide your loan amount. It will majorly depend on your monthly income and future calculations. If your loan sum is relatively high, it will be prudent to go for a loan that has a long repayment period and involves attractive interest rates.

Search for the available options

: There are multiple governments and private banks, and institutions that offer to finance used vehicles. Many of them even allow you to avail of instant loans online. They have instant processing times and no lengthy paperwork. Such a simplified approach makes acquiring loans extremely easy for you. You can always explore and compare loan options and deals offered by reliable lenders online and choose which is best for your needs. EarlySalary is one of the best options available in the market to get an Instant Loan for Cars. We have a simplified application process with easy loan eligibility and documentation. Avail an auto loan up to ₹ 5,00,000 from EarlySalary and pay interest rates as low as Rs 6/day. 

Submit the documents after verification:

Most lending institutions ask for certain proofs and authorization that assure your income stability and identity. Therefore, you may have to submit copies of your Aadhaar Card, Voter Id, Salary Slip, Form 16, and similar documents to them. The exact documents required in the process shall differ from one lender to another. Once you have submitted all the documents, you will become eligible for acquiring the needed car loan.

 Before getting an instant loan online, it will be wise to check your credit score first. This will help you with an understanding of the amount feasible for you to borrow. If your credit score is low, it will be smarter to pay as much money you can from your own pockets while buying the car while keeping the borrowing amount to the minimum. People with a high credit score do not have to worry about any such problems. They enjoy a high loan amount, an extended loan tenure, and attractive interest rates.

While getting an instant car loan is easy today, you also need to be mindful of paying off its installments in time. There are many factors which may delay your payments. It can be due to a financial crunch or simply the fact that you forgot the due date. It is vital not to make such an issue your habit to steer clear of any penalties.

Bring your dream car home with Instant Car Loans by EarlySalary. 

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Employee Attrition In The Workplace? Tips To Control

Highlight:  Employee attrition in companies arises from various factors. Although unavoidable, it can be controlled by employing some effective measures.

As per a survey, about one-third of the newly hired employees go on a job hunt after just six months of employment. Very few people stick with their first companies till the very end. While this seems to be quite simple, a lot of problems come with employee attrition.

Employee Attrition refers to the slow but intentional drop in staff numbers when employees retire or resign and are not replaced for a long time. Employee attrition can be of two types: 

Voluntary Attrition: Voluntary attrition occurs when an employee chooses to quit the organisation. Employees may resign for official or personal reasons.

Involuntary Attrition: Involuntary attrition occurs when a corporation terminates employment from its end. This frequently occurs when firms cut roles to save money on staffing or because the position is no longer required. This is a frequent cost-cutting strategy used by businesses.

While voluntary attrition is better than involuntary attrition, it may still negatively influence surviving employees if their responsibilities increase. It can also hinder promotional chances and movement, resulting in a less happy workplace or even greater attrition than anticipated.

There can be several reasons for employee attrition. Some of them are:

  • Lack of growth in work culture
  • Lack of availability of skilled workers
  • Unsuitable work conditions
  • Morbidity/illness
  • Retirement of Employees
  • Relocation of the company
  • Effect of the pandemic

Also Read: Fix the Problem of Employee Burnout for your Remote Workers

How does Employee Attrition harm companies?

  • Employees that leave take along years of experience with them. The loss of experience puts strain on the team and, ultimately, the entire organization.
  • Companies have to incur additional costs like training programs for recruits. 
  • The remaining employees face added burden on their existing work schedules to compensate for the gap left behind.
  • With additional pressure, the current employees may be inclined to leave and look for other firms.
  • Employee attrition causes stress and disorder, which in turn leads to consumer attrition. Unproductivity at work reduces the quality and quantity of service or product, which contributes to customer churn.

The Organization describes the phenomena of companies losing out on their customer base. With increased attrition in the workplace, many customers may choose to shift to other companies as the quality of work falls.

Scary, right?

Tips to Control Employee Attrition

To avoid such scenarios, the company should undertake preventive measures. Some of the things they can follow are:

Avoid Scrimping Whenever Possible

It is not easy for organizations to provide a generous salary to the employees every time. The company’s value might be affected negatively, or the financial department can take a direct hit. However, it is not advisable to go below the standard norms or the average compensation offered by competing organizations. The financial wellness of an employee is beneficial for both the firm and the worker. Learn about what your competitors are providing. If the variation is high, you might want to reconsider. 

Hire the Right People

The first step in controlling employee attrition is to find the right candidate. While skill set and expertise are primary areas of evaluation, you should always check a person’s behavior and attitude. Be honest about your own company’s culture. It allows the candidate to determine whether or not your organization is a good fit for them.

If a candidate does not like the work atmosphere, they will be unhappy and will eventually depart. So, before hiring, make sure you have the ideal individual who is open and flexible and can fit in with the organization’s culture.

Create a Suitable Working Environment

What you provide as work benefits is very important to your employees. Top organizations provide their employees with great growth prospects, outstanding benefits for employees and their families, and enjoyable work environments. 

When a company understands how to address their employees’ needs outside of the office, they profit more from their personnel. Providing flexibility in work and enhancing the workers’ work-life balance will improve the interrelationship of the employees considerably. They will start to enjoy work.

A Transparent Idea of Retirement

Employers should be aware of which staff are about to retire or resign. In reality, it is preferable to estimate the number of employees who will retire in a few years. This will allow the organization to plan and implement plans for the layoff of experienced staff.

Be careful! Inquire judiciously about your employee’s retirement plans. They may believe you are prejudiced against them because of their age.

Engage with your Employees

When you have talented personnel, you must discover ways to help them grow their skill set. Provide feedback and let them know what you think. Pay attention to what they’re saying and let them know you’re there for them. If you do not interact with them, they will become bored and complacent, believing that they are not progressing within the organization. Employee engagement is crucial for reducing attrition.

Be the boss who pushes people out of their comfort zones. Assist them in achieving their goals. Treat your employees well and keep acknowledging their hard work. You may have the most talented employees, yet they may not have the opportunity to advance professionally.

Conduct an Exit Interview

Exit interviews are the conversations succeeding resignation letters. They are conducted to determine why an employee is leaving the company. Whatever the reason, an exit interview can help you figure out how to solve the problem of high turnover or attrition rates.

This also provides you with ideas for how to improve your hiring process. Getting the correct fit for your organization is a terrific method to cut attrition and improve your company’s work atmosphere.

Employee attrition cannot be completely avoided. Sometimes things are simply beyond your control. However, understanding why and how attrition occurs and facing the challenge of overcoming attrition can assist reduce its impact on your firm.

A well-structured wellness program in place can highly impact the attrition rates. If employees are satisfied with their work environment and growth prospects, they wouldn’t feel the need to leave their jobs.

Also Read: Remote Work Can Boost Productivity And Curb Burnout. Here’s How

 EarlySalary has collaborated with several organizations in their financial wellness programs and, with its commendable easy credit options, has helped thousands of employees stay ahead in the career game. 

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No Paperwork And Get Upto 5 lacs In Your Account In 10 Minutes!

Highlight: EarlySalary is one top solution for instant loan requirements, where borrowers can get up to 5 lacs in an extremely easy way.

Emergencies often jump at you without any prior notice. The urgent need for some money – be it medical bills or educational costs- can potentially force us to break our piggy banks, dig into our savings, and hamper our long-term stability. These unforeseen circumstances can be easily met by opting for instant loans from EarlySalary to meet all your urgent financial needs

Traditional sources of finance such as banks and financial institutions are unsuitable for emergent needs as they are time-consuming, require several formalities and paperwork. Often, the loan application is rejected owing to a lower credit score. On the other hand, credit cards grant instant money on credit, but the interest charges make them an expensive deal, and the loan amount needs to be returned within 55 days. In such cases, it is always better to rely on a safety net, where you can avail of instant loans in a completely hassle-free manner. 

Now, in 2021, getting an instant loan is genuinely instant. You can now get all your urgent requirements met in a seamless and stress-free manner. EarlySalary, India’s trusted online platform for instant loans, is your one-stop solution for all your financial needs. You can get up to INR 5,00,000 in your bank account with minimal documentation and reduced interest rates in less than 10 minutes.

Also Read: How EarlySalary Helps In Instant Emergency Cash Loan

The entire process is very simple. Proudly serving four million customers, EarlySalary has been a reliable and secure platform making credit easy and affordable. Let’s explore how EarlySalary’s instant loans benefit the users:

Features of Instant cash loan

  • Collateral-free: Instant loans by EarlySalary are completely risk-free. There is no collateral required while accessing these loans.
  • Completely transparent: EarlySalary has a clear system in place for handling personal loans. The entire process is carried online, and you will be kept up to date at all times.
  • Swift Approval: Instant loans are processed using software and automated algorithms, which reduces the overall processing time. Processing tasks that used to take 4-5 days to accomplish earlier are now completed in minutes. As a result, you can receive fast e-approval within minutes.
  • Interest Rates: Interest rates are as low as INR 9/day for INR 10,000 borrowed.
  • No Hidden Costs: The interest rate will only be charged for the number of days the loan amount is used. There are no hidden costs.
  • 24*7 customer services: The 24*7 customer service in place at EarlySalary is there to solve all your loan-related queries. 
  • Convenient Repayment: You can take an instant loan from INR 5,000 to 5,00,000 from EarlySalary. Aside from your desired loan amount, you also get a flexible repayment duration ranging from 1 to 5 years which you can decide at your convenience. There are also no prepayment charges.

Eligibility for acquiring an Instant Loan

The following eligibility requirements have to be met to be eligible for an instant loan at EarlySalary: 

  • You must be between the age of 21 years to 55 years.
  • You must be an Indian citizen.
  • The minimum salary requirement for Metro cities is INR 18,000 p.m., and for non-metro cities is INR 15,000 p.m. 

Steps to get an Instant loan

EarlySalary has a simple 6-step process for attaining instant loans:

  1. Download the EarlySalary app on your smartphone or visit the website here
  2. Register yourself on the app or website with some basic details- your name, phone number, address, etc. 
  3. Get instant approval.
  4. After approval, upload your KYC documents. Now you have to upload some very basic documents to get final approval.
  5. Stop and Review. 
  6. After your KYC is placed, select the desired amount to transfer to your bank account.

The desired loan amount will now be transferred to your bank account in just 10 minutes.

Required Documents

Mentioned below are the documents( and the choices) you have to upload during the loan process.

  1. Passport Size photograph
  2. Proof of Identity: Passport/ Aadhar card/Pan card/ driver’s license
  3. Proof of Address: Passport/ a rental agreement/ utility bills.
  4. Proof of Income: Bank statements and salary stubs for the last 3 to 6 months. 

Benefits of choosing EarlySalary

The loan application process used by EarlySalary is 100% confidential, and the whole process is completed in merely 10 minutes. Once you get the amount credited to your account, you are free to spend your money however you want. You don’t have to worry about your documentation. The platform also has a no-questions-asked usage policy. 

Any salaried professional can take a loan at interest rates as low as rupees 6 per day. Best part? You may get your loan approved on the same day of application. There are also no prepayment charges or hidden costs. You’ll only be charged for the number of days you use the money.

EarlySalary EMI Calculator

EarlySalary also provides you with an EMI Calculator. EMI Calculators are very useful in calculating the rate of EMI according to your interest rate. It is highly beneficial as it will help you to navigate your expenditure accordingly. Use the EarlySalary EMI calculator after you get your instant loan. 

EarlySalary prides itself on 1.9 million-plus secure loans disbursing over INR 4,000 crore. It has served over 5,00,000 happy customers. With minimal documentation, instant gratification, no prepayment charges, and fast disbursement, you have found the perfect platform to satisfy your needs. 

Also Read: Everything you need to know about Personal Loan EMI Calculator

Choose to transfer money into your bank account directly, or get the EarlySalary card now!

Learn more about credit, EMI calculator, and your instant cash needs? We are here, ping us on:

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Income vs Expenses: The Key to Employee Happiness

Highlight: Employee wellbeing is the direct consequence of a balance between sufficient income and affordable expenses.

We’ve often come across the saying, “Money can’t buy happiness.” Although true in certain aspects of life, access to material things can give a temporary rush of joy, if not a prolonged sense of fulfillment. With changing standards of living, the need to maintain a certain lifestyle has increased substantially. People love to spend money on their comfort and luxury. As such, the comforts and luxuries of yesterday have become today’s necessities. 

A majority of the salaried class today owns a car, their children study in private schools, loves branded stuff such as watches, shoes, clothing, etc and plans to have vacations abroad. These upscaled changes in lifestyle preferences have also been fueled by the easy availability of credit cards, instant personal loans that could be customized to suit the borrower, and seamless virtual transactions across e-commerce platforms. Money might not be able to buy or sustain our happiness but spending it in the right way can surely earn memories, experiences, and satisfaction. 

Also Read: Financial Wellness Isn’t Just A Buzzword Anymore. What Is It?

An increase in salary won’t hurt us but could be an extended means towards the happiness we deserve. 

  • Increased income is a direct factor driving employee motivation. When employees have more income at their disposal, happiness is guaranteed. 
  • People are often happier when they have sufficient funds to invest in themselves and in their loved ones. Financial stability reduces the overall stress and helps strengthen their social bonds organically. 
  • Money can buy us more time to enjoy the things we love and to cherish more time with our loved ones. Having more time in hand automatically implies that we can afford to indulge in our hobbies or maybe just enjoy a relaxing trip on the weekend. Purchasing “experiences” such as leisure activities, counseling, or going on holidays has also been linked to greater enjoyment than purchasing tangible objects.
  •  Experiences foster cherished memories and closer ties with family and friends, improving emotional well-being long after the experience has ended. It’s crucial to highlight that occasionally material objects are part of that “experience” investment; for example, buying art tools to start a new hobby necessitates a material purchase. However, the goal of this spending will be more rewarding than simply amassing more items.
  • The act of supporting a charity, feeding the needy, or supporting a strong social cause can increase the feeling of pride and satisfaction in oneself and create a stronger sense of purpose. Research has shown that any act of generosity has the potential of stimulating brain regions linked with social bonding and pleasure. With increased feelings of happiness and acts of spreading joy, cases of morbidity and death also reduce.

How can HR ensure the happiness of Employees?

In the world we live in today, the cut-throat competition,  the compulsion to maintain a certain lifestyle and have a particular social standing urges employees to move towards jobs offering better financial prospects both in terms of compensation and wellness programs. This fact further reiterates the sentiment that financial happiness induces personal happiness.

A financially sound employee is a happy and productive employee

Employees’ mental and emotional well-being increases when they feel good about their financial decisions and are comfortable with their financial circumstances. Individuals addicted to shopping or reliant on material objects to lift their spirits may experience stress and feelings of inadequacy if they are not earning their potential salaries as per their expectations. For that, Companies can assist employees in improving their relationships with their finances by offering guidance on suitable spending patterns.

Financial wellbeing results in the emotional well-being of the employee

Financial health in a holistic wellness program is more than just retirement gains or a steady income; it must also address the employees’ connection with money, budget management, and everyday spending patterns that affect their entire lifestyle, physically and emotionally.

Financial wellness programs have always been a good idea to recenter the idea of productivity around employee happiness. A report by the Consumer Financial Protection Bureau states how wellness programs have always helped in enhancing the working environment and have resulted in happier employees. These employee wellness programs encompass the mental health and wellbeing of employees as well. Wellness programs which include educating the workforce in budgeting and saving goes a long way in reducing their stress levels. Introducing wellness schemes such as healthcare also boosts company morale.

Financial wellness and Stability are prime motivators for efficient employees. While hard skills are important for a company’s growth, mental health and overall wellbeing must also be given attention to ensure a fruitful working environment.

Also Read: As an Employee, Why Should You Care About Financial Wellness Benefits?

The goal of EarlySalary’s corporate employee benefits programme is simple: we want to change the way salaried professionals get credit by introducing the concept of an instant digital salary advance. Our corporate partnerships for employee wellness initiatives are among the most appealing on the market. To solve your money problems, visit EarlySalary today!

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Get An Instant Personal Loan For Medical Emergencies

Highlight: Medical emergencies can strike at any time. Not only are they physically exhausting, but they also drain you emotionally and financially. You may have to break into your savings or borrow money to cover these unexpected expenses. A personal loan might assist you in avoiding these paths by providing you with instant access to finances.

Obtaining a personal loan is not as grilling as it was. With technological advancement and economies have progressed a lot. Now, apart from banks, several other financial intermediaries like EarlySalary provide instant loans. 

Some of them are equipped with instant loan disbursement and pre-approved packages to ensure a seamless experience.

Also Read: Finance Medical Equipment At Home with EarlySalary’s Personal Loan

Eligibility Criteria for taking a medical loan

The general eligibility criteria for taking out a loan is as follows,

  1. This loan is available to any hired or self-employed individual.
  2. You must be between the ages of 21 and 58.
  3. You should have at least one year of continuous work experience and be currently employed for at least six months.
  4. The minimum salary requirement is INR 20,000. This figure might go up in cases of metropolitan cities.
  5. You must be a citizen of India.

Documents Required for Acquiring a Medical Loan

The documents that you should carry before applying for a medical loan in banks are as follows,

  1. Proof of identity
  2. Address proof 
  3. Passport size photographs
  4. Recent salary pay-slips
  5. Form 16
  6. Company offer letter
  7. Certification of Employment
  8. Bank statements
  9. Income documentation

Organizations like EarlySalary offer a paperless and simplified procedure. If you meet the eligibility criteria, then that’s it!

The platform’s high acceptance rate, along with the confidence that the money will be in your bank account in a flash with no paperwork, results in a loan experience that rivals those of some materialistic purchases.

In contrast to traditional loans, another distinguishing aspect of an instant personal loan obtained from EarlySalary or other such financial organizations is the loan’s flexibility in terms of loan utilization.

Also Read: What Are Your Last-Minute Funding Options For Medical Emergencies?

With EarlySalary, the loan amount can be utilized for anything related to the medical emergency, not just medical expenses such as surgeries, medical bills, and so on.

There are no extra limits, such as those associated with insurance claims, such as an upper limit on medical expenses and room type, and so on. Simply said, take the money, utilize it, and repay it on suitable terms, or even early – there are no prepayment penalties!

What’s the bottom line? Money should never impede providing the greatest medical facilities and services for you and your family.

How to Get Instant Medical Loans from EarlySalary?

EarlySalary has made the process of taking out medical loans even more simple. It’s like shopping online or ordering your groceries!

  • Visit the EarlySalary website or download the EarlySalary app.
  • Fill out all of the relevant information by clicking on their “Start Application” button.
  • Once the application is approved, simply upload the required documents, such as a passport-sized photo and identity proof in pdf format, to their portal with self-attestation.

Sit back and take advantage of the loan amount, which will be immediately deposited into your bank account!

As medical emergencies are almost always situations surrounding life or death, it is crucial to be aware of sham websites offering loans at low-interest rates.

Always try to search for your perfect loan plan and trust safe and secure platforms like EarlySalary.

Along with the perks listed above, EarlySalary also provides other services such as no additional cost for prepayment, medical loans to study medicine, no additional renewal or annual charge, and freedom to choose the payback term. As a result, you may pick EarlySalary and never let money stand in the way of your family’s health.

Want to talk to us about credit, medical loans, and your instant cash needs? We are here, ping us on:

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Boost Your Income With 3 Best Investment Plans

Highlight: MFs, PPFs, and fixed deposits are investment options that are good for long-term financial goals, short-term goals, and tax savings.

There are a few aspects that go into investment planning that determine how much money you may make, how safe your investments will be, and what rewards you will receive. To begin, think about your investment horizon and goals, which will aid you in selecting the finest investment options.

There are investment options that are good for long-term financial goals, others that are good for short-term goals, and some that help you save money on taxes. However, you must decide which investment product you will use and how you will go with it. Financial and non-financial investments are both possible. 

Bank deposits, mutual funds, Fixed Deposits, and other financial investments are examples of financial investments, while gold, real estate, and other non-financial assets are examples of non-financial investments. Before deciding on any investment options, it is recommended that you carefully review all the available financial vehicles and then make the best decision possible. 

Also Read: Investment‌ ‌Advice‌ ‌for‌ ‌ Millennials:‌ ‌The‌ ‌Whats,‌ ‌ The‌ ‌Whys‌ ‌, And‌ ‌The‌ ‌Hows‌

1. Mutual fund

When it comes to Mutual Funds, investors frequently find themselves in a quandary. Of course, because they are market-linked, they are riskier, but better returns cannot be underestimated. If you wish to participate in the markets but lack the necessary skills and ability, Mutual Funds offer better returns than many other investing possibilities. 

These are market-related investments in which money is invested in a variety of financial instruments such as debt, equity, stocks, money market funds, and so on, with returns determined by the fund’s market performance.

Mutual funds are divided into three categories: equity funds, debt funds, and hybrid funds, each of which invests in a distinct asset class.

What is Equity Mutual Funds and How Do They Work?

Equities funds are market-linked instruments that invest 65 percent of their assets in equity and offer a higher return on investment by investing in shares of firms with various market capitalizations. Because equities funds offer bigger rewards, the risk associated is also higher.

Who should consider investing in equity funds:

Investors with a high-risk tolerance

Individuals seeking Long-Term Investment Opportunities

Investors looking for tax breaks can invest in Equity Linked Saving Schemes.

Also Read: Ready To Make An Investment? Things To Keep In Mind

What are Debt Mutual Funds?

Government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments are examples of debt mutual funds that invest in fixed-interest assets. These products are appropriate for investors with a modest risk appetite since they provide a consistent return.

Who should invest in Debt Funds:

  • Risk averse investors
  • Individuals with investment plans of 3 to 4 years
  • Investors looking for highly liquid investments.

What exactly are Hybrid Mutual Funds?

Hybrid funds are mutual funds that invest in more than one type of investment security, such as stocks and bonds. As a result, these funds are ideal for beginning investors or as core holdings in a portfolio for diversification. The asset allocation of hybrid funds can either remain constant or fluctuate over time.

Who should buy Hybrid Funds:

Conservative investors looking for low-risk investment opportunities

Novice investors seeking significant equity exposure in their overall portfolio while avoiding high risk

Investors who have a long investment horizon.

2. The Public Provident Fund (PPF) 

The Public Provident Fund (PPF) is a government-backed investment plan that allows its members to make risk-free long-term investments. Every quarter, the interest rate on a PPF account is updated and paid by the government. The current rate of interest is 7.9%. PPF investments have a 15-year maturity period. However, after 6 years, you can only withdraw a portion of the money in your PPF account. On the other hand, a loan can be taken out against the balance of a PPF account.

The principal amount, as well as the interest earned, are entirely secure because this program is governed by the government.

PPF also falls under the EEE category (Exempt-Exempt-Exempt), which means that the principal, interest generated, and maturity amount is all tax-free. PPF contributions (up to Rs 1.5 lakh per year) are tax-deductible under section 80C of the Income Tax Act.

Who should put money into the Public Provident Fund?

PPF account investments are locked in for a period of 15 years, making it ideal for individuals looking for long-term investment opportunities.

Investors who want to take advantage of a tax break.

3. Bank Fixed Deposits

Fixed Deposits are one of the most popular investment alternatives accessible, following the classic investing methods. These are deposits made with banks that guarantee a set rate of return over a set length of time. According to bank restrictions and the FD tenure chosen by the investor, which might range from 7 days to 10 years. Individuals can, however, select from a variety of tax-saving fixed deposits with terms ranging from 5 to 10 years.

The investor has the choice of placing a cumulative deposit or a non-cumulative deposit when investing in fixed deposits. The interest on the cumulative option is reinvested in the principal amount and paid at maturity, whereas the interest on the non-cumulative option is paid to the investor according to the underwriting.

Fixed Deposits are appropriate for the following individuals:

  • Investors seeking a certain rate of return
  • Investors who are risk-averse or have a low-risk appetite should be cautious.
  • Investors looking for long-term investment alternatives

Don’t forget to consider the risk and the potential return of the investment strategy you’re considering!

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Travel Alone In-Budget: 10 Offbeat Destinations For Solo Travelers

Highlight:  The ten destinations we will talk about in this article aren’t just beautiful but budget-friendly. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets.

“Investment in travel is an investment in yourself.” No truer words have ever been spoken. All of us have been on trips with our friends and families. But how many of us have ventured solo to exciting destinations?

Traveling alone is an enriching and enlightening experience in itself. You meet new people, make your own decisions, and the best part; not having to squabble about what to eat for dinner! While some are first-timers, most solo travelers usually love to visit new offbeat places to spend quality time with themselves. Sounds like a vision, isn’t it?

Solo travel is slowly becoming a trend among the youth in India. Popular as ‘singles vacations’ or ‘holiday for singles’, these solo trips have become a self-discovering experience for the young-salaried class that doesn’t shy away from living their extra life on EMIs. Many online credit options, such as instant loans and salary advances, come to the rescue when you plan such trips impromptu or are short on cash. 

Also Read: Fulfill Your “Travel Abroad” Dream With EarlySalary On MakeMyTrip

Vacations and traveling require some planning and finance to begin with and often fall heavy on your pockets. But the ten destinations we will talk about in this article aren’t just beautiful but budget-friendly too. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets. 

#1  Daman and Diu

Destinations For Solo Travelers

Are you tired of those canceled Goa plans? Don’t wait anymore. Walk on the golden beaches and enjoy the tranquility Daman and Diu has to offer Its lush palm trees, and colonial monuments won’t fail to calm your senses. Activities such as water sports and horseback riding are also available for adventure lovers.

Best Time to Visit: October to March

#2 Pushkar

Destinations For Solo Travelers

Located in the Ajmer district of Rajasthan, Pushkar is a small city famous for its annual camel fair where cattle, horses, and camels are traded. Take back the essence of the famed Pushkar rose with you from “the rose garden of Rajasthan.” 

It is rich in mythological history and has a legacy of ageless architectural heritage. You can also visit Jagatpita Brahma Mandir, one of the prominent Lord Brahma temples.

Best Time to Visit: October to March

#3 Kodaikanal

Destinations For Solo Travelers

Kodaikanal, a hill station in Tamil Nadu, is set amidst granite cliffs, forested valleys, lakes, waterfalls, and grassy hills. It is a scenic and calm place that all mountain lovers would love to visit.

In Tamil, Kodaikanal means” gift of the forest.” The unsurpassed beauty of the Princess of the Hills indeed feels like a prize in the eyes of the beholder. Row a boat, hike, or cycle around the 5K Lake Road path; the choice is up to you while traveling solo *wink*!

Best Time to Visit: April to June

#4 Gokarna

Gokarna is located on the shores of the Arabian Sea in the state of Karnataka. Home to the popular sacred locations such as Mahabaleshwar Temple, this small town attracts several Hindu pilgrims. Take a bathe in Koti Teertha, a temple tank reserved for devotees, or roam around palm-lined Gokarna, Kudle, and Om beaches. You can also go flea shopping to splurge without emptying your pockets!

Best Time to Visit: October to March

#5 Itanagar

Destinations For Solo Travelers

Set in the Himalayan foothills, Itanagar is known for its scenic beauty, Buddhist culture, distinct heritage, and delectable Arunachalese cuisine. The wilderness of Arunachal Pradesh is home to a diverse range of flora and animals, including more than 500kinds of orchid and the state bird, the magnificent  Great Indian Hornbill. 

If you’re visiting Itanagar between September and December, you might want to include the Ziro Festival of Music, a well-known annual cultural spectacle.

Best Time to Visit: October to April

#6 Hampi

The historical town of Hampi, once the capital of the powerful Vijayanagara Dynasty, is now a UNESCO World Heritage Site. The ruins of Hampi date back to 1500 AD. Virupaksha Temple, Vithala Temple, Nandi Statue, and Lotus Mahal are among the must-see attractions.

Take a stroll through the temple village or hop on a bike and ride through the magnificent structures to learn more about the ruins.

Best Time to Visit: October to February

#7 Alleppey

Venice in Italy? No. Venice in India? Yes!

“Venice of the East” or Alleppey is located in the center of Kerala’s huge network of waterways. Stay amidst the legendary Kerala backwaters in their grandeur in overnight houseboat trips. 

Take a day off and float through the gorgeous backwaters, occasionally stopping at a small village along the way for a glass of toddy before continuing your journey forward through the vast networks of canals.

Best Time to Visit: September to March

#8 Varanasi

Varanasi, Benaras, or just Kashi—this ultimate Hindu pilgrimage destination is known by many names to us. Pilgrims flock to Varanasi, one of Hinduism’s holiest towns, to wash away their sins in the Ganges, pay obeisance to God on one of the city’s numerous ghats, immerse ashes in the Ganges, or die here, hoping to achieve Nirvana—liberation from the cycle of rebirth.

Whether you’re a religious pilgrim or not, Varanasi offers a look into a world that has been stuck in time.

Best Time to Visit: November to February

#9 Kurseong

Source: Holidify

Kurseong is a small hill town located in the Darjeeling district of West Bengal. It is also known as the Land of White Orchids. The area becomes foggy and rainy during the monsoons, making it a great destination for vacationers seeking a romantic environment. 

Take a stroll around the tea plantations or visit old churches and buildings from the British era. On most days, the sky is a rainbow of colors, reminiscent of a painter’s pallet.

Best Time to Visit: March to June

#10 Aru Valley

Aru valley is a tourist spot located 12 kilometers from Pahalgam, Kashmir. Being less crowded, it is a perfect place for people who love to be surrounded by magnificent meadows, breathtaking lakes, and mountains. A variety of outdoor activities are also available, including skiing and helicopter skiing.

You can also enjoy horseback riding or fishing in the Aru River or spend a relaxing day in the magnificent hills sightseeing, taking photos, and perhaps having a modest picnic while admiring the scenery.

Best time to visit: July to September 

A look at these serene destinations can make the heart of any solo traveler beat faster with excitement. Don’t let finance be a constraint in your travel plans. Apply for an Instant Loan with EarlySalary or grab an EarlySalary card to sort all your travel worries.

What are you waiting for? Plan your solo trip to these breathtaking destinations and find yourself again! 

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How Debt To Income Ratio Is Related To Your Personal Loan?

Highlight: With the growing popularity of personal loans, it’s important to know how your debt to income ratio affects your personal loans.

Personal Loans are being used by an increasing number of people to cover greater costs. One of the factors for the surge in popularity of Personal Loans is that they are unsecured loans that do not demand any collateral and have a rapid processing period. A Personal Loan can be obtained from any bank or non-banking financial institution of your choice. With the development of financial institutions’ online services, you can have your money in as little as 48 hours.

Also Read: 6 Expenses You Can Easily Finance With An *Instant Personal Loan*

Personal Loans and Their Benefits

  • Unlike other sorts of loans, such as a home loan or a gold loan, which require more papers, Personal Loans only require a few and the approval procedure is rapid.
  • Personal Loan online services are available from a variety of financial institutions, and the loan amount is disbursed within a few hours if the lender is confident in your ability to repay the loan.
  • Another important element of a personal loan is that the length of the loan repayment period is flexible, and usually has a term of one to five years. 

Moreover, personal loans and card payments are two of the most common financial items we employ. When people apply for a loan, only a small percentage of them are approved, while the rest are denied. Several factors influence the likelihood of your application being approved. In your loan application, your debt-to-income ratio is crucial. When lenders or financial organisations evaluate your application, it is one of the elements they consider and the debt-to-income ratio, or DTI, is just as important as your credit score.

The Debt to Income Ratio is one of the most significant metrics used by creditors to assess a debtor’s creditworthiness and any future loans they apply for and not fail on their EMIs. This ratio informs them of the percentage of your current income that is already being utilized to settle existing obligations, as well as whether you are a credit risk. Nobody wants to loan to someone in a debt trap, after all.

Also Read: How to get an Instant Loan without documents

What Is Debt-to-Income Ratio?

It’s a monetary figure calculated as a ratio of your monthly earnings to your monthly debt payments. It’s vital to remember that it’s based on a person’s monthly gross income. This is the amount of money you make before taxes and other deductions. Your monthly credit card payments, housing bills, property taxes, homeowner association fees, investment loans, car loans, insurance, and any other type of debt will be included in the repayments. Utility bills, subscription services, and mobile phone contracts are not considered debts, thus they are excluded from your debt-to-income ratio.

How Is DTI Calculated and What is the Ideal DTI?

Calculating your DTI is simple and does not require the use of any complicated mathematical formulas. Subtract your gross monthly income from your total monthly debt. To turn the ratio into a percentage, multiply the final amount after dividing the total debt by gross monthly revenue.

If you want to qualify for a mortgage, your debt-to-income ratio must be less than 43%. The lower your DTI, the more likely your loan application will be accepted. A low DTI ratio indicates that you have enough income to pay off your present debts. This improves the lender’s opinion of you. There are also two different sorts of debt-to-income ratios:

Front End DTI

It’s also referred to as a household ratio. It deducts the amount that goes toward your home costs, such as your mortgage, property taxes, and insurance.

Back End DTI

And this ratio covers all of your other monthly bills, such as credit card payments, personal loans, vehicle loans, student loans, and housing.

For loans granted by banks or independent mortgage lenders, the back-end ratio is preferred by the majority of lenders. If you apply for a mortgage, lenders may take both ratios into account. However, it differs from one lender to the next.

How Does DTI Affect Personal Loans?

Your credit report does not include everything, and because your salary isn’t included in your credit report, your DTI ratio has no bearing on your credit score. The debt you owe is, nevertheless, submitted to the credit bureaus. And that debt may have a negative impact on your credit score. It is true that not the full ratio has an influence on your score, but debt does. Here are a few ways your loan can affect your credit score:

  • The several types of credit you’re currently using.
  • The overall sum you owe in debt.
  • The tenure of all the loans you have.
  • The total number of credit checks performed on your account.
  • Your debt-repayment or debt-servicer habits.

How TO Improve Your DTI

You should keep track of your debt-to-income ratio at all times for your own benefit. Keeping track of your finances is an important aspect of smart financial planning. When your salary rises or you’re thinking about taking out a new loan, it’s a good idea to re-evaluate your debt-to-income ratio and your financial situation. You may also want to restructure your personal loans for ease, and maybe take a debt consolidation loan.

If you realise that your debt-to-income ratio is too high, there are certain steps you may take to reduce it. You can do the following:

  • If a purchase isn’t absolutely necessary, put it off.
  • Increase your EMI and pay off the loan sooner — this will temporarily increase your debt-to-income ratio but will reduce it over time.
  • Don’t take on any more debt until your debt-to-income ratio is below 35%

Keeping these in mind, head on over to EarlySalary to instantly avail a personal loan!.

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Low Salary? EarlySalary Rescue You With Personal Loans

Highlight: Get a low-salary loan for great interest rates from EarlySalary. Personal loans are more readily available than any other type of loan.

It’s not new information that financial institutions prefer to lend to those with a steady income as they will be able to make regular payments are less likely to default. Low-income individuals, on the other hand, may find it difficult, but not impossible, to obtain a personal loan, whose eligibility is determined by a variety of variables other than income, such as credit score, repayment capacity, employment type, age, etc. As a result, if you meet all of the other requirements, you can simply obtain a low-salary personal loan. Let’s look at how to get a personal loan with a low income and salary in more depth. 

Personal loans are more readily available than any other type of loan, and they are authorised in the fastest period possible if you meet the minimum eligibility requirements. One of the most essential variables that financial institutions consider when deciding whether or not to give a personal loan is the applicant’s disposable income, which should be at least 30-40% of his or her net monthly income. Depending on the applicant’s annual income, financial institutions will lend up to Rs. 25 lakh as a personal loan. As a result, if a person’s monthly income is below a specific threshold, he or she can easily obtain a personal loan with a loan amount appropriate to his or her income and repayment capabilities. Because low-salary loan candidates are considered high-risk borrowers, personal loan interest rates are set at the higher end.

Low salary loans from EarlySalary eliminate the idea that people with low salaries are unable to obtain a personal loan. A  personal loan such as this can help you finance your dream vacation or allow you to enroll in an online course to improve your skills. We all suffer financial difficulties from time to time, and that’s where an EarlySalary low-salary loan can help. The online personal loan for low-income folks makes it simple to meet any financial need.

Furthermore, due to the minimum income requirement, not everyone is eligible for a personal loan. Is it even possible to apply for an immediate personal loan while working your first job?

Also Read: How Much Personal Loan Can I Get Based On My Salary

Some factors to keep in mind before applying for a loan

Principal – You agree to repay a personal loan with interest, which is the lender’s “fee” for letting you borrow money and pay it back over time. You’ll have to pay a monthly interest fee in addition to the amount of your payment that goes toward paying down the debt. Interest is usually stated as a percentage rate. 

Annual Percentage rate – When you take out a loan, you will almost always be charged fees in addition to the interest. To offer you a more realistic picture of your loan’s true cost, the APR takes into account both your interest rate and any lender costs. APRs are a great tool to compare the cost and value of different personal loans.

Interest – You agree to return a personal loan with interest, which is the lender’s “fee” for allowing you to borrow money and repay it over time. You’ll have to pay a monthly interest fee in addition to the portion of your payment that goes toward paying down the debt. Interest is usually stated as a percentage rate. 

Unsecured Loans – Personal loans are typically unsecured, meaning you don’t have to put up any security. Whenever you take out a home or automobile loan, the asset you’re buying serves as collateral to the creditor. It is usually only guaranteed if the borrower or cosigner has excellent credit. Secured personal loans, on the other hand, demand collateral and may have lower interest rates compared to unsecured loans.

Maximum personal loans for salaried individuals

The maximum loan amount is totally up to the bank’s decision. Personal loans are available from some banks up to Rs. 50 lakhs, while others are limited to Rs. 25 lakhs. You can apply for a personal loan based on your annual earnings if you are a salaried employee. Considering these factors, the EMI will usually come up to about 45-50% of an individual’s salary.

When it comes to personal loans, most financial institutions like to see a salary slip and proof of the applicant’s ability to make money. Many people, however, do not receive a salary slip due to the diverse nature of employment and occupations. You have the following options in this situation.

Other financial documents such as bank account statements, Form 16, income certificates, and tax returns can be produced. You can apply with another person who can supply the necessary documentation. In this instance, the co-applicant must also have a good credit score, a steady income, and, yes, salary slips or other proof of steady income.
Examine the eligibility requirements, monthly EMIs, loan processing costs, and your credit score, among other factors, before applying for a personal loan with a low income. Keeping these in mind, any user can head over to EarlySalary Personal Loans and make an instant online application for a personal loan!

Another Read: How much Instant loan can I get based on my salary?

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Download the EarlySalary app here, or log in to our website and be a part of the #OneSmallStep experience