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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!

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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.

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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.

Salary Advance or a Personal Loan – Choose a Loan that Works for You

With inflation (and expenses) increasing consistently, it is challenging for folks to pull through the entire month with their salary. Receiving a fixed salary at the end of every month should ideally guarantee financial security, but sometimes, there is a possibility of you facing a shortage of money due to unseen situations. In such scenarios, they often turn to some form of credit, which assists in dealing with any unplanned or emergencies such as sudden medical expenses, a family occasion, or even relocating to a new city.

You would have received advice on planning in advance and saving 20% of your monthly income as it might probably be enough to meet emergency circumstances. But what if the money you saved is not enough to cover this immediate need? 

How would you approach this situation? An instant personal loan? But most lending institutions provide instant personal loans for a minimum of 12 months. 

So, credit card? Or borrow from a friend? 

People often find themselves borrowing money from home despite living very frugal lifestyles. This is largely because the concept of an instant personal loan either is unaffordable for them or cannot be sanctioned to them early in their careers. Admittedly, getting an instant personal loan in the early stages of your career without high rates of interest is difficult. 

However, we now have a better and simpler alternative in salary advance loans. But should you choose a salary advance over a personal loan? When should you choose a salary advance and when is it better to go for a personal loan? Let’s find out.

What is Salary Advance Loan?

With the rise of new-age borrowing sources, the consumer finance space is delivering a wide range of options across segments to its customers. Salary advance loans and instant personal loans are new-age borrowing options for retail consumers who offer credit without collateral to salaried professionals.

The concept of advance against salary has been growing in popularity for quite some time now. The term refers to borrowers taking out small amounts of short-term loans, often near the end of the month, in order to meet expenses. The salary advance loan is recovered in instalments at very low-interest rates. With the concept of an advance against salary catching up slowly, many leading apps like Fibe are helping bridge the gap between employees and their expenses

Salary advance apps have also done away with the tedious and lengthy paperwork accompanying the loans sanctioned at banks.

What is the difference between an instant Personal loan and a Salary Advance?

Salary advance loans is a short-term loan that is extended to salaried professionals. It can be used for any purpose, such as medical expenses, covering huge expenditures, or any other emergency.

A loan is an amount borrowed for long-term financial needs – a form of debt that is repaid over a long period of time. Loans serve various needs – for investments like a car, a house, or even educational expenses. An instant advance against salary, on the other hand, is used for short-term financial needs. This amount, in the traditional sense of the term, is deducted by the employer from the employee’s salary itself. Sometimes, banks also offer salary advance loans with a repayment cap of one year. 

For sanctioning an instant loan, banks look into your credit score and financial profile. Even then, the interest rate may not be favourable. Salary loans, though, come with very low interest. Salary advance loans are ideal for cash-strapped individuals who want quick loans to fund sudden expenses until their salary is credited. But should you choose a salary advance over personal loan? Let’s find out!

Why Choose a Salary Advance Loan?

#1 Age and income matter when you apply for a loan

Getting a loan sanctioned from a bank relies on a number of factors – including your age and income. If your income is on the lower side, as it may be at the beginning of your career, banks may be hesitant to lend you money. Low-income results in you being charged high-interest rates or having to submit more collateral. On the other hand, a salary advance factors in many other parameters to arrive at a more accurate and holistic view of your credibility as a borrower.

#2 Taking a salary advance is more flexible

The procedure of taking salary loans has always been more convenient with its procedures and is flexible with the amount and interest rates as compared to a loan. Your salary advance loan is normally deducted from your succeeding payslips, making the repayment easier. You don’t need to save up the money separately to repay the advance. 

Advance salary apps like Fibe offer a dynamic borrowing limit, depending on the kind of expenditure incurred. A salary advance gives you that ‘extra’ money to sail through tough times.  You can also borrow any amount and it can be paid off by the succeeding month itself.

#3 An advance against salary has quicker disbursal

Getting a loan sanctioned at a bank can take you anywhere from weeks to months and can be a tedious task with excessive paperwork. Loans require more paperwork and are also time-consuming. Banks may take 7-15 working days to approve a loan and transfer the amount. Advance against salary doesn’t require much time or paperwork, though, as the entire process is handled online. 

During times of emergency then, they are by far the best option.  All you need to do is, download the Fibe app, enter the required details and wait for 8 – 24 hours for approval and easy money transfer. Salary loans are a quicker option since it does not involve any middleman. There are a number of apps available today which can help you secure salary loans.

#4 Rates of Interest

The rate of interest levied on loans depends on various factors – many of which young employees may lack since they’ve just begun their financial journey. This results in high-interest rates or great collateral demands. Salary advances, on the other hand, charge lower rates of interest. Additionally, they levy interest only on the money that is drawn and used, as opposed to banks where the interest is levied on the accumulated amount as soon as it is disbursed.

Why Choose Personal Loan?

#1 You need a decent credit score for a loan

A loan from traditional financial institutions almost certainly requires a credit score and a good one at that. If your credit score is high, the interest on your loan will be low. Most young employees cannot take loans because they have no credit and need to build it. Taking any form of credit helps build your credit score and hence, taking a personal loan should also boost your credit score.

Cash Crunch

#2 Easy Repayment

The repayment tenure of an instant personal loan can put you in debt for as long as 5 years. Non-repayment can affect your credit score and may also lead to the rejection of your future loan application. 

A traditional personal loan from a bank often comes with strict and stringent payment dates regulated by the bank. The lack of money at such times often results in higher EMIs (equated monthly instalments) with every succeeding defaulted month. Personal Loan from Fibe has an easy repayment scheme. More often than not, they are directly deducted from your paycheque itself. If not, the repayment schemes are aligned with the payday to avoid any lack of cash during the repayment period.

#3 Unexpected Emergencies

Unpredictable situations like sudden sickness or hospitalisation can throw our expenses off track. During such times, instead of breaking into fixed deposits or taking an emergency loan with a high-interest rate, personal loans can seem like a far better option. This helps you avoid huge expenditure cuts in the future. 

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Personal loans help you pay off a large and sudden amount of money, be it hospital bills, credit card bills, or money for a vacation. Shop now, Pay Later. Fibe helps with any untoward expenses.

Salary loans benefit both the employee and the employer and it prevents employees from going into any cash crunches from their early days of employment. Salary advance applications are making the process more seamless and hassle-free with their instant approval and quick cash transfer. It is better to choose a loan according to your needs instead of always choosing a salary advance over personal loan.

With the rise in NPAs lately, banks are likely to tighten their purses. In times like these, credit-based applications and solutions like Fibe are bridging the gap and serving a large need. Personal Loan Apps like Fibe are making the process seamless and hassle-free with their instant approval and quick cash transfer. Their partnerships with portals, like Amazon and Big Bazaar, only translate to more ease and convenience.

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A Well-designed Financial Wellness Program can Help You Succeed. Here’s How!

The days of organisations benefiting from a straightforward retirement plan or all-inclusive health insurance have long passed. Millennials, particularly Gen Z, are demanding more extensive, inventive, and distinctive fringe benefits. Besides benefits like work-from-home alternatives and flexible paid time off policies, financial wellness programs are quickly gaining popularity. Here is a brief explanation of financial wellness programs.

Most employees state that they need assistance conserving money for a secure future. Employers now have started offering various financial wellness programs to cater to employees’ specific needs. Human resource is the most valuable resource. By lending access to financial awareness and wellness via such programs, an organisation not only amps up employee productivity and retention but also enhances the bottom line.

A financial wellness program must first educate the staff so that the employees can choose which financial wellness benefits are essential for them. They will be better able to manage their finances strategically as a result. Employees are just as concerned about their physical and mental well-being as their finances. And they believe that maintaining a balance between both aspects is crucial for a prosperous future.

But what exactly are the benefits of a financial wellness program? Let’s find out how a well-designed financial wellness program can help any organisation succeed in the procurement of its objectives: 

Not only will the employees benefit from having a thorough and customised financial wellness program, but you as the company will also reap some benefits.

Advantages of a Financial Wellness Program

1. Enhanced staff productivity: A financial program must provide budget coaching, debt management plans and student loan assistance. A direct benefit of this would be improved employee output. Additionally, this will lessen people’s financial troubles. Employees who participate in financial wellness programs spend less time worrying about debt and other issues.

2. Enhanced Employee Satisfaction: When employees have access to financial programs, they report higher levels of professional satisfaction. Programs that enable employees to meet their personal and familial financial objectives, building an emergency fund, investing in an investment plan and other things are all part of it.

Employee engagement is higher when they are prepared for unforeseen financial problems. They don’t have to worry about their finances in the long run, which is why.

3. Increased employee retention: By implementing a financial wellness program, an organisation is more likely to provide benefits to its staff that will help them feel secure in their job and prospects. Inclusion of group insurance, vacation perks, low-interest home loans, retirement benefits, etc., helps organisations foster a long-term relationship, amiable work culture and employee loyalty, ultimately leading to greater retention and lesser attrition rates. 

4. Strong Employee Recruitment: Job-hopping is a typical trend among workers today due to the high level of competition. To reduce this, employers must offer all the incentives and perks necessary to retain top talent.

Employees have a strong sense of stability because of benefits like health insurance and wellness programs included in the job application. HR managers must make aware prospective employees of the same for a successful recruitment plan and create a good brand image. The millennials feel appreciated in a company that gives preference to their needs and makes efforts for the same. Increasing the likelihood that someone will join your organisation.

5. Reduced absenteeism: The cost of living has significantly increased due to inflation rates. Employees struggle to make ends meet despite having well-paying jobs. Employees rarely have a carefully thought-out financial strategy for their expenditures, which is why they face month-end crunch or inability to face bigger expenses. Financial stress and worry lead to many physical and mental issues that may deprive the employees of their usual vigour, leading to increased absenteeism. 

At other times, employees may choose to take on side occupations to have some extra cash. This may impact their ability to perform their primary duties, increasing the number of absentees in the company. This could be a serious issue for the business.

However, HR managers may help employees out of this scenario by teaching them about financial wellness. These lessons will enable employees to create an effective budget for themselves that will, in the long term, enable them to stay out of debt. Consequently, the likelihood of seeking another employment is reduced, leading to reduced absenteeism.

A well-designed financial wellness program can work wonders for organisational success. So make sure to invest time in one. 

The Bottom Line

HR managers must implement a program that promotes financial wellness within the company. We’ve already discussed some potential advantages and benefits that could result from it. Such a program’s structure can take time and work to develop. Additionally, this can serve as a superb example for others of the company’s exceptional corporate culture and a positive attitude among the staff.

Having assisted over 4 million employees in sailing through their financial woes and other related management issues, Fibe is your one-stop solution and trusted financial wellness partner. If your organisation wants to set up a financial wellness initiative catering to employee well-being and finances, head to Fibe for a hassle-free experience. 

What are the Documents Required to get an Instant Cash Loan

Barely a little more than a decade ago, paperless loans seemed a far-fetched option before the internet, combined with digital banking, made several advancements that changed our lives. Before the paperless era, getting a loan was a tedious, inefficient and complicated procedure. Now, thanks to the free market that sits atop our digital infrastructure, fintechs have simplified the process of getting a loan.

Even so, the core step of this procedure was always a huge pain to go through and that was documentation. All of this is made simpler after paperless loans are introduced. Now, a borrower doesn’t require any written application or documents from the borrower; one could apply for a loan through the digital platform to simplify the procedure.

Get an Instant Loan without Documents

Getting a digital loan doesn’t require you to submit hard copies of the applications or documents. To get a loan from Fibe, you just need to submit soft copies of your address proof, PAN and interest proof. Once approved, you can choose your loan amount and the  EMI tenure.

Pros with Paperless Loans

1. Hassle-free process – One of the core benefits of paperless loans is the simplification of the entire loan procedure. From loan application to acquiring approval and disbursement of payment – the entire borrowing experience has been brought online. Visits and waiting hours are a relic of a time gone by. 

2. Fast processing – Of course, the fact that everything happens online makes the whole process efficient. From submission of documents to disbursement, all of this takes a minimum of a few minutes with Fibe.

How to apply for paperless loans

Applying for a paperless instant loan can be a great solution for all your last-minute expenses. Here are some ways you can get a loan without lengthy paperwork.

1. Make effective use of ‘pre-approved loan offers’ – Commonly, various banking institutions, as well as NBFCs, present pre-approved loan offers to their existing customers. As the name suggests, no additional documentation is required from the borrower. Your current status makes you already eligible for the same.

Pre-approved loan offers are precisely based on several similar factors  -like their credit score, income and repayment capabilities in history. Platforms like Fibe can accurately and instantly determine your loan amount eligibility.

2. Choose yourself a reliable lender – When you maintain an excellent financial relationship with your lender, loyalty can be key. Repeat loans are far easier to get. 

Of course, the relationship is two-way. When trying to opt for a personal loan, pick a lender with an easy and transparent application process and great customer service like Fibe.

3. Look for specifically fast-track lenders – If you’re looking for instant loan approval specifically, check Instant Cash Loans from Fibe. The process takes just 10 minutes.

Things to remember before applying for an instant loan without documents

1. Credit score – Even though various lenders now offer instant loans without too much documentation, you’re likely to face ineligibility to get the instant loan approved if you do not have a quality credit score. What is a credit score? Your credit score is the display of your repayment capacity. So, the better your score, the better are the chances of getting instant loan approval. Check your credit score for free from Fibe.

2. Not entirely paperless – Even though the loan approval process has gone paperless, you still must submit documents like PAN card, ID proof and address proof. You won’t know where it might be needed while going through your application process.

3. Always have a backup – In some cases, where a borrower is required to present their salary slips or IT return documents if you do not have them, carry other documents like Form 16 with you. Always know what additional documents might be used in place of what is required; you can also confirm this from your lender.

As easy as getting instant loan approval has become after it has gotten paperless, it requires you to be more focused on your submission. Be entirely sure about every term and condition that comes along with instant loan approval. The process is less cumbersome for you and easily accessible. Do not be afraid of your lack of documentation; research well and you might find vendors who approve instant loans with minimum documentation.

Finally, always be sure to go through the terms and conditions of your lender thoroughly to pick the best choice for yourself

How To Get an Instant Loan without Credit Score

A credit score is one of the first measures a lender considers when you’re applying for a loan in India. It’s this information helps the banks and lending institutions evaluate any individual’s creditworthiness and repayment ability while applying for a loan. So, does it mean that people without credit scores aren’t eligible for a loan? Not at all. A borrower can get an instant loan without credit score or a low credit score. Let’s have a look at how to get loan without credit score.

What is a Credit Score?

The Credit Information Bureau (India) Limited is the credit bureau that maintains records of companies and individuals’ credit-related activities, including credit cards and loans in India, specifying their credit score.

A credit score is a three-digit numeric summary of an individual’s credit history that reflects his credit profile. It is solely based on past credit behaviour such as borrowing and repayment habits, as shared by banks and lenders with credit regularly.

A person’s past behaviour is taken as an indicator of their future actions, and hence the credit Score showcases a consumer’s creditworthiness. A high credit score enables cheaper and instant loan approval, while a low indicates vice versa. The credit score ranges from 300 – 900 depending upon various factors like the repayment history, credit card utilisation, the number of times applied for a loan and loans for different purposes of the individual. 

Generally, a score between 300 and 699 is considered a bad or low credit score. Banks are unlikely to lend loans to such people, and even if they do, the interest is 0.5%-2% higher. And if the score falls below 700 (mainly due to defaults made in paying off the previous loans), the banks might refuse to offer any loan. For example, when a person applies for a credit card or loan, one of the critical factors lenders check is the person’s credit profile, as depicted by the credit score. Banks usually offer loans to individuals falling within the 750-900. But Fibe can lend you an Instant Personal Loan with a low credit score.

You can either improve your credit score by clicking here or apply for an instant loan without credit score with Fibe.

How to Get a Personal Loan without credit/ Credit Score?

Applying for a loan without credit score is quite tricky, but Fibe makes your work easy by providing loans to individuals even without a credit or credit score.

1. Opt for Collateral Based Loans

Primarily, personal loans are collateral-free and do not require security. But this is only significant if you have a good or high credit score. Moreover, if you don’t have a credit score, you will have to offer security on a personal loan. Despite that, you can pledge any of your valuable assets as collateral on a loan to Fibe. This will make it easier for you to avail of a loan from the lender of your choice.

2. Prove your Creditworthiness

A lender always looks for a creditworthy borrower to approve a loan application. Therefore, if you have a stable source of income, you can easily apply for a personal loan from Fibe. You can even apply if you have a low credit score or no credit score displaying your salary slip or bank statements as proof of your income. In addition, this will prove your ability to repay the loan amount on time.

3. Get a Guarantor/ co-applicant for the Loan

Likewise, you can apply for a personal loan with a co-applicant or a guarantor but make sure that the guarantor has a steady income. If your co-applicant is a family member, you should inform them beforehand regarding your intentions to avail yourself of a personal loan to avoid confusion. 

Then the co-applicant needs to fulfil the KYC process with Fibe’s easy-to-use app. They will then check the bank statements and credit history. Then you’re most likely to get your loan application approved if the co-applicant meets the criteria.

4. Apply for a Lower Loan Amount

It’s best to avoid applying for a higher loan amount if you have a low credit score or don’t have one. This is because the lender may either doubt your creditworthiness or charge high interest. But Fibe charges low-interest rates on such loans. This ultimately increases your chances of getting the loan approved.

5. Ask for a NA or NH on your Credit Report from your lender

No History (NH) or History not Available (NA) or on your credit report marks the absence of any previous credit activity and credit in the last 36 months. In such cases, you can avail help from Fibe consultants. They may consider your situation and offer a personal loan at a reasonable interest rate.

6. Bonus Tip: Do it The Fibe way

Fibe makes things easier for you. You will no longer have to wander from bank to bank since it’s challenging to get an instant loan approval without a credit score online in India. We aim to be one of the most user-friendly instant loan apps in India. These are the five documents you need to avail an instant loan online with Fibe: 

  • Selfie
  • PAN card
  • Address ID proof
  • Aadhar card
  • Bank statement

Individuals can apply for an Instant Loan without credit score at Fibe. You can also explore more Money Management, Investment, Instant Personal Loans, And Financial Wellness Ideas on Fibe for all your needs.

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Download the Fibe app or log in to our website to become a part of the #OneSmallStep experience. 

EarlySalary Raises Series D Funding of $110 Million led by TPG’s The Rise Fund & Norwest Venture Partners

Highlights:

  • Expands cash loans business to over 150 cities
  • Adds multiple senior leadership positions over the last 6 months
  • Aims to deepen the financial ecosystem for young and aspirational Indians through its platform

Pune, India, 29th August 2022: India’s largest consumer lending fintech, EarlySalary, has closed its series D funding round of $110 million led by TPG’s The Rise Fund and Norwest Venture Partners. Existing investor Piramal Capital & Housing Finance Limited also participated in the round. This is EarlySalary’s largest fundraise to date, following the company’s last financing round in 2019. The company had raised $34 million in previous rounds from Eight Roads, Chiratae Ventures, Piramal Capital & Housing Finance Limited and angel investors. The latest investment will enable EarlySalary to grow its business significantly in the next 24 months. The series D round of $110 million includes a secondary sale. Unitus Capital acted as the exclusive advisor for the transaction.

Founded in Pune in 2015, EarlySalary provides accessible financial lending solutions of up to Rs. 5 lakhs to working professionals. The company expanded into the affordability segment and introduced Buy Now Pay Later (BNPL) services to its customer segment with a clear focus on education, health and consumer product financing. Over the course of its journey, EarlySalary expanded its services to over 150 cities and aims to continue growing its customer base.

EarlySalary’s core purpose is to provide a financial ecosystem for young and aspirational individuals. 80% of Indians use banking services, however, almost 50% of the Indian population doesn’t have access to credit due to various reasons. The focus of EarlySalary is to provide a safe and reliable credit platform to the underserved population, primarily in Tier 3 and 4 cities, at affordable rates.

EarlySalary’s comprehensive suite of products includes personal loans payable in EMIs over multiple tenures. The company will continue to expand its BNPL segment and build out an extensive network of partners across the healthcare and edtech segments.

To create a superior customer and product experience, the company will continue to focus on enhancing its tech and analytics frameworks while delivering a high degree of transparency, risk management and customer centricity to achieve its growth plan. In the last six months, EarlySalary has added key executives across risk, sales, treasury and other functions to strengthen its management team.

The company has rapidly expanded its presence from 18 cities to over 150 cities and increased its customer base to 12 million app downloads with approximately 1 million customers. It has grown 7x over the last two years and emerged as a market leader in providing financial assistance to young middle-income individuals across the country. The business continues to be profitable over the pandemic and expects to grow manifold in the future.

Commenting on this funding, Akshay Mehrotra, Co-founder and CEO said, “We believe in a customer-first approach to providing credit to young middle-income Indians and we are thankful for the trust millions of Indians have put in us. As our customers’ aspirations and credit needs grow, we will focus to continue to retain their trust and grow with them. The funding will not only help us in expanding our cash business but also build an array of capabilities to efficiently serve a larger segment of customers. We are confident in our ability to keep innovating and achieving 10x large growth in our customer base.”

Ashish Goyal, Co-Founder and CFO said, “EarlySalary’s core purpose is to enable financial services access to its core segments. This capital raise enables us to grow and meet our customer aspirations. We believe that we will be able to add significant value to the fintech ecosystem. This capital raise from two of the most marquee investors is also a validation of our core principles of building a business that is customer-focused, profitable and driving meaningful gains in financial inclusion.”

Akshay Tanna, Partner at TPG said, “Through its innovative platform, EarlySalary delivers a critical financial service to the growing, yet underserved, middle-income segment in India. By providing modest, short-duration loans at competitive rates, EarlySalary is improving the financial health of its customer base and empowering them to finance things like upskilling courses, healthcare needs, personal emergencies, and short-term cash flow mismatches. Akshay and Ashish have built a world-class team and a market-leading product that is poised to continue to meet the needs of India’s rising middle class and we are delighted to be a part of its next chapter of growth.”

Financial inclusion is a core focus of The Rise Funds’ multi-sector global impact investing strategy. The Rise Funds have invested in several financial technology companies that are building a more inclusive financial system around the world including Varo in the US, Duxiaoman in China, and Airtel Money in Africa.

Niren Shah, MD at Norwest Venture Partners said “We are delighted to partner with Akshay and Ashish at EarlySalary, who have built one of India’s leading, profitable and scalable consumer fintech platforms. Digital lending is emerging as one of the fastest-growing fintech segments in India and we believe that EarlySalary is well-positioned to serve the credit needs of millions of underserved but aspirational Indians. EarlySalary’s strong growth has been driven by a world-class technology, analytics and governance platform, which has resulted in exceptional credit underwriting and asset quality.”

With the recent digital guidelines by RBI, EarlySalary believes that the ecosystem is also enabling an innovative and constructive environment to grow its digital footprint and digital way of banking. EarlySalary aims to expand operations across verticals and targets to reach millions of customers. It aims to build a significant presence in the impact categories of providing cash loans to young Indians, salary advances to corporate employees and an ecosystem to provide avenues like BNPL to its customers.

About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and agriculture, financial inclusion, healthcare, and impact services. With approximately $15 billion in assets across The Rise Funds, TPG Rise Climate, and the Evercare Health Fund, the TPG Rise platform is the world’s largest private markets impact investing platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. For more information, visit therisefund.com or @therisefund on Instagram.

About Norwest Venture Partners
Norwest Venture Partners is a global, multi-stage investment firm that manages approximately $ 12.5 billion in assets and has funded more than 650 companies in the last six decades. Norwest Venture Partners is focused on early to mid-stage venture capital and growth equity investments across a wide range of sectors including Fintech, Insurance, Consumer-tech, B2B, SaaS, Healthcare, Logistics, etc. Some of the prominent investments in India include Swiggy, OfBusiness, Kotak Mahindra Bank, Five Star, NSE, Vastu Housing, IndusInd Bank, SK Finance, Mintifi, Xpressbees, Amagi, Thyrocare, Duroflex, MENSA, etc. Norwest has offices in Palo Alto, San Francisco, India, and Israel. For more information, visit www.nvp.com.

About Fibe (Formerly EarlySalary)
EarlySalary is India’s leading consumer lending app focused on young, aspirational and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. EarlySalary has grown multifold over the last 2 years and emerged as a market leader in providing financial assistance to young middle-income group in India. The company has already disbursed nearly 2.8 million loans worth Rs. 7,500 crores.

Return to Work Perks Offered by Employers

Highlight: Apart from financial safety, the thing that job seekers nowadays consider is employee benefits. Providing these benefits plans might help the organisation attract great talents. Read to find some awesome perks a company can offer its employees to bring them back to offices after lockdown, and how Fibe can help.

Employees are, no doubt, an organisation’s most valuable asset. But organisations often fail to recognise that salaries are more a threshold than an effective measure to keep the employees happy and engaged. Back to work perks and incentives remain a great opportunity for companies to utilize the untapped potential and take advantage of the talent pool.

The post-covid times, especially, have reinvigorated the appeal of these non-monetary benefits as a great way to bring employees back to office after lockdown and push them to work full-time from there. Many companies, including Google, Deliveroo, DailyPay etc., are opting for the carrot over the stick and offering special return-to-work perks.

5 Perks to Include in the Updated Compensation Plan

Figuring out how to welcome employees back to the office after lockdown? Here are some of the most popular work back to work perks to consider:

  1. Paid time-off: Proactive companies provide open vacation or Paid time-offs for their employees. The employees can take as much vacation time as they need. In return, they have to meet the deadlines and produce high-quality work. These kind of back to work benefits will actually motivate employees to not only return, but give their best shot in the work they do.

    A study shows that long-term happiness is achieved from good experiences, not material things. An open vacation policy boosts employees’ productivity and efficiency. The only catch is that employees should meet deadlines and produce results. Companies adopting these policies notice a win-win ownership mindset in the employees. These employees think for themselves and the growth of the company.
  2. Offer a Flexible Schedule: Logging more hours into the employee’s work schedule does not guarantee higher productivity. Organisations should act proactively and give them a chance to explore their most productive times of the day. A traditional workweek is outdated in 2022 and it’s high time employers realize this, especially if they’re looking to introduce return to office perks.

    Having a hybrid work model and giving employees the flexibility to work for some days in a week from wherever they feel comfortable – whether office or home – can help organisations bring more workers to their desks post-pandemic.

    Allowing employees to have time outside of the office improves their mental health. A study showed an increment of 12% in employees’ productivity levels who possess mental well-being. A better option is reducing the working days to 4 per week. Clearly, return to work benefits like these improve outcomes not just for the employee, but also for the organization as a whole.
  3. App-based Wellness Programs: Proactive companies are adopting app-based wellness programs for their employees. These apps give employees a space to choose numerous wellness packages related to mental health, financial wellness, life coaching, exercises etc. 88% of workers consider that health and wellness programs give employers a competitive edge when it comes to company culture – for both current and prospective employees.

    Online wellness programs are a great idea for back to work benefits allowing employees to take these classes at home or from their desks without fearing health risks. Plus, there is something for everyone to choose and benefit from and this will significantly attract more employees back to office after lockdown.
  4. Rest and Relaxation Perks: Adding return to office perks beyond work desks and PCs, such as cafeterias, gyms, shopping complexes, creches etc., can help employees maintain work-life balance and encourage them to return to offices. Employees can be given free memberships or coupons for these utilities. These changes would help improve the mental well-being of employees and encourage a healthy lifestyle. Happy employees are the most productive ones. What could be a better perk than this?
  5. Celebration Perks: Have you heard about Google organising the return-to-work celebration? The concept is interesting. This could be a great opportunity for the employees to build relationships with the new and existing employees.

    These kinds of return to office perks come with many benefits. First, it might boost the level of excitement in an employee to return to work. Second, it might leave them curious about the purpose of the celebration. The celebration could be related to the company’s success or some new offers. The more employees are aware of the benefits of returning to office, the more motivated they will be.

    Celebrating birthdays and individual successes, meetups, organising weekend parties, fun activities or interaction sessions could be a ritual to keep the workplace brimming with life and a second home for employees.
  6. Provision of Food: Free meals may work as an employee-retention magnet and give a big boost to their productivity. A Harvard Business Review study stated, “employees typically consume one or several meals plus snacks during work hours,” emphasising the importance of their food.

    The company can pay for some of the employees’ meals, offer them food discounts or provide longer meal breaks. Organising occasional lunch and dinner meets can also yield better results.

Bringing people back to office after lockdown won’t be easy in a situation where Covid-19 has not fully vanished. Companies need to build their work engagement policies, work compensation plans, and return to work benefits from scratch to meet employees’ needs in the new normal. As organisations look forward to their employees returning to offices or working on a balanced hybrid work model, new negotiations between the employees and employers on the benefits of returning to the office are bound to change the dynamics and hierarchy of back-to-work benefits.

Fibe offers employee financial wellness programs in tandem with organisations and a catalogue of financial services such as instant loans, salary advances and much more. It helps employees set their finances on track while they work their way to success.

How To Engage Employees At Workplace?

Highlight: Engaged workforce can work 10x better than a skilled but demotivated workforce. The managers need to organise certain activities to engage employees and make them feel responsible for their work

The key to running a successful organisation is employee engagement. If you, as an HR, can understand the level of passion and dedication an employee has towards their work, it would become easier to bring out the best in them and benefit the organisation.

Some employers think that satisfying the employees with perks and salaries would be enough to run a successful business. But the truth is far away from this notion – it’s just as important to engage employees in the workplace. As a matter of fact, 80% of the employees feel disengaged or less engaged at work, as per a Gallup report. A study by IIMB throws some interesting insights on employee engagement:

  • Employees who are engaged feel like a part of the team and work together in sync with minimal disputes.
  • Effective employee engagement activities will increase employee productivity and increase the profit revenues of the company.
  • Engaged employees show pride and motivation toward their work and provide high-quality services to the customers. Customer satisfaction means profit, and profit is the key to getting acknowledgement in the market.
  • This creates a positive environment in the business and reduces the number of leaves an employee takes throughout the year.
  • If the employees feel their needs are a priority in your organisation, they will find the work environment safe.

All these factors point to the significance of developing effective strategies for engaging employees.

How To Engage Employees in The Workplace

Now that we discussed the significance of engaging employees, let’s discuss how to engage employees in the workplace.

  1. Know your employees better: Communication is an essential step to engage employees. Communicate with the employees and understand them as individuals. Learn about their background, goals and achievements. Say hello to the employees and inquire about their families or hobbies. This would make them feel their presence is known.
  2. Provide employees with tools to achieve their goals: Another effective way to engage employees is to train them according to their assigned roles. This might help them gain confidence and understand what they’re doing at work and why it is important. If they are not trained well, there is a chance they’ll find their work overwhelming which can lead to reduced productivity.
  3. Tell the employees about the company’s progress: As much as HR needs to know about the employees’ progress, employees also need to know about their organisation’s progress. Knowing about the company’s profits and struggles could be a natural motivator to engage employees, as well as a catalyst to work harder. Discussing with your employees what works for the company and what doesn’t can help them come up with ideas that help them as well as the organisation outshine.
  4. Give them opportunities to prove themselves: HR personnel should remember that the team working in an organisation was chosen for a reason. Assign them tasks through which they can show off their skills and talent. This would substantially engage employees, encourage them and make them feel responsible for the specific project.
  5. Recognise them for their hard work: The key to solid employee engagement and boosting employees’ confidence is giving them the recognition they deserve. Giving them a few compliments in front of the team would motivate them to give positive results in the next project. If HR praised one employee in front of a team, others might try to work hard to receive the same encouragement.
  6. Let them lead: Every manager needs to let go and let their team lead at a point in their life. This is important for them to feel passionate about their work and know that the company has faith in them. Allow them to show their skills and drive the presentation without any interference from the higher authority. This goes a long way in boosting employee engagement and morale.

The above-mentioned strategies for engaging employees are sure to impact your organization positively, provided they’re done in the right way. No doubt, employee engagement is crucial to the success of any business. This engagement may take the form of non-monetary factors such as we discussed above or work culture and environment or may take the form of financial wellness programs like those by Fibe.

Through effective employee engagement activities, managers can make employees feel that they are a crucial part of the team, in addition to recognising their talent and giving them opportunities to shine. Listen to their feedback and questions, engage in their conversations, be a mentor for them and create a work environment free of fear.

How to Apply for a Personal Loan of ₹ 5 lacs with Fibe

Emergency can arise at any time and not everyone has adequate funds to deal with them. In such situations, personal loans can be very helpful. Quick personal loans provide funds and the confidence to cater to immediate needs such as unexpected medical expenses, debt consolidation to save interests or even home repairs. 

If you need immediate funds for a short tenure, you can apply for a 5 lacs loan online. The foremost benefit of online applications is the quick verification of documents and rapid approvals. rate.

A personal loan online is a good option for young professionals looking to meet their credit needs.

Eligibility Criteria for the Personal Loan 

Before you apply for personal loans up to 5 lacs, you must check your eligibility for the loan. Every lender has outlined eligibility criteria of their own that you must meet to avail of the loan. 

Fibe has easy-to-meet eligibility criteria for personal loans:

  1. Age – 21 years to 55 years
  2. Income – Minimum salary of ₹ 15,000 for non-metro cities and ₹ 18,000 for applicants living in metro cities
  3. Residence – Resident of India

If you meet these eligibility criteria, you can apply for the loan and get the amount transferred directly to your bank account in 10 minutes. 

Documents Required for the Personal Loan

After you have checked your eligibility for a personal loan, you need to collect the following documents required at the time of application. The documents required for a 5 lacs loan from Fibe are minimal and can be uploaded online for hassle-free approval. 

  1. Identity Proof – Proof for Identity like your PAN, Aadhaar, Passport or Voter ID. 
  2. Residence Proof – Proof of residence like Aadhar, PAN, Passport, Voter ID or Ration Card.
  3. Income Proof –  3 months of salary slips – not mandatory for every customer. 
  4. A selfie

Just upload the documents in PDFs for a hassle-free application and get a personal loan up to 5 lacs transferred. 

How to Apply for a ₹5 lacs Personal Loan?

Now that you have checked the eligibility and the minimum documents required let’s know the procedure for applying for a 5 lacs loan. 

Register

Download the Fibe app or register on the website. Fill in the few basic details.

Get Instant Approval

Get approval in seconds. Once approved upload your KYC documents on the app.

Choose the amount 

Choose the amount of  cash you want to borrow.

You can use an online EMI calculator to find the right manageable amount for you. You can also calculate the EMI and tenure likewise. 

How to Calculate the EMI on the Personal Loan?

The personal loan EMI is calculated on the loan amount, tenure and interest rate. With an online EMI  calculator you can eliminate the hassle of manually calculating your EMI amount. 

  1. Open the personal loan EMI calculator.
  2. Enter the loan amount you wish to avail.
  3. Choose the loan repayment tenure as per your financial situation at the time. 
  4. Enter the interest rate, and the EMI will be displayed in a few seconds.

Benefits of a Personal Loan of up to 5 lacs 

Personal loans up to 5 lacs is unsecured loan sanctioned based on the borrower’s financial profile. Such loans don’t have any usage restrictions; hence, the borrower can use the amount to fund any immediate requirement.  

In addition to this foremost advantage, availing of this loan brings several other benefits:

  • No Collateral – Lenders do not ask for collateral or security. The credit score and spending habits act as a guarantee. 
  • Attractive Interest Rates – Interest rates charged are manageable, ranging from 7  per day.
  • Flexible Repayment Tenure – Repayment tenure can be anywhere between 6 to 36 months, based on the borrower’s preference and the lender’s affirmation of the same. 
  • Minimal Documentation – With Fibe, the process is completely digitally completed with minimal KYC and financial verification. The disbursal time is just 10 minutes. 
  • No or Minimal Pre-closure Charges – The lender may choose to offer a pre-closure facility without levying any penalties. 
  • Borrow Anytime– The emergency 5 lacs loan can be availed any time through a quick and easy online loan app. 

Applying for an instant 5 lacs personal loan is easy. Just check your eligibility, EMI and documentation for a manageable application and repayment. You can apply for a personal loan online by filling out the application form and avail of the loan in 10 minutes.

Home Renovation Loan: All You Need to Know

Home used to be the heaven where people could come back from work and relax before the pandemic. Now, home are transforming into offices and schools. Even during regular days, the home needs renovation from time to time to stay trendy and comfortable. This is where a personal loan for home renovation provides the required funds.

You can apply for a personal loan for home renovation from your smartphone without leaving your house. Here, you will find all the information that you need to know about home renovation loan applications.

Whether you want to repaint your house, redesign your kid’s room, redo your bathroom or kitchen, or replace your windows, doors, or tiles, you may give a brand-new look to your home using your home renovation loan.

What’s more, you can get an instant loan online through a website or an app. Just login to your selected lender’s website or download their app and start the application process. These are the simple steps to follow:

  • Visit the lender’s website or download and install the app
  • Check the lender’s eligibility conditions
  • Create an account or register via your existing account
  • Fill up the online application form
  • Enter your details, which include your identity, address, employment, and bank details
  • Provide your loan requirement details 
  • Submit the application form

Once you submit the application form, you will get confirmation about whether you are eligible for a personal loan home renovation and the loan amount the lender is offering you. If you accept that loan offer, you have to scan and upload a few documents to prove your identity, address and income. If everything goes smoothly, you will receive your loan amount disbursed directly into your bank account.

Benefits of Applying for a Home Renovation Loan online

Online loans have become extremely popular among prospective borrowers due to the multiple benefits they offer. 

24/7 Availability

You may log on to your lender’s website or app 24/7, irrespective of their working hours. When you require an instant loan online, you can access it anytime and get the needed funds when you need them the most.

Convenience

You may apply for a loan online for anything you want in minutes. Whether you are at home or office, travelling or in the hospital for a medical emergency, you can submit your application within minutes and get funds instantly.

No Paperwork

NBFCs have minimal documentation requirements that include your address, identity, and income proof. However, you don’t need to visit the lender’s office to submit these documents. Online instant loan application from Fibe is a paperless that you can complete online. You can scan and upload the required documents and get a loan is seconds.

Faster Approval and Disbursal

A personal loan for home renovation does not require any collateral, guarantor or security. You can quickly accept the loan offer, select your repayment tenure and complete the remaining formalities online.  Fibe uses a proprietary AI/ML based algorithm that disburses loans in just 10 minutes.

Online Loan Tools 

While applying for a personal loan, NBFCs offer several loan-related tools to make loan applications easier for you. Some of the most helpful tools include:

  • Credit Score Checker: Most NBFCs have a minimum credit score requirement that you must meet to avail their personal loan. A credit score checker tool available online helps you check your credit score for free. Based on the results, you can decide to apply for the loan, choose another lender, or take steps to improve it. 
  • Personal Loan Eligibility Calculator: A personal loan eligibility calculator helps you confirm your loan eligibility. After entering your loan requirement, it displays the loan amount you are eligible for.
  • Personal Loan EMI Calculator: Most personal loans come with flexible repayment terms. They allow you to choose your loan term according to the EMI amount you are comfortable paying each month. Enter your loan amount and interest rate, and select a loan tenure to know what EMI amount you have to pay for that loan term. Depending on your monthly budget and repayment capacity, you can adjust the loan term until you find an EMI amount you can conveniently manage.

These are the major benefits of applying for an instant loan online. Going digital can be your saviour for urgent fund requirements because of its paperless procedure and fast loan processing. You can come out of crisis within hours if you fulfil the lender’s eligibility conditions and documentation requirements. You don’t need to visit several lenders or meet people while dealing with a loan digitally. So, find a lender suitable to your requirements and start the application procedure now.

7 Tips to Help You Manage Long Term Personal Loans

Personal loans are the preferred choice when you want instant funds to cover your planned or urgent expenses. Most of these loans come with flexible repayment tenures that you can choose as per your convenience. Choosing an extended loan term reduces the EMI amount and makes repayment more manageable. However, managing it for such a long time becomes challenging for many. Therefore, here are a few top tips to help you manage a long-term personal loan efficiently.

1. Make a Budget

Making a budget is the best step to improve your financial situation and manage loans better. Managing a long-term loan without budgeting makes you confused and vulnerable. You don’t know where your money is going and how much you are spending unnecessarily. If you save less than you should, creating a budget would be the best answer.

To create a budget, categorise your expenses into groceries, bills, entertainment, etc. Broad and simple categories make calculations and monitoring easier. Once you identify your unnecessary expenses, try to keep tabs on them to make loan management easier.

2. Pay Your EMIs on Time

Paying your EMIs on time every month is an efficient way to avoid late payment penalties. Missing payments also reduce your credit score, which ultimately affects your creditworthiness. With better financial management, you can stay on top of your EMI payments and avoid these consequences. Once you create your budget, you will find EMI payments much easier to manage. 

Make a financial plan and keep a portion of your income aside every month to pay your due EMIs. If you keep forgetting your EMI payments, consider activating the e-mandate to pay your EMIs from your bank account automatically. Another tip is to pay one early EMI as you receive your loan amount. Doing this will keep you ahead of your EMI payment plan and give you a buffer against a missed EMI.

3. Pay Extra Whenever Possible 

Just like paying one early EMI, paying extra whenever you can also maintains a buffer for a missed payment. This critical strategy keeps you ahead of your repayment term and attracts additional perks from your lender. Paying extra will reduce the overall loan term of your repayment plan and help you clear your debt sooner. Paying your personal loan earlier will save you money by lowering your interest outgo. Besides that, paying debts faster than the loan term will increase your credit score. As a result, you improve your chances of instant loan approval in the future at reduced interest rates.

If you consider paying extra on your loan EMIs, ask about the pre-payment charges you need to pay to the lender. While many lenders allow borrowers to pay loans faster without pre-payment charges, others may charge hefty pre-payment charges. Since such charges negate the advantages of early loan repayment, enquire about them to build a lucrative strategy.

4. Consolidate Your Debt

If you are managing multiple loans, consolidating them would be an excellent way to simplify your debt management. When you do that, you take out a single, bigger loan to repay all your existing loans. Then, you make a single payment to one lender, rather than making multiple EMIs to several lenders each month with different loan terms, interest rates, and other requirements. Many people take long-term personal loans to consolidate their debt and pay their EMIs over several years.

Debt consolidation is particularly helpful if you pay high-interest rates on some loans. However, before taking a personal loan for debt consolidation, check your budget and ensure that you can pay its EMIs on time.

5. Maintain a High Credit Score

Closely monitor your credit score while managing your long-term personal loan. This 3-digit number plays a crucial role in your financial history, and lenders give it due importance while approving your loan application. Your credit also significantly impacts your loan amount, interest rate, and repayment term. It reflects your credit behavior and repayment history. Staying ahead of your loan EMIs helps you maintain a high credit score and improve your credibility for the future.

6. Use Automatic Payment System

If you keep forgetting your EMI payments, try setting up an automatic debit directly from your bank account. By doing that, you don’t need to remember to pay your EMIs each month. The EMI amount will be directly debited from your bank account and transferred to the lender. However, you need to ensure that you maintain a sufficient balance in your bank account before the due date. One helpful tip would be to set up the automatic debit a couple of days after your payday. There are high chances that you will have enough money in your bank account on that date.

7. Control Expenses and Save Money

When you create your budget, you will identify where you are spending your hard-earned money unnecessarily. Little expenses here and there quickly add up and disturb your budget. Reduce your movie dates and dine-outs, control those impulsive shopping urges, and switch off lights to save on utility bills. Money-saving tips like these help you save a little more, which you can put towards your EMI payments. Once you pay off your loan, you will have enough money at your disposal to fulfill the urges you controlled all these years. 

Managing long-term personal loans becomes stress-free and pretty straightforward once you work out the tips provided above. Stay disciplined with your finances, set a budget, and pay your loan EMIs regularly to stay ahead of the curve. Once you become debt-free, you will breathe easier and enjoy the money you have on hand.

Are you looking for funds to cover your expenses? Apply for an instant loan for a loan term of up to 24 months and use the tips mentioned above to manage it like a pro.