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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.

Reboot 2020, With EarlySalary

Compiled By: Sudesh Shetty
About Sudesh: He is the Founding Member and Head of Marketing at EarlySalary. Backed by over 10 years of experience in digital advertising and marketing, Sudesh has driven EarlySalary with innovative and excellent marketing strategies that boost brand awareness, profitability, and growth.

Hasn’t the pandemic lasted way too long already? It not only brought the world to a standstill this year, but it’s also kept us from getting back to normalcy. Honestly, what is up with 2020? Like so many others, we too can’t wait to get back to life as restrictions ease and we return to the times we’ve sorely missed. 

The lockdowns and the economic crunch made life challenging for many and caused a pressing need for financial assistance. At EarlySalary though, we’re proud to have always risen to the occasion. As we unlock, along with our customers, we too think it is finally time to reboot. 

It’s why we are back to help our customers be able to spend again.

How COVID Changed Things

The goal at EarlySalary has always been to assist people to upgrade and celebrate life. It is essential, we believe, for us to live life to the fullest without worrying about bank balances. And we’re sure you agree.
With the opportunity to avail up to Rs. 2 lakh cash via instant bank transfer and zero payment charges, we believe that the availability of money should never be a hindrance for anyone to achieve their goals. 
According to a recent report, the instant-money economy has seen a high degree of innovation owing to engagement, modernization, and efficiency. But the pandemic slowed down these efforts. Across the sector, loans were paused and certain customers had to be restricted from a risk perspective. Moreover, the moratorium impacted the relationship between lenders and customers. 

Reboot 2020, EarlySalary
Availability of money should not be a hindrance

Post-COVID Story

And this brings us here – a post-COVID campaign to recognize what our customers are feeling – the need to reboot! For us, it means getting back to assisting people in their financial requirements. Some have lost their jobs in these times and there may be others who weren’t fortunate to get one. There are those who have been relatively unaffected, some who were deeply affected, and yet others who remain uncertain about the future. 

According to an IIM study in May 2020, 79% of the people were worried and had feelings of fear. But as services, such as e-commerce, have begun to deliver non-essential products as well, it seems that consumers are still hopeful enough to resume spending. 

A more cent study by McKinsey and Company has revealed that Indian consumer sentiment has picked up after seeing a dip in May. While many are being careful about how they spend their money, the study notes that consumers expect to shop more online across most categories. It was also found that nearly 91% of consumers have tried new shopping behaviors, such as different brands or websites.

Reboot 2020, EarlySalary
Source: McKinsey

It is essential that our emotional, and empathic sides take their rightful place and dominate our communication. We need to be reassuring, encourage positivity, and help people make the most of it now. After all, it’s who we are from within.

So, where do we start?

Reboot 2020

Since we seem to be hopeful and willing for things to return to normalcy, we figured that instant cash is of critical importance, and can prove to be crucial in helping out any customer. 

Whether it is for a phone that you have been hoping to buy for so long or a course that you need to pay for in order to upskill yourself, instant cash is imperative and EarlySalary is here to help customers avail it through an extremely easy process.

Reboot 2020, EarlySalary
Getting back to normalcy

The process is entirely digital, something that we have truly begun to appreciate now, and it is quick as well as secure. Personal loans are now being offered with minimal documentation. All of this would help people to bounce back to normalcy after months of uncertainty. This could prove to be the stimulus that many people need.

Of course, this is not all. EarlySalary also launched an initiative – EarlySalary CarES – in collaboration with GiveIndia. This was a mission to support our daily wage workers during the pandemic and to help secure a safety net for them. Donations to this were passed on to CRY foundation. When hard times struck, we knew we had to do our part to make a difference to the society we owe so much to.

Conclusion

At EarlySalary, we’re here to help you reboot 2020. It is time to make up for the earlier months of this year and live life to the fullest. Don’t let the month-end cash shortage or the electricity bills hinder your plans to achieve your goals. Instant cash transfers are only an app away and all a customer needs to do is fill out an easy form. Rest assured, the customer is bound to have a seamless experience.
Reboot 2020 for a Fresh Start.
Restore. Refresh. Restart.

Lets REBOOT!

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From GTA to Hitler, And Even Football: The Funny Side Of Coronavirus

Coronavirus has pretty much forced everyone out of their normal lifestyles and has created an air of uneasiness and gloominess across the world. As this duration of this pandemic increases, this tends to create mental health issues for many, which is just going to add on to an already bad situation. Plus, the internet is constantly flowing with bad news. 

It is absolutely essential to stay positive during these tough times. As an old, wise headmaster once said, “Happiness can be found even in the darkest of times if only one remembers to turn on the light” (who said Dumbledore isn’t quotable?)

While we love to help people in financial straits, and spread positivity through general mental peace tips, like the importance of Yoga, this time, we decided to spread some laughter and humor. Laughter, after all, is a very important weapon in our arsenal to help remain positive throughout even the worst of the times. 

In fact, the good folks at VeryWellMind have written a great piece on how humor can help relieve the stress caused by Coronavirus. They’ve explained how cortisol secreted when we laugh is a great stress buster, and how it can help improve our overall mental health.

With this in mind, we, at EarlySalary, decided to take a look at some of the funniest memes, jokes and trends shared across various platforms with the sole intention to spread some laughter and positivity.

Brace yourselves, the memes are coming

#1 Birthday meme, by u/omega4life in r/memes.

r/memes is one of our favorite destinations for our daily humor fix. This subreddit has some of the best and original memes to be shared across the internet. The community has plenty of great memes, but this particular meme, titled Maybe a corona meme, by u/omega4life is extremely funny. Take a look!

P.S. The best of Reddit is mostly in the comments section, so go check the meme out on Reddit!

#2 Mask meme, by Lumpysauce in Instagram

There have been a lot of people against wearing masks, claiming that it’s an infringement on their freedom and/or causing mild respiratory distress, with some claims even stating that masks are “killing us”. This is not a political forum though, but we’d kindly ask you that you wear your mask to help get over this pandemic as soon as possible. However, a wide majority of people are angry at people refusing to wear masks, leading to hilarious memes, such as the mask meme by @lumpysauce on Instagram.

#3 Wembley Meme, by Wembley Stadium’s twitter account

Plenty of us had great plans for the year 2020. 2020 had other ideas. This emotion was best expressed by Wembley Stadium’s official twitter account through this meme

Plenty of football fans were surely expecting to see a packed Wembley, but hey, maybe next year.

#4 Hitler has Coronavirus, and He’s Not Happy by YouTuber Puzzling games

If any of you folks have ever watched a movie called downfall, you know exactly what to expect from this meme. If you don’t, imagine an angry Hitler being ranting at the present scenario. It’s 4 minutes of complete frustration, which is subtitled beautifully to capture the emotions of the present scenario, go have a look!

#5 A dead meme returns by ultimate_uwu-master in memedroid

A lot of us know of the classic game by Rockstar Studios, Grand Theft Auto San Andreas, which sees the protagonist, Carl “CJ” Johnson thrown into the streets of his rival gangs with little cash when he utters a line which has become meme-worthy for years to come. This meme by ultimate_uwu-master brings attention to the fact that there has been some pandemic or the other in the 20th year of the last three centuries, go take a look!

This was our top 5 memes that we found the funniest during these dark times? What did you think of this list? Do you have more memes for us? Do share it with us through our socials with #MemeswithES and let’s spread some joy together, shall we?

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Extending Financial Wellness Into Retirement, With Technology

Financial Wellness is an integral part of everyone’s life. Essentially, financial wellness refers to effectively managing one’s economic life. It can include different aspects, such as spending while keeping one’s financial capacity in mind, being prepared for emergencies, having access to and making use of tools and information necessary for making sound financial decisions, and planning for the future. Even though it is an important concept, it is often overlooked and neglected. 

In fact, 69% of employees are stressed out about their finances, and up to 72% worry about their finances at work. Thus, the concept of financial wellness has become imperative to both employers and employees. 

When we talk about financial wellness, it’s best to not limit ourselves to the present scenario. Financial wellness extends well into the future, as it refers to a person’s overall financial health and the absence of money-related stress. 

Starting Early

One of the many concepts on which financial wellness is based upon is adopting healthy financial habits in the long run. Adequate savings and spending habits that employees learn during their professional careers can be carried well into retirement years. 

When we talk about retirement plans and saving for retirement, it’s not limited to people who will be retiring in a span of 5-10 years. Retirement plans have to be put into action as soon as one establishes their career, at a young age. A majority of young employees might see that, if they calculate, they are significantly unprepared for retirement, and need to save more. Financial wellness is primarily accumulation driven, which has now become an outdated approach, especially with the advent and rise of technology. 

Many current wellness programs, however, are ineffective. This is because they focus primarily on providing information or access to additional content or resources, such as: 

  • Personal financial management applications, 
  • Financial advisors, or financial coaches. 

The problem arises because these alternatives require significant time and effort. Hence, they are rarely accessed by employees and are rarely paired with concrete, actionable steps for extending financial wellness. 

When it comes to planning for one’s retirement, sooner is always better. 

  • New employees make a majority of important financial decisions during company on-boarding. As they tip-toe their way through the HR setup, they choose a retirement plan, set a paycheck direct deposit, and decide on health insurance. 
  • Another important area where financial wellness programs should be focussed on is promotions or job changes since these are key moments where finances are modified. 

Tech & Financial Wellness

Technology plays a crucial role in helping employees plan for financial wellness well into retirement:

  • With the development of apps that help employees with direct saving, emergency lending, and financial literacy, this assistance is becoming more digital, accessible, and less time consuming as compared to its conventional, outdated counterparts. 
  • Features such as chat and personal-goal settings available in these applications allow companies to not only educate but also communicate and engage. This is a revolutionary step because employees need more than just education. They need step-by-step guides that offer instructions on how to formulate and execute a plan.

It’s imperative to understand that these initiatives are not beneficial only for employees approaching the retirement age. According to a recent study, over 67% of millennials have some sort of retirement savings plan. This hints that the younger generation can benefit immensely from a technology-based financial wellness platform with a human touch. 

Financial wellness tools can help provide financial balance and adequate knowledge and guidance to set young employees up for success. It is only normal that currently, we see an increasing number of companies desire highly motivated employees with the greatest productivity, enhancing their benefits experience with these tools. 

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A Closer Look At The Tech Behind Instant Personal Loans for India

Compiled By: Anil Sinha
About Anil: He is the Head of Engineering at EarlySalary, with over 15 years of experience, Anil is passionate about technology and has strong Leadership skills driven by core human values. He has worked on various techno-functional leadership roles with hands-on code and delivered complex products in the space of distributed data processing, especially related to trade processing and risk analytics.

In the time of a pandemic that’s changing the way we live our lives, technology is bolstering ahead to cope up with the repercussions of the new normal. From cloud computing powering some of the biggest consumer tools and services to enabling working from home, it is constantly evolving to meet the needs of a world that has been forced to stay home. A financial crunch can be frequent in times of uncertainty and doubt, and the COVID-19 pandemic is no exception. This is where organizations like ours come into play and at the service of those who need fast and effective financial solutions. 

By offering instant personal loans with a minimum of basic requirements, we at Earlyalary are fortunate to be at the forefront of a fintech revolution. Financial Technology is a relatively new sector that combines technology and financial systems. With our technology adapted to be compatible with the ever-growing requirements of the fintech world, we have been able to develop an agile and more scalable system that is focussed on automation. This ensures smoothness of day to day operations. 

Automation testing and system monitoring

Investing in platforms that enhance and speed up processes is a crucial aspect of developing the tech behind instant personal loans. At Earlysalary, we have realized and acknowledged this from the very beginning. As a result, we have extensively invested in automation testing and system monitoring. This has helped us become more agile, respond to requests quickly, and effectively monitor all activities.

Utilizing data lakes

Instant Personal Loans

The concept of data lakes is gaining in importance, and rightly so. Data lakes help in managing large volumes of data – crucial to credit risk management – effectively and are honestly crucial to our success. By creating a data lake that is responsible for all types of our customer data, our overall system sees a marked enhancement in its strength and robustness. A data lake ensures the instant availability and high quality and reliability of the information so crucial to conducting our business and meeting our goals. At EarlySalary, our data lake has helped in making our analytics models far more capable and powerful, while strengthening overall processes.

Partner Management Platforms

A dedicated partner management platform is an excellent way to make partner integration smoother and easier. It brings many advantages as it automates operational tasks and recons. It also helps with auto failure detection and in some cases even auto-fixes. The EarlySalary team is fortunate to be involved in a variety of business partnerships with leading businesses, such as with aggregators from the marketing sector, and with lenders for co-lending. Our platforms are structured around a plug and play model that ensures that these integrations are seamless.

While the evolution of technology and its adoption and implementations are often at exponential rates, it’s reasonable to assume these metrics would see an even faster rate change in the light of the coronavirus pandemic. This would not be limited to just the fintech sector but will spread across all industries. Expect an increase in demand for cloud services and data analytics services, as well as for new avenues such as cybercrime security. Covid-19 has brought with it a wide range of changes that will have an impact on the way people think, work, and even spend. 

I believe that this data is crucial in need to identify the needs of the people, in order to serve them better. Customer centricity is of fundamental importance and priority, and we continue to work on areas that focus on improving customer experience through technology. We strive to increase the number of instant approvals for our loans, by reviewing our scorecard to provide better services to genuine customers. The tech behind instant personal loans continues to improve on a daily basis, as we race to ensure near-perfect optimization of processes and serve their customers better than ever before.

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How Did HR Teams in India Manage Covid-19?

During the tragic COVID-19 crisis, HR teams across the world were presented with a new set of challenges to keep employees motivated and safe. Organizations began building new work arrangements and are now restructuring HR processes and operations with a digital focus. HR departments are recalibrating priorities, changing focus towards the management of the workforce remotely, and reimagining workplace models. This blog explores how HR teams in India managed COVID-19 and how your organization can start to do just that.

Sprint Planning

From a recent survey by EY, the biggest concern for around 70% of organizations is decreased productivity as a result of remote working. The survey also highlights that 72% of organizations believe that COVID-19 will impact work beyond 6 months. This has led to several organizations digitizing operations, shifting to virtual recruitment methods, and leveraging emerging technologies like Artificial Intelligence, Robotic Process Automation, and Machine Learning. 

This change was led by the need for delineating key responsibilities, building work alignment, and work control. Organizations are now adopting structured work allocation and communication protocols to provide meaningful work to employees. Department heads and HR teams are rethinking workforce models and resource plans to keep employee engagement high. Performance management processes are being modified and benefits are being restructured. 

HR Teams

Many firms are now using collaborative dashboards for daily check-ins and relying on smaller teams, with clear ownership of tasks and accountability for execution. Teams are also asked to keep an eye on communication among members (to the extent appropriate). Teams are also maintaining daily and monthly calendars to organize daily huddles. Standard and structured templates are being used to update members within the team at specified intervals. Some firms are also keeping a moratorium on work hours, to maintain work-life balance and let employees have some downtime. 

Improving Work Control

Many firms are leveraging the gig economy for more agility and talent deployment. The EY survey also shows that nearly 55% of firms consider employee cost as an issue in the near future. The main steps taken to build work control are:

  • Articulation of key policies and procedures, providing greater autonomy to local leaders and managers with tools and information.
  • Quick, on-demand access to accurate information about task progress to frontline managers and supervisors. Local leaders have been given more autonomy, the authority to effectively address localized issues and needs.
  • Employee training to support each other through flexible work arrangements.

There is an increased focus on empathic and personalized communication. From on-call doctors and psychiatrists to virtual gyms, HR departments are working hard to keep employee morale high. Communication strategies based on daily check-ins, one-on-one calls, and team sync-ups for collaborative and integrated working are the backbone for ensuring productiveness among remote workforces. This also includes providing platforms to consult experts within and outside the organization, and raise questions, bugs, feature requests, etc. Video conferencing is aiding the mutual exchange of knowledge and reducing the sense of self-isolation. For example, the Mahindra group is using Cisco WebEx across all their locations. 

Leveraging Technology

Many companies are also setting up Virtual Private Networks (VPNs), virtual assistants, and chatbots for real-time information flow to promote instant and secure messaging for the smooth transfer of information among employees. Mobile-enabled individual messengers such as Slack, Salesforce, Zoom, Microsoft Teams, etc. are also being used for work allocation with simpler and less formal conversations in time-sensitive environments.

As per CP Gurnani, CEO of Tech Mahindra, the company may start “with 25% employees” working from home. “Most organizations will break away from large campuses to distribution centers. Work from home doesn’t mean work from home forever. There will be a Friday meeting, etc. But instead of my campus being 10,000 people in one place, it can be 500 people in a smaller town.”

To counter issues around data security and employee engagement, HR teams are setting up robust “rules of engagement”. This makes work from home more efficient as managers set expectations for the frequency, means, and ideal timing of communication for their teams. Bosch’s Chinese division had to instill a new understanding of trust and train its managers to work and manage remotely and emphasize a results-driven approach over the older presence-driven model.

Downside

There are some tough decisions being made as well. Some firms are revising compensation structure, halting recruitments, or delaying increments. As per a recent Layoff 2020 survey by MyHiringClub.com and Sarkari-Naukri.info, 68% of the employers surveyed have either started the layoff process or are planning to. 

Conclusion

Famous author, William Davies mentions that ‘to experience a crisis is to inhabit a world that is temporarily up for grabs’. While it may be difficult to stay positive for tomorrow amongst all the drastic changes, HR teams have prioritized communication, prompt reporting, and put remote working to test. The emphasis of HR teams throughout the crisis has been to reinvent business processes going with the grain of human behavior. This has helped to turn struggles and pain into new ways of thinking, better approaches, and innovations. After all, it’s important to prioritize mental health in times like these.

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Can we Claim Tax Benefits While Availing a Personal Loan

It is only when we start earning that the fuss about tax saving begins. The very moment we get our paycheque and see the taxed amount, we realize the importance of effective tax planning. While there are many ways to reduce your tax burden, most of us often fail to take advantage of all the tax-saving avenues available. More often, even the most experienced professionals lack awareness beyond Section 80C.

Take for example the case of tax benefits on a personal loan. Did you know that generally, personal loans are not at all taxable? This is because the loan amount is not accounted for as a part of your income while filing your income tax return. However, you must ensure that you avail the loan from a legal source such as a bank or other financial institutes or loan apps such as EarlySalary loan app. In this blog, we break down some myths and tell you how you can claim tax benefits while availing a personal loan. 

When Can I take Tax Deductions on Personal Loan?

A personal loan is a multipurpose loan that can be used to finance some of the most important milestones in your life, right from marriage to a new venture. One common myth about it is that the interest paid on personal loans is not tax-deductible. 

However, under some circumstances, you can avail of tax benefits even on a personal loan. The caveat here is the purpose towards which the personal loan is utilized. The IT Act allows tax benefits in these 3 cases:

  • Personal Loan for Purchase, Construction or Renovation of Residential Property

You can get tax deductions under Section 24 on personal loans if the amount is used to purchase, build, or renovate your home. Interest accrued from the borrowed capital is deductible from your net income or net annual value of the property for which the amount is used. 

You can also claim tax benefits up to Rs 2 lakh on personal loan taken for a self-owned property. The entire interest amount can be claimed as a deduction for a personal loan towards a rented home. The principal amount of personal loans for home improvement is also eligible for a tax deduction of up to Rs 1,50,000 under Section 80C.

  • Personal Loan for Investing in your Business

While there are dedicated debt funds available for growth financing of your business, you can also opt for a personal loan for your business requirements. You can claim tax benefits by deducting the interest paid from gross revenue i.e. the net taxable profit from the business. This is called a tax shield as this interest will be considered as a business expense and the exemption limit is not defined.

  • Personal Loan for Asset Acquisition

If you use the personal loan amount for incoming-producing assets such as shares or gold, then also you can get tax benefits. At the time of selling such assets, the interest amount included in asset acquisition lowers your capital gains, thereby reducing your capital gains tax liability on the sale transaction.

Bottomline

Yes, you can claim tax benefits while availing a personal loan. As you can see, there is more to tax savings. 

However, a word of caution here. Don’t take a personal loan just to claim tax benefits. You should also ensure that you have all the relevant documents such as the sanction letter, expense vouchers, authorized certificate from your bank, auditor’s report, and the lender certificate as proof to be able to claim your deduction on a personal loan. 

If you want an instant personal loan, opt for an online personal loan through the EarlySalary app to make sure you make the best possible use of all the options available. Attractive interest rate, instant approval, and hassle-free disbursement, EarlySalary instant personal loan app has it all and more. 
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Should you opt for the Personal Loan Moratorium? Read this before you decide

The COVID-19 pandemic and resulting initiatives such as lockdowns across the world have impacted the livelihood of millions globally as well as in India. As a result, many borrowers in India have witnessed a sharp decline in their income making it difficult if not impossible for them to keep making timely loan repayments. To provide relief to such borrowers, India’s Central Bank, the Reserve Bank of India (RBI) initially introduced a 3-month moratorium on term loan repayments for the March to May period. This was subsequently extended for a further 3 months in May for the June to August period. But this is a temporary relief, so to make an informed decision you should consider the following key aspects of RBI loan repayment moratorium.

Applicability of the Moratorium

RBI’s moratorium guidelines specify that it applies to borrowers of all term loans such as home loan, personal loan, car loan, etc. that were sanctioned before 1st April 2020. So if you have already applied for and been approved for the moratorium in March, you can potentially not make any EMI payments for up to 6 months starting on 1st March 2020 and ending on 31st August 2020. After the end of this period, you will, however, have to resume the normal monthly EMI payments once again.  

What’s more, you can apply for the moratorium even if you have multiple loans outstanding with the same lender or with different lenders. But do keep in mind that while you are free to apply for this facility, it is at the discretion of the lender to actually grant this request. For example, some lenders have put in place the criteria that an applicant’s loan account needs to be up to date i.e. no missed payments/defaults till 29th February 2020 to qualify for the moratorium.      

Moratorium Impact on Credit Score

RBI has specifically stated that any EMI payments missed during the moratorium period will have no impact on your credit score provided the lender has approved your moratorium request. Lenders too have confirmed that they will not be reporting missed payments as defaults during the moratorium to credit bureaus and also no late payment fees or penal interest on overdue amounts will be charged during the approved moratorium period.

The Interest Accrual Consideration

While not having to make EMI payments during a cash crunch is a good thing, there is an interest accrual cost that you need to consider. During the moratorium period, interest will continue to accrue on your outstanding personal loan principal at the start of your moratorium period. You can find your outstanding loan principal in your latest personal loan account statement. Alternately, you can use a free personal loan EMI calculator that shows your outstanding principal amount based on your originally sanctioned loan amount, loan start date, and interest rate. Let’s understand how the interest accrual calculation works with an example:

Let’s assume your loan principal outstanding at the start of the moratorium is Rs. 1 lakh and your loan interest rate is 12% p.a. Also, suppose you have availed the full 6-month moratorium.

Based on the above assumption, the monthly nominal rate of interest = 12%/12 months = 1% per month i.e. 1/100 per month Interest for the 1st month of moratorium
= 100,000 x 1/100 = Rs. 1000
Total Interest accrued for 2 months of moratorium = (100,000 + 1,000) x 1/100 + 1,000= Rs. 2010. The principal outstanding is increased by the interest accrued in the previous month, hence principal loan outstanding for the second month is Rs. 1 lakh + Rs. 1,000 (interest for the first month)

By using the same calculation, you will get the following figures:

Total Interest for 1 month of moratorium Rs. 1000
Total Interest for 2 months of moratorium Rs. 2010
Total Interest for 3 months of moratorium Rs. 3,030
Total Interest for 4 months of moratorium Rs. 4,060
Total Interest for 5 months of moratorium Rs. 5,101
Total Interest for 6 months of moratorium Rs. 6,152

Thus in our illustration, you will end up paying an extra Rs. 6,152 as interest accrued for the moratorium period of 6 months. Obviously, if your outstanding loan amount or interest rate is higher, the interest pay-out will also be higher. So, while the personal loan moratorium may not cost you in terms of late fees or penal interest charges, you will have to incur the extra interest cost as shown above.

The Best Course of Action

Many experts have already said this, but it does hold – “Apply for the personal loan moratorium only if you have no choice. If you do not have cash flow issues, stick to your repayment schedule like before”. This advice is practical as every borrower’s situation is unique. Some may be less impacted by the COVID-19 crisis than others and in such a case it does not make sense to pay the extra interest by opting for the moratorium. On the other hand, if you now lack the means to continue paying your loan EMI every month right now, the moratorium will give your much-needed relief as well as some time to try and sort your current financial issues, albeit at the cost of accrued interest.  

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Financial Wellness – All about having the financial freedom to make choices.

In the present evolving workforce, businesses are revaluating how they approach employee benefits. In the endeavors to draw in and hold top ability, organizations are meaning to make all the more engaging advantages programs. They are thinking about new, progressively extensive ways to deal with benefits. Considerably more significantly, they are pondering the make-up of their workforce and which benefits their employees’ worth most.

Millennial-age employees have various unique difficulties and are searching for specific advantages from their bosses. One of the worries of numerous millennial employees is financial wellness.
Financial wellbeing is about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.

Some of the signs of financial wellness include:

Being able to pay monthly EMIs or rent
A feeling of control over the financial situation
Having money for necessities
Can afford to maintain a good standard of living
Feeling of secure employment in the current job
Being able to pay for healthcare costs
Saving enough for retirement
Low level of financial stress 
Ability to handle three months unpaid without problem (under emergency crisis)
Confident in ability to afford healthcare-related payments

It is important to note that salary and financial wellness are not entirely dependent on one-and-other. A higher salary does not really bring about better financial wellness. Financial wellness is related to giving your employees the assistance and knowledge they need to smoothly manage their finances.

Millennials are the largest generation in the workforce, and they battle with financial wellness significantly more than prior generations.

How Does Financial Wellness Impact Your Workplace?

Failure to put resources into your workforce’s financial wellness can have an adverse impact on your bottom line. The first concern is the financial stress your employees face daily.  Businesses with the workforce that are worried about their finances suffer from:
Lower productivity
High attrition rate
Higher absenteeism
Low working morale

How To Help Employees Become Financially Well?

There are some systems and programs an organization can put in place to help its employees become more financially well.

Providing employees access to financial literacy helps empower them to take control of their personal finances. For this assist them with a benefits package that includes financial advice, investment assistance, and help in financial management is highly desirable.

In today’s digital age, employers making work easy for them is accorded a higher priority rather than a higher salary, although good pay certainly remains desirable. Further, employees also like to be cared for, and attractive benefits packages show that the employers care. Employee benefits are, therefore, very important to attract and retain a skilled workforce. There are many instant loan apps available in the market which comes handy while managing the financial crisis.

In addition to all these if possible, get them access to some credible financial coaches. Offering access to a dedicated advisor can give employees peace of mind knowing they have a finance expert to turn to for advice.

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The Convergence of Machine Learning and Big Data In Credit Risk Management

Compiled By: Balakrishnan Narayanan
About Bala: He is the head of analytics at EarlySalary, with over 15 years of extensive experience within the banking and finance industry. At EarlySalary he is responsible for building machine learning and analytical capabilities within the risk, marketing, and customer analytics. For Bala’s passion for solving complex business problems, in 2019, he got listed in the top 100 Data Scientists in Asia at Machinecon, Singapore.

Sources of credit – banks, financial institutions, and more – play a crucial role in sustaining economies and keeping cash flowing in the market. Any miss-assessment – via policies, market trends, etc – not only harms these sources, but their repercussions severely intensify in case of a wide-scale credit blunder. A historical example of such far-reaching chaos is the 2008 housing bubble market crash that traces its origin back to bad credit decisions and flawed lending judgments. The subsequent global financial horrors and the recession period is a trauma from which the market still hasn’t entirely recovered. Therefore it becomes critical for financial institutions to deal in credit whose risk has been adequately assessed. 

Primarily, institutions have a credit risk management system in place to check such miscalculations and avoid any high risk involved credit permission. A credit risk management system assesses the risk in granting credit to a customer, whether an individual or a company, based on their credit score, financial standings, and banking history. The efficiency of the credit risk management system in India might have saved us from a fiasco like the aforementioned 2008 crash, but like every other system and entity, credit risk management is also an area open to upgrades.  Tech developments like Big data and Machine Learning (ML) have brought much-needed advancements in the field of credit risk management systems. These aren’t new paradigms, despite their recent terminology. Even as early as 2014, 45% of bankers found data analytics to be useful in preventing fraud and non-repayment.

Now, more than half a decade later – how has our hold on data evolved? The answer lies in taking a deeper dive into big data and machine learning.

Big Data

We are now, more than ever, living in an age of data. Each and every activity of ours, whether in the real world or the digital realm, contribute to the formulation of our personal data. Compound this for each and every individual and you generate humongous stockpiles that are beyond the capacity of regular, or even moderately advanced data-processing tools. The field of big data comes to our rescue here, with capabilities in processing and analyzing the massive amounts of data we generate. Its incorporation in credit risk management has opened an infinite supply of crucial insights that goes beyond the general banking and assets related information. This helps in improving the credit risk management assessment. 

  • With additional data, like an individual’s payment behavior, interaction with other financial portals, and their projection of financial endowment on social media, we’re assisted in assessing their credibility and crafting better interest rates. For example – does this person often splurge on items unusually expensive for their income level? Do they follow betting pages on their social media? There is data to generate everywhere we look.
  • Data also helps people with no prior credit history in getting loans through similar analysis of their social media activity and other real-world non-financial activities. 
  • The availability of vast data forms an excellent source to analyze the behavioral and financial activities of non-customer individuals and companies and then offering them customized loans based on the result of credit risk management and getting new customers. Recently, in the aftermath of Covid-19’s initial stages, we were able to analyze customer data to assess how Indians were moving across the country prior to the lockdown. This gave us valuable insights into where to offer our services, and fine-tune our loans for specific regions.

Big data thus offers an in-depth look at customers’ activities and evaluates their legitimacy in being a good credit prospect. On the other end, machine learning analyses our data for future trends and predictions. 

Machine Learning

Machine learning provides superior analytical frameworks in examining data clearly and identifying the key patterns in relation to the customer behavior under vivid circumstances. This involves running different ML techniques to gauge necessary results based on risk assessment. 

  • Improved future predictions on customers’ ability and willingness to pay based on current data.
  • Identifying patterns driving the financial activities of the customer.
  • Constructing the financial behavioral profile of the customer in various circumstances.

Machine learning can involve self-improving and recursive algorithms via a range of techniques – supervised, unsupervised, and reinforcement learning. Without diving too deep into them – these concepts allow our tools to study data and learn from them on their own. For example, our data may be quick to dismiss customers with an interest in betting as worthy borrowers, but insights from machine learning may well reveal that in some special circumstances, such as when the candidate is from a mathematical background, they happen to be fairly skilled in the field, generate steady income and are excellent borrowers.

The convergence of Big Data and Machine Learning

The convergence of Big Data and Machine learning, therefore, is revolutionary assimilation to credit risk management. Their disruptiveness has not only improved the credit risk management system but aided in the expansion of the credit industry overall. The following is just a glimpse of their consequences in the credit sector:

  • Authorization of good credit, and a safety net for banks from the debacles of bad credit. 
  • Crucial insights for penetrating the ‘New to Credit’ segment with no credit history, with a personalized marketing strategy based on simulations. This can heavily expand the customer base. 
  • Accurate fraud detection with pattern recognition.

Since Big Data and ML are elaborating credit risk management systems, it is time to look at a key question. 

The Future of Credit Risk Management System

The credit risk management systems of today should thrive when propelled by big data and machine learning. The inclusion of artificial intelligence (AI) in the system will also offer crucial insights into how financial institutions may improve customer acceptance rates, and offer them accurate rates of interest. Together with the advancements in the individual technologies, a more specialized credit risk management system is on the horizon. 

A key fact that needs to be acknowledged is that these technologies are themselves in a stage of infancy and continue to see upgrades – both small and big leaps – with passing each day. We continue to suffer from biases in data that creep in every now and then in our algorithms. But as many would agree – this will only be improved as we feed our systems more data to fine-tune themselves. As a result, these biases will diminish over time and offer us the opportunity to work with more evolved and capable credit risk management systems. Technology is a field of anticipations and subsequent awes. Let’s see what the future holds for credit risk management. 

Get your loan approved within few minutes with instant cash loan apps

In the midst of COVID-19 pandemic and sporadic lockdowns – and their impact on our finances, running from pillar to post for loan applications and approvals is the last scenario you’d want to deal with. In this age, with all services digitalized, borrowing online is now easy. With dozens of lenders advancing loans online, instant cash loan apps have emerged as one of the most convenient options. 

While we all plan every penny of our earned income, slip-ups and financial emergencies are unpredictable. This is where instant cash loan apps can help for all your personal loan needs. The old conventional financial products are now evolving to suit different needs – whether they are spontaneous purchases or essential medical emergencies. In this article, we tell you about loan application eligibility in today’s age and 5 benefits of instant cash loan apps that can help you fight a cash crunch. 

How To Apply For An Instant Cash Loan & Get Instant Approval

Loan apps can complete the entire loan process online. You can check your eligibility without submitting any documents. Apply for a loan online by: 

  • Registering on an instant loan app, 
  • Uploading your address proof, 
  • Identity proof (preferably PAN card), 
  • Employment and salary details and, 
  • Your account details. 

Loan apps are password protected and so is every transaction made through them. This ensures your data security against identity theft and even if someone cracks your password, the money can only be transferred to your account. No third party can change the account details. 

Once your loan is approved, you need to upload a cancelled cheque leaf from the salary account. Your loan agreement is mailed to you after successfully uploading these documents. EarlySalary typically takes 8 to 24 hours to process the loan. The loan amount is transferred within minutes of loan approval.   

The Internet and smartphones have made instant cash loans in India a reality. With over a dozen instant loan apps in the market, getting cash loans within minutes of your application is no longer a utopian scenario. A quick comparison between the various cash loan apps for interest rates and repayment options can bring up options ranging from an instant loan to a salary advance loan and help you manage money crunch. 

Advantages of Instant Cash Loan

Famous athlete and Olympic Gold medalist Carl Lewis once said, “Life is all about timing”. It is in times of great uncertainty and professional commitments that time is now a more valuable asset. In various pursuits, don’t let lack of finances stop you. Here’s how a quick loan approval from a loan app can help you.  

  • Hassle-free Application Process 

Instant loan apps have a breezy registration and application process. Doing your homework by checking loan eligibility and EMIs with an online EMI calculator provides higher chances of loan approval.  With on the go access and instant loan approval, cash loan apps can help you whenever there is an emergency. Simply open Play Store/ App Store, dig out a reliable money loan app like EarlySalary, and upload the requisite documents. 

  • No middleman 

The biggest advantage of a cash loan app is privacy and security. OTPs and fingerprints verify every request or transaction made. There is no risk of losing your personal information. Your data is secured through encryption. In-app permissions ensure that you share only necessary information, no more, no less. 

  • Instant cash disbursal 

eKYC, online documentation, and online loan approval reduce the time taken by loan apps to disburse the loan. The lending process is simple and the decision to lend or not is typically made within a few hours of your application and instant cash loan is transferred directly to your bank account.

  • No effect on credit score 

Short-term financial constraints may affect your credit score. However, the risk of rejection of a cash loan based on your credit score is much lower in the case of instant loan apps. With instant money loan apps, check your preferred loan type, eligibility, and loan sanction is certain in almost all cases. With EarlySalary’s instant cash loan app, you can also calculate your EMI using the in-app EMI calculator.

  • Available for all purposes 

You can use an instant cash loan for travel, shopping, marriage, rent, vehicle, education, and much more, no questions asked. You may use the amount for almost anything and everything. Apps like EarlySalary also offer discounts and offers on transactions with partners such as Amazon and MakeMyTrip.

In times like these, there is plenty already for all of us to deal with. Contrary to conventional loans, instant cash loan apps take only a few minutes for approval, before the disbursement is completed right to your bank account. To sum it up – the EarlySalary instant cash loan app offers credit when you want it, wherever you want it, with no prepayment charges and flexible repayment options thrown in as well. Download the app now and get your instant cash loan approved within minutes!  

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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