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!


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.


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.


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.

Fibe: Your One-Click Solution For Instant Loans

Unexpected expenses can crop up at any time. In case of an emergency, getting an instant cash loan can be an easy way of managing these expenses. There are multiple online digital platforms and apps that offer instant loans online in India. Fibe is one such digital platform that provides users with Instant Cash Loans of up to ₹5 lacs within minutes. 

Benefits of an Instant Loan from Fibe

  1. Loan in just 10 minutes

Get up to  ₹5 lacs directly in your bank account in just 10 minutes with Fibe. Just submit a few basic documents online, fill in a simple application form and you’re all set. A perfect solution for any last-minute cash crunch!

  1. Collateral-free loans

Fibe does not require you to pledge any collateral or security such as property, gold, bonds or fixed deposits to get your Instant Loan approved. We offer you finance purely on the basis of your repayment capacity and income.

  1. Loan without a credit score

A unique feature of Instant Cash Loans from Fibe is that we offer you a loan even if you don’t have a pre-existing credit score. We deploy our cutting-edge AI/ML technology to assess your profile and provide you with a loan.

  1. Repay as per your convenience

Repay your loan over flexible tenures ranging from 3-24 months. You can foreclose your loan whenever you want at no cost. What’s more, you pay interest only for the number of days for which you use the amount.

Applying for a Personal Loan requires basic eligibility criteria:

  • You must be a salaried individual with a minimum salary of ₹15,000 in a non-metro city and ₹18,000 in a metro city 
  • You must be a resident of India
  • You must be between 21-55 years

Applying for a Personal Loan needs few documents:

These are the 5 documents you need to avail of a Fibe Instant Loan online: 

  • A Selfie
  • PAN card
  • Address ID proof
  • Aadhaar card
  • Bank statement

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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Download the Fibe app here and bring on the new vibe of finance.

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


  • 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 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 EarlySalary 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 office are bound to change the dynamics and hierarchy of back to work benefits.

EarlySalary 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 EarlySalary.

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.

Are Personal Loans Tax Deductible In India?

Quick personal loans are common these days. With instant personal loan platforms available today, this trend is gaining momentum every day. Personal loans are unsecured and can be availed of easily. This is why a larger number of borrowers find themselves going for these loans to procure funds for their personal needs. These requirements may include wedding, vacation, education expenses or other personal projects.

Personal loans are a quick way to arrange funds. However, it is important to find a lender with affordable interest rates. In this context, tax deductions on personal loans are a much-needed benefit for borrowers. But the most important question here is, are personal loans taxable?

Does India’s Income-tax Act (ITA) Allow Tax Deductions on Personal Loans?

When we talk about the personal loan tax deduction, there are two aspects of any loan. Each aspect is tackled differently by India’s income-tax act in terms of tax benefits. These two aspects are: 

  • The principal amount of the loan
  • The interest charged on the loan

If one is to answer the question about the possibilities of a tax rebate on personal loan the simple answer would be “No.”

The Income-tax Act of India has rules for tax deductions and exemptions on both the principal and interest of certain loans. These include home loans, education loans, business loans etc. But the act does not entertain any tax deductions on income tax returns in case of personal loans. 

The end-use of loan money will decide whether tax should be levied on a personal loan or not. This is due to the lack of direct mention of tax relaxations on personal loans interest rate and principal in the income-tax act.

Another key factor here is the source of your loan be it a traditional source or an instant personal loan app. The principal of a personal loan can become taxable or non-taxable, depending on the source from which you acquire the loan.

Suppose you are taking a personal loan from a bank, NBFCs or other legally approved financial institution. In that case your loan’s principal amount is considered a liability and is not taxable.

The rule is the same if you apply for personal loans online using an instant loan app. However, if the amount is borrowed from a friend, relative or other non-professional lending sources, it is viewed as your income. Such income is added to your gross income at the time of income-tax calculations.

But what about the interest paid on personal loans? Can a borrower enjoy tax deductions on the personal loan interest? As discussed above, there are certain conditions and the final use of the loan money that will be considered for any tax relaxation.

Here are three circumstances under which a person can avail of tax benefits on a personal loan:

1. Personal Loan Used for Business

If a borrower ends up investing the personal cash loan in his business the interest on that loan becomes a liability for that business. Here, the interest paid is considered an expense and can be deducted from the net profit of the business. This brings down the total amount of taxable net profit. Furthermore, the income-tax act has set any limit on the amount of tax-deductible liabilities of a business. This means that the entire interest on the person can be tax deductible if used in business.

2. Personal Loan Used for Buying or Construction of a Residential Property

Section 24 of the Income Tax Act, titled “Deductions from Income from House Property”, makes it possible to enjoy tax benefits. According to Section 24, interest paid for funds acquired through a personal loan can be deducted from the net taxable income from residential property. Section 24 will apply if the money is used for purchasing, constructing or renovating the same property. 

Since section 24 of ITA does not specify the type of loan, personal loans are also eligible for said tax deductions. The borrower would need to present the required documents to prove the use of personal loan money. Up to ₹2 lacs can be claimed as tax deductions on the interest of a personal loan if the borrower occupies the house

3. For Purchasing Assets

Suppose the borrowed funds are used for acquiring jewellery, shares or any other non-residential assets. In that case the borrower cannot claim any immediate tax relaxation at the time of purchasing said assets. However, the interest paid on loaned money used for buying the asset is added to the total cost of acquiring that asset. Therefore if the borrower ever sells a particular asset, the paid interest is also deducted from the capital gains. It is cut as part of the acquisition cost. This will effectively reduce the taxable profit.

Wrapping Up

Instant personal apps like EarlySalary have provided easy access to fast personal loans. The income-tax act of India does not explicitly provide any guidelines on taxes on personal loan. This vagueness allows other ways to ascertain tax benefits on personal loan. Tax benefits on personal loans can only be availed if borrowers fulfil certain eligibility criteria. This can be proved by presenting the necessary documents. So it is very crucial to keep safe all documents, bills and certificates relevant to the loan or the use of loaned funds.

Steps to get your bank account statement

A bank statement, also known as an account statement, is a bank-issued document that details the actions in a depositor’s savings or current account over the course of a given time and allows account holders to keep track of their transactions and accounts regularly. 

Bank statements are required as a mandatory document when applying for any loan. This article shows you how to get bank statements online or how to check bank statements online.

There are several ways to obtain a bank account statement: 

  1. Netbanking and Bank Apps

Both Netbanking and the official Bank applications follow pretty much the same process on how to get a bank statement. 

  • Login or perform a one-time registration on your bank’s netbanking portal.
  • Look for options that say ‘Download statement’ or ‘View transaction history’.
  • Select a date range to generate the bank account statement, and either click ‘Download’, ‘Send PDF or ‘Send on mt registered Email.
  • The account statement will now be emailed to you as an encrypted PDF or you’ll be provided with an option to directly download the PDF.

2. Check your registered email

Another method on how to take a bank statement online is by using your registered email.

  • Log in to the email account registered with your bank
  • Search for the terms ‘Bank statement’, ‘account statement’, or ‘transaction summary’. 
  • Banks send regular emails with bank statement in a PDF format that are password protected.
  • Download the file and make sure to decrypt it or include the file password while uploading the statement.

3. At an ATM

  • Visit your bank’s nearest ATM with your debit/credit card.
  • You’ll be required to enter your four-digit PIN number.
  • Select/Click on ‘Get mini statement’ or ‘Print mini statement’.
  • You will receive a printed copy of your account’s mini statement.

Most banks now provide online bank statements, making it easier for consumers to see their transaction history and keep track of their expenditures, although obtaining bank statements online is easy, simple, and free, it is not appropriate in a few situations. Some direct links to obtain a PDF account statement from popular banks are given below.

Canara Bank Net BankingState Bank of IndiaHDFC Bank
Axis BankICICI Bank Personal BankingBank of Baroda Net Banking
PNB BankBandhan BankHSBC Online Banking
Indian Bank Central BankUnion Bank e-statement

Start Offering Financial Wellness Program To Your Employees

Highlight: Get to know the top 7 reasons your employees need a financial wellness program. Read till the end why a financial wellness program can improve your business.

59% of employees report being satisfied with their employers when they receive access to some sort of financial wellness program from them, according to a Prudential report. 

This isn’t surprising. Superior work-life for teams ultimately results in better bottom lines for enterprises. 7 out of 10 employees say that their loyalty towards their employers increased after getting access to financial wellness programs. 

What is a Financial Wellness Program?

Financial wellness technically refers to a person’s improved financial health due to the absence of any financial stress. A PwC Employee Financial Wellness Survey reported that 63% of employees suffered from increased financial stress since the start of the pandemic. Bonuses, investment workshops, discounts on bills, etc. are some ingredients of a good financial wellness program.

In this post, we will give you a comprehensive list of the top 7 reasons why your employees need a financial wellness program.  

  • Increased Retention Rate

72% of employees report that they would leave their current employers if they find another employer providing them with a financial wellness program. A lack of financial wellness support from employers is one of the biggest reasons for this trend. 

A fairly reliable strategy to increase (or maintain) your retention rate is to make employees feel valued. A well-planned financial wellness program helps them feel valued by the company. Having a financial wellness program will help your employees be more loyal to you. 88% of employees have already initiated or have plans to start financial wellness programs in their companies. 

  • Happier and Healthier Employees

42% of employees face distraction at work due to financial issues. With a financial wellness program, not only do you make them happier and healthier but also save your enterprise from facing a significant amount of loss.

Employees spend 13 hours a month at work on average stressing over their financial problems. Those hours can cost employers up to a whopping $1,900 yearly loss per employee. On the other hand, financial wellness programs that include, say, health insurance or subsidised regular medical checkups, directly contribute to elevating and maintaining employee health. In other words, a financial wellness program not only keeps employees mentally stress-free but also truly healthy, by helping them to be debt-free.

  • Improved Performance 

72% of millennials remain stressed due to financial problems at work. Gen Z and Gen X are not very far on this metric, at 62% and 68% respectively. At the same time, 51% of employees want to make their own financial decisions but look for someone to validate them. About 36% of employees actively look for elaborate financial advice. 

A financial wellness program doesn’t necessarily include direct financial support from employers. Giving access to financial learning methods like workshops and seminars can provide employees with the financial advice they are looking for. 

  • Improved Job Satisfaction

Providing your employees with a financial wellness program represents your understanding and care for your employees’ financial issues. However, the rate of incentives provided by the employers doesn’t really increase, keeping pace with market inflation. 

Most employees face the need to take more leaves, loss of productivity, degraded quality of work, etc. due to the lack of financial support from employers in managing their monthly expenses. Companies that implemented a financial wellness program noticed 24% lesser unplanned absences by the employees. 

  • Decreased Level of Stress 

Around 57% of employees avoid getting medical treatment for a disease due to their financial stress. This is an alarming issue. Along with the cost of living, the rise in insurance costs leads the employees to suffer from high levels of stress and insecurity. The result? Low employee retention rate, loss of productivity, degraded work, and more.

60% of employees believe they will benefit from a financial wellness program. Stress-free employees not only provide improved work for the company but also take an active part in its betterment. In return, they ensure improved performance for the company.

  • Better Retirement Plan

In today’s world, most employees try to keep investments or savings, to ensure their retirement plan is strong enough. However, due to the increased cost of living, often they fail to make ends meet. 49% of employees feel they will end up using their retirement savings even before retirement. With a financial wellness program, you can help your employees secure their retirement plans. A financial wellness program will also help the employees to focus on their today more, instead of stressing over the future.

  • Improved Employer-Employee Relationship

As an employer, you would love to maintain a good relationship with your employees. And this goes both ways. When there’s active assistance for employees to deal with financial stress, they actively reciprocate. Especially after almost two years of uncertainty, employees need enterprises to be by them while they deal with their financial stress. 

Reducing financial stress is not easy. But the goal can be achieved through continuous efforts by improvising your financial wellness program.

How can EarlySalary Help You Implement the Perfect Financial Wellness Program?

You will need a reputed and reliable organisation that can provide you with the correct financial wellness program. EarlySalary provides you with a special feature to implement your dream financial wellness program. With the Employer Tie-Up Program by EarlySalary, you can provide your employees with a salary advance of up to ₹5 lakhs directly to their bank accounts. Further, you can also finance them with their financial needs like school fees and medical emergencies. 

EarlySalary also offers financial seminars to boost up financial learnings among your employees. As long as a professional’s salary meets our minimum ₹10,000/month criteria, they’re eligible for our service. With EarlySalary, you can implement the perfect financial wellness program for your employees and sit back as you received improved performance in return.

Top 3 International Wedding Destinations To Suit Your Budget

Highlight: Get the exclusive list of the best international wedding destinations to suit your budget. Read till the end to get an easy and instant loan for your big day.

Weddings are more than rituals. A wedding is a ceremony to celebrate the lifelong bond of two souls who are united by unbreakable promises. The wedding day is one of the most important and cherished days of anyone’s life. Plans go on for months to make the official pronouncement of husband and wife never become ephemeral. In recent times, a destination wedding has become the talk of the town. You might be thinking anyone would love an international wedding destination, but it is beyond the reach of commoners. But you will be happy to know that you are wrong!

In this article, we will give you an exclusive list of the top 3 international wedding destinations to suit your budget. From Aruba to the Dominican Republic, this list of wedding destinations in the budget will be inevitable for you to plan your big day in an unforgettable way. So, let the bells ring!

Dominican Republic: All-Time Favourite among International Wedding Destinations to Suit Your Budget

With beaches, lush green forests, exquisite golf courses, private resorts, and winding rivers, the Dominican Republic is the hidden corner of the Caribbean that will make your big day even bigger. If you are looking for a private international wedding destination to suit your budget then the Dominican Republic can be your best bet. The Dominican Republic offers you a wedding close to nature away from the concrete jungle. It is an island in the Caribbean and consists of some of the most enchanting beach resorts of the world along its 250 miles spread beach.

Source: Freepik

The Dominican Republic is really adamant to preserve its greenery. It is considered one of the most pristine natural spots on the west. Further, its unique combination of wilderness and privacy makes it one of the best international wedding destinations to suit your budget. Situated just two hours away to the South of Miami, Dominican is known as one of the most diverse, friendliest, and most affordable under $3,000 international wedding destinations around the globe. 


wedding destinations

If you are looking for international wedding destinations to suit your budget then the Bahamas has to be on the list. What can be better than taking your wedding vows by the turquoise sea with white-golden sand beaches? Situated in the North-West of West Indies, Bahamas is so appealing to be one of the international wedding destinations to suit your budget as it offers luxurious hotels with special discounts and offers for couples. 

The wedding packages offered by the resorts of Bahamas can leave even the most frugal couple feeling evocative. This tropical location is in the South-East of Florida and offers actual too-good-to-be-true services for your wedding. Further, you don’t even have to worry about your wedding management. Wedding packages in the Bahamas include most wedding management services from decorations to photoshoots. Son if you are in search of international wedding destinations to suit your budget, make sure to give a head to the Bahamas. Who knows you might even be lucky enough to get the hotel rooms for free!


wedding destinations

Are you looking for international wedding destinations to suit your budget under $1,000? Then this Caribbean island is your panacea. Aruba is a stunning island off the coast of Venezuela surrounded by the deep blue Caribbean sea. Landing here you might find yourself wondering if it is some dreamy wedding destination of Europe. From architecture to the parks, everything here is inspired by Europe. Aruba offers you a wide range of awe-inspiring and affordable resorts to choose your wedding destination on a budget.

Also Read: Ultimate Hacks To Manage Wedding Finances 

You will be surprised to see the diversity of options available to you within your budget that makes Aruba one of the best international wedding destinations to suit your budget. The array of world-class resorts offers you all types of wedding services at a reasonable rate. Further, Aruba is well-versed in hosting some of the most captivating weddings in recent years.

Low on Budget to Choose Your Favourite International Wedding Destination? Don’t Worry We Got You Covered

Everyone deserves that his/her wedding day be the cynosure of their lives. However, budget often leads us to kill our dreams of a destination wedding. But does your big day deserve to be deprived of the attention and memories just because you are a little low on budget? Don’t worry anymore as EarlySalary is your panacea. Serving over 5,00,000 happy customers nationwide, EarlySalary has become the talk of the town when the issue is of the financial crisis.

Also Read: Fulfill Your Wedding Dream With EarlySalary’s Wedding Loan

EarlySalary provides you with an instant loan of anywhere amounting from 5,000-5,00,000. You can apply, complete the process and get the cash in your bank account sitting at your home. The 24/7 secure service provided by EarlySalary makes it reliable and accessible to people in all spheres of society. If you are looking for international wedding destinations to suit your budget, then EarlySalary also provides you with an easy and instant travel loan

Partnering with one of the best travel services of India, MakeMyTrip, EarlySalary ensures you don’t find yourself in any further imbroglio while choosing international wedding destinations to suit your budget. So, what are you waiting for? Let the party begin!

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Alert! Omicron Variant: Time To Revisit Strategies For A Safe Workplace

Highlight: With an increase in the cases of COVID-19 Omicron Variant, it is ideal to revisit strategies for a safe workplace ahead of the fear of another wave of the pandemic.

The WHO has reported a new potentially dangerous COVID variant called Omicron. Also known as B.1.1.529, its first case was detected in southern Africa in November of 2021 and is now seeing a steady rise in several nations worldwide. The World Health Organization further revealed that this coronavirus variant is spreading faster in nations with high population immunity levels. 

With the rise in cases and uncertainty around its impact, restrictions, including travel restrictions, are being out in place, employers are being forced to reconsider the strategies for a safe workplace.

Encourage Vaccination

Vaccination continues to be the most effective weapon to prevent the risks of serious illness, hospitalization, or death caused by the coronavirus. Employers realize that the best way to ensure employee safety is to encourage vaccination. Encouraging employees to get vaccinated, offering time off for the same, or even offering on-site vaccinations are some strategies employers can adopt for a safer workplace.

Regular COVID Testing

As the rise of omicron variant cases doesn’t appear to be stopping anytime soon, it would be advisable for employers to incorporate COVID testing as a part of workplace policies. Testing can increase the detection of the virus considerably, allowing employers to take necessary precautions and prevent employees from coming to the workplace and spreading the virus.

Hybrid Strategy 

Most companies have started or plan to shift remote employees back to the workplace. However, with the onslaught of omicron variant cases, it is necessary for employers to go back and think about it. Companies like Google and Ford Motors had planned on a complete transition of employees to working in-office but have put a hold on their plans until more information about the severity and transmissibility of the variant can be gathered.

The broader effects on the community should be considered because as more employees start returning to the workplace, the community transmission would also increase. They would use public transport, come in contact with more people, and even risk infecting the people they live with at the end of the day.  However, companies could mitigate this risk by postponing employees’ return or adopting hybrid strategies for a safe workplace with flexible schedules and remote work.

Since the risk of workplace transmission is directly linked to the community infection rate, employers planning forward should consider these broader community effects. 

Promote Social Distancing and Masking

Until a strategy for universal vaccination is devised, one of the essential strategies for a safe workplace would be to follow non-pharmaceutical measures to battle the omicron variant. Even before the development of vaccines for the virus, the standard operating procedure was to maintain social distance and mask. These should be practiced vigorously as the threat of the new variant hangs overhead. 

Flexible schedules and remote work are adequate measures to practice social distancing. Many employers have gradually begun transitioning remote employees back to the workspace. In such cases, employees should be instructed to wear well-fitted masks and maintain a physical distance of 1 meter. 

Employers could also enlist the help of financial incentives to promote social distancing. If social distancing is unfeasible, then large office gatherings at the very least should be limited.

Promote Mental Health

The pandemic has changed workplace operations and policies. It not only increases the workload but also increases additional stressors.

Due to remote work through the pandemic, work-life and personal boundaries have blurred. Mental and physical health are closely interconnected, and if employees are overworked, overstressed, and burnt out, their immune systems are compromised. It puts them at a greater risk of getting infected and falling sick, despite being vaccinated.

Employers should continue providing continual mental support to employees through mental health counselors, allowing them to decompress through regular talks, events, and flexibility in office schedules.

Also read: Work Culture Boosts Productivity And Health. Here’s How 

As the world witnesses the Omicron variant cases rising steadily, employers are forced to rethink their plans to transition work from home to work in-office and revisit their strategies for a safe workplace for employees.

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How much personal loan can I get on a 30000 salary?

Highlight – With Rs. 30000 income, how much personal loan can I get? You might anticipate being approved for a loan of Rs.5,40,000 if you have no other financial obligations. Let’s find out.


Personal loans are unsecured loans provided by banks and financial institutions to assist you in financing your emergent needs and dealing with life’s uncertainties. Personal loans are frequently used to fund expenses related to higher education, marriage, and medical bills, home renovation, and more. 

According to data published by the Reserve Bank of India, the amount of money borrowed in personal loans has increased manifold in recent years. Personal loans do not need the borrower to furnish any security, such as real estate or gold. Unsecured loans make it easier for the lenders and borrowers to get approved for a loan on salary, provided the former has adequate income eligibility.

What is the maximum amount of a personal loan one is eligible for?

The first question that comes to mind while considering taking a loan is, “How much personal loan can I get on a 30000 salary?” Aside from the main topic of the maximum personal loan, it’s also meeting all of the necessary eligibility requirements.

Both salaried and self-employed individuals have to meet different eligibility requirements to be eligible for a personal loan. The following are the requirements for applying for a personal loan:

  • The candidate must be a residing citizen of India. 
  • The applicant’s age must be anywhere between 21 to 55 years old.
  • In metro cities, the income must be at least Rs.18,000, and in other regions of India, it must be at least Rs.15,000.
  • A self-employed person who has been in business for at least five years and has a profit after tax based on the industry can apply for a loan.
  • A salaried applicant must have at least one year of work experience and six months with the current employer.

Benefits of personal loan on salary

Personal loans provide a lot more than just speed, convenience, and affordability, making them the ideal solution for your financial demands. Understanding the advantages of personal loans can help you determine what to look for when selecting a lender and how to get the most out of it.

  1. A considerable loan amount – Your sanctioned loan amount is determined by your credit history, salary income, and payback capacity, among other factors. Many lenders offer personal loans up to Rs. 25 lakh, which is enough to pay most of your personal needs.
  2. Value for money – Personal loans on salary provide affordability in a variety of ways. Personal loans have competitive interest rates because of the low-risk component, and you can choose your payback term to fit your budget. Credit cards and many other types of loans have higher interest rates than personal loans.
  3. Repayment options that are flexible – Borrowers can choose from a variety of repayment options when taking out a personal loan. Borrowers profit significantly from this feature because it allows them to return their loan in EMIs that they pick based on their financial situation and repayment capacity. You can reduce your monthly payments to free up more time to focus on other financial obligations.
  4. Loan without security – Personal loans are unsecured loans for which you do not have to put up any security. Because any security or guarantee does not back your loan amount, an unsecured loan carries minimal risk. Your eligibility, papers, credit score, and payment history all play a role in your loan approval.
  5. Loan processing in a QuickTime – Personal loans are processed quickly because they require little paperwork, formalities and do not require lengthy eligibility checks. You could receive approval in as little as 15 minutes*. This can save you a lot of time, which is essential in time-sensitive circumstances like medical emergencies.
  6. Convenience – You can register for a personal loan from the comfort of your own home using your computer or smartphone. The eligibility criteria are straightforward, and the documentation needs are minimal. You won’t have to visit your lender’s office even once because the entire process is conducted online. Considering these facts, applying for a personal loan online is one of the most convenient ways to borrow money.
  7. Credit booster – Even though personal loans are unsecured and have lenient eligibility requirements, they can help you improve your credit in various ways. You can quickly repay your EMIs on time and improve your credit score because you choose your EMIs based on your budget and repayment capabilities. Personal loans also help you diversify your credit, which enhances your credit score even more.

How to acquire a personal loan with a salary of up to 30,000 rupees?

If you’re wondering how much personal loan can I get on Rs.30,000 salary, follow these simple steps:

  1. Eligibility check – The first step in the personal loan application procedure is determining your eligibility. Go to the lender’s official website for loan eligibility, enter the essential information required, such as age, occupation, and income, and get an answer almost immediately. The personal loan eligibility status and the maximum approved loan amount will appear on the screen, and you will know how much loan on the salary you can get.
  • Choose a loan that satisfies your requirement — Once you’ve determined your loan eligibility limit, choose the loan plan that best suits your needs. Examine the terms and circumstances, as well as the interest rate and other fees. Consider the loan duration carefully.
  • Document submission – If you’re applying online, you’ll need to submit photos of the required documents; if you’re applying offline, you’ll need to attach the necessary documents for the loan application form. Additional documentation may be requested by the lending firm if required.
  • Loan approval and disbursement – Your loan will be granted once the document verification is completed and the lender is happy with the loan application. You will receive a notification about this. Following loan approval, the loan will be disbursed, and the funds will be deposited into your bank account.


Therefore, your income plays a crucial role in your loan approval process. In addition, it helps the lender determine your repayment capacity, which further helps determine how much loan they are willing to give you.

A personal loan with a low income salary may be a bit challenging but not impossible. Make sure you approach a lender that offers an easy eligibility criteria to follow and approves loan applications instantly. 

Apply for an instant loan now at EarlySalary and tie away from financial hassles.

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