This World Health Day: Let’s Stay Secure from Insecurities With ES Medical Loan

The World Health Day is an annual global health awareness day sponsored by the World Health Organization (WHO) and other related organisations that takes place on April 7th every year.

The World Health Organization (WHO) organised the First World Health Assembly in 1948. With impact from 1950, the Assembly declared the seventh of April to be World Health Day. 

The World Health Day commemorates the founding of WHO and is used by the organisation to bring global attention to an issue of significant significance to global health each year. On World Health Day, the WHO organises international, regional, and local activities around a specific theme.

On World Health Day, the WHO organises international, regional, and local activities around a specific theme. Various governments and non-governmental organisations with an interest in public health concerns, such as the Global Health Council, celebrate World Health Day by coordinating events and highlighting their support in media coverage.

World Health Day, along with World Tuberculosis Day, World Immunization Week, World Malaria Day, World No Tobacco Day, World AIDS Day, World Blood Donor Day, World Chagas Disease Day, World Patient Safety Day, World Antimicrobial Awareness Week, and World Hepatitis Day, is one of WHO’s 11 official global health initiatives.

The Theme for World Health Day 2020

The 2020 World Health Day theme was created in response to the global pandemic of COVID-19, and was dubbed “Help Nurses and Midwives.” Citizens all over the world spent the day thanking the nurses and health care staff who are fighting the COVID-19 coronavirus on the front lines. A presidential message from the US White House emphasised the importance of public health in “building healthy, stable, and free societies around the world.”

Due to the worldwide, broad-based “stay at home” order imposed by the COVID-19 coronavirus pandemic, the celebration of 2020 World Health Day took place in a largely virtual environment through online press conferences, announcements, and social media. The majority of the efforts went into raising funds for the COVID-19 solidarity response fund.

Nurses and other health workers are at the forefront of the COVID-19 response, delivering high-quality, compassionate treatment and care, fostering group conversation to resolve fears and questions, and gathering data for clinical trials in some situations. Simply stated, there would be no response if nurses were not present.

Aim for future

World Health Day will highlight the current state of nursing and midwifery around the world in this International Year of the Nurse and the Midwife. WHO and its partners will issue a set of recommendations aimed at improving the nursing and midwifery workforce.

A personal loan is a fast fix solution for some kind of contingent or unavoidable cost, whether it’s for a wedding, home renovation, or an unexpected illness.

A medical emergency in the family, on the other hand, can be exhausting not only physically, but also emotionally and financially. Add to that the confusion and fear that has consumed us all as a result of the COVID-19 pandemic, which is causing its own collection of mental health problems, and it’s a recipe for disaster. When cash resources are scarce, the situation becomes even more worrying. Personal loans are your best friend in this case.
When most of us hear the term “loan,” thoughts of a brick-and-mortar bank and a thick file of paperwork come to mind. Thankfully, our economies, technology, and society have progressed significantly since they were once needed to obtain a loan. In today’s world, not only banks but also a variety of other financial institutions offer instant personal loans. Some of them also provide instant loan disbursement and pre-approved packages to their customers as they relax on their couches.

The Process of loan sanction

For this loan, the majority of these organisations, such as EarlySalary, have a streamlined and paperless process. For example, there are only three simple requirements to qualify for a personal loan for a medical emergency, namely,

  • A salaried Indian citizen between the ages of 21 and 55 who earns a minimum of INR 18,000 per month.

EarlySalary’s high approval rate, combined with the guarantee that the money will be in your bank account in a flash and with minimal paperwork, results in a loan experience that rivals that of certain materialistic transactions.

In comparison to traditional loans, an instant personal loan from EarlySalary or either of these financial institutions comes with a number of advantages, including a high approval rate and immediate loan disbursement. Another noteworthy feature is the ease with which the loan can be used.

With EarlySalary, the loan sum can be used for anything related to the medical emergency – no questions asked – not just medical expenses like operations, medical costs, and so on. There are no needless limitations, such as those that apply to insurance claims, such as a limit on medical costs and room form, and so on.

Simply put, take the money, use it, and repay it on your terms, or even early if you prefer – there are no prepayment penalties!

What’s the bottom line? Money will never stand in the way of you and your family having the best medical care and treatment available.

Log in to our EarlySalary website, fill out the form, and upload the appropriate documents is as easy as buying anything online. That’s it; the money is credited to your bank account right away.

Users can rely on a reputable source, such as our website- EarlySalary, despite the fact that many online websites claim to provide instant personal loans, be wary of being duped by shady websites that will do more harm than good.

Along with the above advantages, EarlySalary also provides additional services such as no additional cost for prepayment, medical loans to research medicine, no additional renewal or annual charge, and flexibility in repayment tenure, among others. Thus you should opt for EarlySalary and never let money stand in the way of your family’s wellbeing!

With the growing covid-19 cases in the country know how you can keep yourself financial stable- 5 Ways To Stay Financially Hopeful Amidst Covid-19

We here at EarySalary make sure that you get the best of financial assistance in times of medical emergency (look at our hassle-free method) without worrying about the complexities of paperwork. 

Your Credit Score Affects Your Job? Here’s How

Whether you are a young professional or a seasoned professional in the workforce for over a decade, entering into a new work environment is like stepping on a new planet.  As you prepare your CV, learn new lingo, there is one more thing you need to check- credit history and credit score. Yes, your credit score can affect your employment. This has been made possible with the tie-up of TransUnion (global credit bureau) and hiring firms which have begun reviewing your credit score too. To know about credit score, read our post explaining everything you need to know here

Some public sector units such as the State Bank of India and private corporations have already added the candidate’s CIBIL score in the criterion. SBI in its notice (Ad. No. CRPD/CR/2016-17/01), dated April of 2016 also mentioned that an unsatisfactory CIBIL score, would result in the rejection of the job application.  Read on to know how your credit affects your employment and how it is being evaluated by employers.

Credit Score & Jobs: Security & Background Checks

Your credit report helps in the verification of your identity, background, past employers and education. This prevents identity theft or embezzlement and is a key information source especially if you have omitted any information on your CV/resume. While worthy references add value to your CV, a good credit score can also improve your chances of scoring a position, particularly if the new gig involves financial management or handling sensitive financial work. It is like a proxy variable used to evaluate personal attributes such as reliability and honesty.

Job & Role Fit  

An individual with a good credit score has good financial history and performance. This is seen as a positive act, indicating that you are responsible, unlikely to indulge in illegal activities and can potentially strengthen internal corporate ethics. It is like a macro snapshot of your past employers and how well you have fulfilled your financial responsibilities. It will also indicate whether you were or are in financial distress. Consider, for example, you are applying for an accountant’s job but made mistakes in personal financial management,  why would the employer risk hiring someone who did not fulfil their own obligations?

Impact on Present Performance 

Your credit score may not be high for some genuine reasons, especially in times like these where the pandemic led economic recession affected so many jobs. However, its impact may haunt you for long if corrective action has not been taken. If you are in a debt trap, that would be reflected in a bad credit score. This is likely to amount to financial stress which may affect your performance at work. Even if it might not always be true,  employers may see it as a performance determinant. 

Don’t Let Credit Score Affect your Employment

The best way to avoid any harm from a poor credit score is by ensuring that your credit history has either zero or minimal traces of financial indiscipline. Keep a check on your Repayment History Information (RHI) to trace missed consumer credit payments in the present or the past. This is a key factor in due diligence and reflects your capacity to afford a new loan or credit card. While CIBIL score is maintained through a transparent system, there may be some errors in your credit report, if false information is passed to CIBIL. Make sure you check your credit report yourself at least once a year or before applying for a job role where credit score can affect your chances. 

Avoiding a Credit Score Related Job Loss

Financial discipline in personal life is now as important as professional and educational qualifications when seeking a job opportunity. Credit score as a criterion for employment is more important in few sectors such as telecom, banking and insurance, credit rating agencies. Make sure you prioritise financial wellness so the right career opportunities don’t pass you by.

There’s a lot more that EarlySalary can help you with. To know how we can help you with financial wellness ideas, credit, or loans to fulfil instant cash needs, by downloading the EarlySalary app now. Reach out to us on:

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Know about the 3 loans that give you tax benefit

Tax rebates are certainly an added advantage for several types of loans. Education loans, home loans, auto loans, and personal loans are among them. However, it becomes extremely important to understand that while some loans carry a tax benefit along with then, not all loans do.

Any form of loan, no matter how small, is a major financial risk for any customer. Home and car loans, for example, have long repayment terms, making repayment a daunting and tedious process on a regular basis. The Government of India has understood this indeed for free-flowing credit within the economy, and has come up with different tax benefits as a measure to increase the general population’s standard of living. 
To know more about Income Tax 1961, how to maximize savings, check here.
Let’s take a look at three significant loans that are eligible for a tax refund under the Income Tax Act of 1961.

1. REPAYMENT OF EDUCATION LOANS: DEDUCTIONS UNDER SECTION 80E

  • Higher education, whether in India or abroad, is a significant financial investment these days. When faced with a financial emergency, an education loan from a recognized institution will help.
  • It may be used to cover expenditures such as tuition, books, housing, transport, research materials, and other academic-related costs. 
  • Only the interest part of the loan, not the principal, is liable for a tax deduction.

This deduction is in addition to the tuition fee deductions of up to Rs 1.5 lakh that a person may claim under Section 80C.

  • Tax incentives on school loans are available for up to eight years.

Borrowers are usually given a one-year moratorium period before they must begin repaying their loans.

2. DEDUCTIONS/SUBSIDIES UNDER SECTIONS 80C, 24, 80EE, 80EEA, AND CLSS FOR HOME LOANS

A home loan will assist both self-employed and salaried individuals in realizing their dreams of homeownership. But did you know that the loan will help you save money on your taxes?

The government’s tax breaks will significantly reduce the financial burden on home buyers. The Income Tax Act of India provides for interest and principal part exemptions.

  • Section 80C: Under Section 80C of the Income Tax Act of 1961, borrowers can seek a tax refund of up to Rs.1.5 lakh on principal repayment.

To qualify for this deduction, the house must be owned for at least 5 years. Both borrowers can avail a deduction of up to Rs 1.5 lakh for joint home loans.

  • Section 24B: On the annual interest of the EMI charged, a deduction of Rs 2 lakh may be claimed under Section 24B. Both parties to a joint home loan can demand a deduction of Rs 2 lakh each.
  • Section 80EE of the Tax Code: First-time homebuyers are the focus of this segment. Homebuyers have two options for seeking deductions under section 80EE.
  • Option 1: Homebuyers can claim an additional tax deduction of up to Rs.50000 under Section 80EE if the loan amount is less than Rs.35 lakh and the property cost is less than Rs.50 lakh.
  • Option 2: Under section 80EEA, homebuyers can deduct up to Rs 1,50,000 for homes sanctioned on or after April 1, 2019. The house should not be worth more than Rs 45 lakh, and the taxpayer should not have taken advantage of section 80EE deductions.
  • Credit Linked Subsidy Scheme (CLSS): First-time homebuyers can get a tax break of up to Rs 2.67 lakhs under the Pradhan Mantri Awas Yojana.

3. PERSONAL LOANS: INDIRECT DEDUCTIONS BASED ON LOAN USAGE

Personal loan, as we all know, are ideal for getting you out of a financial bind. They’re easy to get because they’re unsecured, but they’re a little pricey because lenders tend to charge high-interest rates.

You can look here to know more about claiming benefits while taking a personal loan.

Many people ask whether they can seek a tax refund on a personal loan because it is not considered part of their income. The tax gain of personal loans is dependent on how they are used. Personal loans for various reasons, such as college, home purchase or renovation, business expansion, and so on, are eligible for tax deductions.

  • Under section 24(b) of the Income Tax Act, tax deductions on interest charged on a personal loan can be claimed if the money is used to pay for a down payment on a home or renovations.
  • When borrowed money is used for a commercial purpose or to buy an asset, the cost of acquisition is increased by the interest charged. As a result, capital gains are reduced, lowering the tax liability.

As you can see, the three loans listed above not only provide cash flow when you’re in a financial bind but also provide tax relief. However, it’s important to note that having a loan, regardless of the sort, is a significant commitment that should not be taken lightly. It is, after all, borrowed money that must be repaid. 

If you’re looking for an instant personal loan for upgrading your quality of life, do check out EarlySalary’s credit suite, enabling you to avail loans for low interest (as low as INR 9/ day). 

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Should I Take A Debt Consolidation Loan?

Materialistic needs and high expectations can trap us in an endless loop of debt. After all, who can resist using that leftover limit on your credit card, a zero percent EMI offer, or that sale with huge discounts?

Would you be taken aback if we told you that the same financial system that gave you all the loans also gives you a way out of the problem? 
Lately, personal loans have become increasingly common – especially for debt consolidation.

A personal loan to pay off high-interest credit card debt might sound harmless, but it shouldn’t be done carelessly. 
Rolling multiple debts, typically high-interest debt such as credit card bills, into a single payment is plausible for moderate amounts of consumer debt.

You can use a personal loan for anything and everything you want. But if you’re thinking of using it as a debt consolidation loan, here’s  a list of things to keep in mind:

A good credit score:

If you want favourable terms and a low-interest rate on your loan, you’ll need at the very least, a good credit score.

You have debt with high-interest:

If you manage to qualify for a lower rate than what you’re paying currently, going for a debt consolidation loan should be a no brainer. 

You have a repayment plan:

Credit cards have no preset repayment plan. If you continually use your card and pay only the minimum amount due every month, you could very well be stuck in a debt trap. Personal loans have a set repayment term making them an outstanding alternative.

Single EMI vs Multiple EMIs:

A Personal Loan for debt consolidation allows you to centralize all your EMIs into a single EMI and pay off your debt, so you no longer have to keep track of the various EMI dates or fret about missing them. Of course, making a monthly single loan payment via EMI is easy.

Debt consolidation for debts on credit card:

If you fail to pay off your credit card dues on time, you will greet penalties. Instead of using revolving credit on your cards, you can take a single Personal Loan which enables you to pay a lower interest rate on your debt. You can also pay it off in easy EMIs over some time.

Quicker Debt Payoff:

A personal Loan comes with a fixed EMI and interest rate over a stipulated tenure, varying from 3 months to 3 years. After debt consolidation, you can also pay off your loan in a short period, with a single payment each month, at a fixed rate of interest. 

If you find yourself persuaded to step into the province of Debt Consolidation, before you apply, figure out what the loan’s lifetime cost will be. We suggest you use a credit card payoff calculator and analyze your expenditure if you continue paying on your credit cards instead.

Then determine if you’ll save sufficient to make the loan process worth it.
Consider the loan quantities, repayment periods, and other features to ensure you find the exact fit. The best debt consolidation loans offer low-interest rates, flexible repayment terms, and low or even no fees. Lenders mostly allow you to get prequalified for a loan before you officially apply.

A consolidation loan may be alluring because it frees up available credit on your credit card. But if you just transfer the debt, and rack up more on those cards you just paid off, you could end up in an even worse financial situation.

Before moving forward with a loan, we advise you to address potential spending issues.
Countless people are now turning to platforms like EarlySalary to avail loans instantly and especially in times when stepping out of the house is dangerous. Honestly, the SalaryCard from EarlySalary is your easiest solution.

At EarlySalary we offer Financial Wellness solutions, Financial Planning, and many more services. Click here to acquaint yourself with the benefits of availing loans from EarlySalary and the required procedures. We can be reached all day on:

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What do Appraisals Look Like for the Post-Pandemic Year?

Organizations are in a bind when it comes to performance appraisals this year, with interesting implications in line for pay increases, along with the retention of top talent, and overall employee morale in these unprecedented times.

We have already begun to feel the effect of the coronavirus pandemic on key business and people processes through sectors as the global economy struggles to cope. At this point, it’s difficult to estimate the possible cost of this outbreak because we’re still trying to deal with the crisis. However, we can see how the pandemic is impacting different organizations.

The objective of performance management is to pursue a method that helps individuals and teams manage themselves efficiently to achieve their objectives and organizational success. To be efficient, effective performance management should build unity and a common understanding of what needs to be accomplished and what individuals or teams must do, learn, and improve.

Performance reviews are used to equate an employee’s accomplishments to their objectives and aspirations, as well as to set performance criteria for various positions and levels.

Owing to the current state of affairs and low or no business demand, all companies in all industries have reduced critical operations. The aviation, transport, hospitality, and tourism sectors have been hit the hardest by the lockdowns. The car industry is also experiencing significant supply chain disruptions as a result of the outbreak. Salary increases and bonus pay-outs are likely to represent the financial effect of the recession across companies, and these industries are likely to be the hardest hit.

Projected Wage Increase: 9%

Also, the prolonged economic recession that followed the virus pandemic is expected to affect the pay-outs this year. In 2020, Indian workers’ wages are projected to rise by 9.1% on average. According to an Aon report, this wage rise was the smallest in a decade, reflecting the economic downturn we were witnessing. However, the impact of the pandemic on the global economy would be greater. Many companies are taking a wait-and-see approach to determine the current situation, so we can anticipate gradual delays.

Furthermore, we should expect hikes to be cautious, with a greater effect on bonus payouts than fixed pay raises since they are a result of an organization’s business success.

According to a study in a leading financial newspaper, India’s IT services sector will have to freeze pay raises and reduce incentives to cope with the losses incurred as a result of the Covid-19 pandemic. 

Many businesses have communicated the possible financial effect of the pandemic on their workers. Because of the coronavirus pandemic, Google has reported delaying employee performance evaluations and promotions. Back in 2020, Apollo Tyres had confirmed that its top management would receive a pay cut ranging from 15% to 25%. Air India, which is owned by the Indian government, has also announced a cut in allowances. 

Employees are also nervous at the moment, and they are vulnerable to rumors and speculations about appraisals and wage increases, which can damage employee morale. Although the economic downturn is inevitable, we must note that it will pass. Our workers are our most valuable asset.

Employers can create a loyal, committed, and empowered workforce during periods of crisis by being prudent and open in their decisions and communication. It’s time to connect with staff and control their desires. This necessitates companies being proactive and explicitly communicating to their workers the financial effect of the economic recession on revenue and profitability, as well as how this relates to bonus and salary increases. This will not only help them explain the salary changes they intend to make in the future, but it will also help them maintain employee productivity and minimize future turnover.

Organizations cannot afford to lose top talent at a time when they are searching for creative ways to ensure business continuity. As a result, rather than postponing assessment conversations, holding them now would help with future growth and aspirations. In addition to immediate monetary rewards, recognized talent must be told they are top performers through appraisals to be retained. Employee apprehensions would be reduced as a result of appraisal talks, as will greater openness in communication, which is critical during these periods.

This coronavirus pandemic has forced companies to make difficult choices, but it has also allowed them to reflect, rethink their strategy, search for ways to cut additional costs, be creative, introduce effective business continuity models, and most importantly, learn to cope with these difficult times resiliently when leading their teams. These are the groups that will assist organizations in regaining their footing when the time comes.

The year 2019-2020 witnessed a number of layoffs due to the effect of Covid 19.  The most famous of them being Uber technologies who laid off 3000 employees in India. A number of such other countries also laid off employees under pressure from lesser economic activities in the lockdown periods. This definitely resulted in resentment in the hearts of the employees. On the other hand, in the post covid scenario, companies are gradually coming back on track and have started with increasing the salaries of their employees. This has in fact given a boost in the moral status of the employees and increased their performance.

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Here’s How To Get Started on a Financial Wellness Program

Financial wellness has become one of the top concerns for employers and employees alike, throughout the world. The increased sensitivity of several organisations towards their employee’s financial wellness is extremely visible from the Bank of America Report, titled “ 2020 workplace benefits report”. In the said report, it was recorded that as many as 62 percent of the employers feel “extremely responsible” for their employee’s financial wellness in the year 2020, as opposed to just 13 per cent in the year 2013. 

On an individual employee level, financial wellness and the associated stress are some of the most significant concerns in most of the workforce. In fact, according to the Betterment for Business report (2020), as many as 77% of millennials and Gen Z in the workforce are of the opinion that thinking about their finances causes them stress which consequently affects their performance at work. 

From the above reports, it is easy to gauge that in the present times, a financial wellness program has become a must-have benefit for all organisations, regardless of their size or structure. 

Financial wellness Program: What exactly does it mean 

In contemporary times, the organisational setup as well as its goals have become fairly dynamic. A vast majority of the organisations recognise the fact that there is a palpable rise in the employee’s expectation from a financial wellness program. Therefore, it is pertinent to understand what exactly a financial wellness program may mean to each and every stakeholder involved. 

The concept of a financial wellness program has evolved from the exponential growth in the complexities in the field of personal finances. Along with the abundance in the availability of personal finance options, financial wellness programs are essentially aimed at providing effective assistance to all the employees in meeting their personal finance goals.

For instance, with the COVID 19 outbreak, it was seen that even the remote employees needed assistance with respect to the contingent situations arising such as an unexpected medical bill or managing the household or personal finances with salary cuts.

Essentially, a financial wellness programme can entail assistance with respect to matters like consumer credit building, financial goal setting, financial crisis management, personal and household budgeting among others. 

Financial wellness program: Where and how to start

Owing to the very subjective nature of the benefits that a financial wellness program aims to provide, it is not possible to have a straight jacket formula as to what an ‘ideal’ financial wellness program can be. Since personal finances and its related problems will be different for different employees,  no one-size-fits solution can be laid down which will make a financial wellness programme tick.

However, since it plays a  very important role in the organisation’s success, here are a few steps that you can keep in mind: 

  • Identify the diverse and contemporary needs of your employees

The workforce today is far from being homogenous. It comprises people of different generations, different backgrounds and varied personal finance goals and aspirations. The first step is to identify what is the void that we are trying to fill by way of this financial wellness program. 

  • Try finding offbeat approaches or combinations of approaches to the financial wellness of the employees 

Different kinds of personal finance problems can be tackled by different kinds of techniques. It is pivotal that you pick and choose the techniques and facilities that effectively help your employees in the most effective manner. For instance, Google not only offers financial advisors and financial education but also extensively believes in showering its employees with perks like free lunches, happy hours, snack bar et al. So, it is pivotal to choose from a plethora of services that are available today to make such a financial wellness program which suits the needs of your workforce the best. 

  • Have a robust feedback mechanism in place 

Since matters pertaining to personal finances can be extremely subjective, it is important to keep a line of communication open constantly for the ultimate beneficiaries of the financial wellness program. For instance, the personal finance needs of the employees significantly changed during the COVID 19 Pandemic and from office perks, more emphasis had to be given to medical facilities, ergonomic needs for WFH et al. 

  • Try to set up tangible goals for the success of the financial wellness program 

You can set up certain parameters and benchmarks for measuring the success of the financial wellness program and can periodically review its viability keeping these benchmarks and qualitative checks in view. This will render your financial wellness program extremely dynamic, along with being perfectly aligned with your organisation’s growth. 

Concluding words 

Having a well rounded, dynamic and personalised financial wellness program for each and every one of your employees may seem to be a tedious task.  The task is painstaking but definitely not impossible to manage. You can look at how popular brands have designed their financial wellness programs and try to fashion one of your own for your organization.
Apart from that, you can also partner up with a 3rd party organisation that has the requisite knowledge and specialised skills to handle all personal finance needs of your employees. 

We, at EarlySalary, are your perfect financial wellness partners. With loads of services at your disposal such as easy salary advances, instant loans, flexible EMIs among other things, we can take care of all your employees’ financial wellness needs with just a few clicks. What are you waiting for? Partner up with us and take care of all of your organization’s financial wellness needs

Get started on the EarlySalary experience now!

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How To Correct Your CIBIL Report Mistakes

Having a good CIBIL score is extremely critical. After all, it works as a deciding factor for banks and financial institutions while providing you with a loan or a credit card. That’s not to say it’s perfect, though. Sometimes, you might receive a wrong credit score or there might be a mistake in your CIBIL report. It is really not impossible to correct CIBIL report mistakes if you know exactly when and how to resolve them, but it is always recommended to check your credit score well in advance as there is no way you can correct the report at the last minute. 
Even after you spot the errors in your CIBIL report, it might take a while for the organization to resolve your dispute as they have a certain set of standard procedures to follow. 

How to spot CIBILReport errors

The error on your CIBIL report card can be either a minor one, such as a misspelt name, wrong date of birth, etc., or a major one, such as a wrongly credited loan or an outstanding credit balance. The minor ones are small mishappenings that can be resolved quickly without a lot of hassle. 
On the other hand, major issues could pose a serious problem, especially if you have applied for a loan or a credit card. 

You first need to download the CIBIL report from the CIBIL website and should  look for possible errors such as:

  • Inaccurate personal information

Sometimes, your personal information on the CIBIL report such as name, age, contact information could be either misspelt or missing. While going through your report, you have to make sure all the details entered are correct. You should also verify if the entered Aadhar number or PAN number is correct. 

  • Current balance not updated

One of the most common mistakes on your CIBIL report is outdated current balance information. This is because there is always a gap between the payment time and submission of your credit history to CIBIL, and as a result, these errors occur.

  • Incorrect overdue

Overdue is the amount that you owe your credit card provider or your loan. There are possibilities of wrong mentions of your overdue. Due to their ability to damage your credit score, it is vital for you to double-check your overdue amount, always.

  • Outstanding loans

You must check for your outstanding loans and the amount that needs to be paid. If the loan has been cleared and your CIBIL report says otherwise, you will have to file a complaint immediately. To have a good CIBIL score, you must always make sure you avoid debts

  • Duplicate account 

There is a slight possibility of more than one account registered in your name. If you are not the account holder of those accounts, you must consider the issue to be serious as it’s transactions might impact your credit score.

In general, you should look for incorrect figures of amount, incorrect dates or due dates and must ensure that the information present in your CIBIL report is correct. By cultivating good financial habits, you will be able to avoid unnecessary overdue and loans. 

How to correct CIBIL report errors

There are a few general steps that need to be followed to correct a CIBIL report error.

  • The first thing to do is to log on to their website and fill the online dispute form. Make sure you mention the control number or a 9 digit identification number. It helps CIBIL recognize reports with errors.
  • Recognize the type of error and provide information about it. You should make sure the information you are providing, such as your name, contact information, PAN number, is correct.
  • Once your dispute is successfully submitted, the CIBIL will forward your request to the concerned lenders. Once your lenders give a positive confirmation, CIBIL will start reflecting the changes in your report.
  • This entire process might take at least 30 days and you will receive an email from CIBIL once your information has been rectified. 

Specific problems on CIBIL reports with solutions 

Source: wishfin 

For an easier reference, here is a list of common problems associated with the CIBIL reports and possible methods to obtain solutions. 

  • Problem: Poor Credit History

A low credit score on your CIBIL report indicates irresponsible credit behaviours in the past. Frequent delays in your payments, high utilization of your credit, loans/credit card debts, etc., are some of the reasons leading to a low credit score and it reduces your ability to avail credit in the future.

Solution: Make sure you pay your credit card bills and EMIs on time. Borrow only what you need, according to your repayment plan and avoid making minimum payments. If you are unable to work with the current plan, try and work out an alternative loan restructuring. Checking your CIBIL report regularly might help you keep track of your credit expenditure.

  • Problem: Errors in personal Information

These are minor errors that include misspelt names, age, contact information and errors in account details.

Solution: Avail your CIBIL report copy from the CIBIL website and check for possible errors in the report. Once you spot them, you can raise a dispute by filling up the online dispute resolution form.

  • Problem: Days Past Due (DPD)

Days Past Due or DPD means the number of days by which the due payment has been delayed. Anything other than ‘000’ or ‘XXX’ in your DPD section indicates you have delayed your payment, and this might give out a wrong interpretation of your credit usage to your lenders. 

Solution: Multiple late payments will lower our credit score. The best way to avoid this is by setting monthly reminders to automatically pay the due amount before the given due date.

  • Problem: Error with the account

There could be few accounts mentioned on your CIBIL reports but they are actually not yours. These are called errors with account ownership. This could be an administrative error or could indicate fraudulent usage. 

Solution: If there are incorrect mentions of open accounts on your CIBIL report, you need to immediately raise a dispute to avoid further errors, if they are administrative, or to end the fraudulent account, if otherwise.

  • Problem: Overdue for paid off accounts

Your CIBIL report may show an outstanding overdue amount that has already been cleared or there might be an error in the payment history despite your previous regular payments.

Solution: The lenders submit their data to CIBIL once in 30-45 days. If you have gotten a copy of your CIBIL report within this time period, and there is an error, this could probably be because your institution still hasn’t submitted the data and it hasn’t been updated in CIBIL records. In case it has been more than this time period, you will have to contact the respective lender institution and ask them to rectify their records and submit the required data.

It is essential to have a high credit score and to attain this you need to make sure your CIBIL report is up to date and is error-free. Therefore, It is necessary for you to generate your CIBIL report regularly and make sure your credit history is not affected by any of these mentioned errors.
Sometimes, even though you are aware enough, you end up missing the due dates to clear your credit bills. Repetitive mistakes like this and multiple outstanding loans can lead to a very poor credit score. It is always advisable to clear your loans rather than paying high rates of interest with increased delays. With the help of EarlySalary, you do not have to worry about late payments.  We can help you with financial wellness ideas, credit, or personal loans to fulfil instant cash needs. With our professional consultation, you will not only learn how to manage your credit but also will be able to clear off your loans.

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

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Looking for consumer credit options in this economy? Here is how to do it.

Compiled By : Vimal Saboo, Chief Business Officer at EarlySalary

About Vimal: He is a Chartered Accountant and comes with an experience of 22 years in banking and credit domain. In his current role at Earlysalary, he focuses on building the Credit Risk Profiling system and spearhead Credit Risk, Analytics, Collection & Operations.

Retail consumer lending started to pick up momentum in 2000-2004 when private sector banks started focusing on consumer lending, but it had a setback due to the global recession in 2008. The industry came out of recession in 2-3 years and again started to pick up momentum from 2012. In the last 5 years, consumer lending has picked up significant momentum due to participation/innovation from Fintech. 

In India, there are approximately 30 crores individuals who have taken some form of credit from the organized market, and most of it is in the form of consumer durable loans or Kisan credit cards. Total consumer credit outstanding in India is approx. US$ 720 Billion (around Rs 52 lacs crores). Per capita, the average debt outstanding in India is around US$ 550 (Rs 40K) which is around 30% of per capita income.

In the USA, credit culture has been there among consumers for more than a few decades wherein people buy almost everything on credit card and pay in Equated Monthly Instalments. 

Just to give a few numbers, credit card outstanding in the USA is almost US$ 950 Billion translating to approx. US$ 6,500 per capita outstanding. In the US, almost 61% of people have at least one credit card and the average person has 4 credit cards. Mortgage outstanding in the US is around US$ 10 Trillion. An average personal debt carried by an American is around US$ 93,000 which is around 175% of per capita income.

Millennials and Gen Z are more willing to take credit to fulfill their aspirations/discretionary spends hence there will be more consumer credit growth in the next 10 years. Also, with more product innovation like short-term loans, Debit card EMI and buy now pay later (BNPL) in addition to traditional products for buying home, vehicles, credit is becoming more easily accessible by improving customer onboarding experience. 

Now customers have multiple choices for credits at various places like small credit being offered (around Rs 5-10K limit) at different e-commerce platforms to use while buying products/services and pay them in bulk/EMI OR buying the product at zero cost with help of merchants tying up with lenders. 

While the consumers have lots of options but at the same time, the consumer needs to behave rationally/responsibly while taking credit and/or repayment as he has been getting multiple tiny limits from various e-commerce platforms.

Although there is an increase in credit cost due to COVID 19 and its impact will still be seen for the next 2-4 quarters also especially coming from the SME/MSME sector. However, lenders are coming back and started lending aggressively with the introduction of newer products.

Let’s Make Our Finance Full of Colors

Excited to welcome spring and celebrate Holi, most colorful festival of the year? The festival not just reiterates the happiness of being together and embracing each other irrespective of our differences, but also reminds us to get over the evil. 
This year, you can make Holi more colorful and merry with your financial portfolio. As the festival of color is approaching, we share with you 5 ways to make your financial portfolio brighter and more colorful.

1)Get Rid of Bad Debt & Financial Clutter

First step towards financial happiness begins with decluttering. Just like the bonfire on the night before Holi marks the burning of Holika or victory of good over evil, begin with paying off bad debt. Cleaning financial clutter needs time but should be done quickly as they cost you more in terms of interest rate and also erode the potential tax benefits and poorly impact your credit score and creditworthiness. 

As a rule of thumb, steer clear of any form of bad debt or debt for debt, review your bank statements and credit card statement to trace financial clutter. This way you can improve your CIBIL score and get much better offers and interest rates on your future debt applications. It’s a double-edged sword which must be used with caution. However, if you face a cash crunch, stemming from temporary cash-flow problems or emergencies,  evaluate your options and choose the right lender. Borrow from reputed financial sources, such as banks or instant cash loan apps such as EarlySalary, that offer loans at rates as low as ₹9/day. 

2)Diversify your Assets

Get inspired from the hues of the festival and take a step towards portfolio diversification to reduce your risk exposure and increase return potential. Follow the age old saying- don’t put all your eggs in the same basket. 
A well diversified portfolio should have both market-linked assets which have earning potential of above-average returns and fixed income securities such as bonds, fixed deposits, etc. Some instruments for market-linked instruments are index funds, equities, Systematic Investment Plans or SIPs. This will make sure that your financial wealth grows with the variety of financial instruments just like your excitement from that assortment of gujiyas and laddus. Invest more, spend more!

3)Portfolio Monitoring and Evaluation

Wise spending and smart investing are just the tip of the iceberg. The real challenge is in maintaining a good portfolio and churning at the right time to maximise your wealth. Just as you get together with your friends and family to celebrate Holi amid your busy schedule, make sure you sit with your loved ones to discuss future financial goals, evaluate present investments and check if your portfolio is in sync with your goals and market movements. Check if your portfolio returns are beating inflation and if not, then they may need a churn.  

4)Value Investing 

Just like you check the goodness of sweets and quality of colors during Holi, make sure you check fundamentals such as vintage, credit rating in bonds and other funds, dividend history and most importantly the economic moat. Fundamental analysis can take you a long way in value investing and help you create wealth. 

5)Play safe

Market euphoria is a real phenomenon so watch out for the bubbles and hedge your market exposure accordingly. Follow the advice you give your kids on Holi, to play safe and not to be over enthusiastic. Evaluate your risk appetite and take money decisions accordingly. You can also take a financial advisor’s help to build a portfolio and play safe.
We hope this Holi is full of pretty purple, bright blue, and sun-kissed gulaal and so is your finance. Amid the pandemic, hold on to the spirit of the festival and add colors to your boring and morose portfolio with the above tips. 

Explore EarlySalary, and know how we can help you with financial wellness ideas, credit, or loans to fulfil instant cash needs, by downloading the EarlySalary app now. Reach out to us on:

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Women Ruling The World

Compiled By: Xama Mehta

About Xama: She is an experienced, progressive Assistant Manager Human Resource at eInfochips. She has worked for over 9 years across several domains – Employee Relationships, HR Operations & engagement.

Ever wondered how a matriarch or the female-dominated world would look like? Well, growing up, I didn’t.
This decade, times seem to be changing, with us, women, successfully breaking the shackles of poverty, discrimination and biasedness. 

However, our objectification, body shaming, casual sexism, racism etc., still plague the society we all talk about making” safe” for us. Ironically, some of the decade-old, best Bollywood movies have brilliant(read: highly misogynist)dialogues. 

From late Sridevi to Kalki Koechlin, to Farhan Akhtar and Aamir Khan, today’s celebrities have begun questioning the patriarchal norms.  
The boss. The wife. The mother. The daughter. There’s hardly any role we haven’t played, hardly any battle we haven’t fought, any profession we’ve not been in. Still, especially in India, our leaving houses to pursue our dreams remains underappreciated.

We today do not want to snatch away the rights or roles of men, we want a middle ground: Equality.

Womenleaders  today, tomorrow

The most powerful women across the world: Jacinda Ardern, prime minister of New Zealand; Angela Merkel, chancellor of Germany; Damilola Odufuwa and Odunayo Eweniyi, women’s rights advocates, Nigeria; Kamala Harris, US vice president-elect, Sarah Gilbert, professor of vaccinology at University of Oxford and co-founder of Vaccitech, UK and many more, are our idols. They inspire us to grow, voice our opinions, and show how we can make an explosion even with a single match.

The Bright Side

Over the years, our political participation worldwide has continued to grow. 
As of July 2013, 35 countries, including nine in Africa, had national parliaments with at least 30% female representatives

Countries now comprise quotas to secure our political participation. Instances of women climbing up include –Hillary Clinton, Janet Yellen, Angela Merkel, Sheryl Sandberg and others — and on their terms, are increasingly more common.
Horrible statistics today about violence against us have a silver lining — that violence is being reported– contrary to centuries of hush and approval of the arm-twisting we’ve faced.

Women at work in 2021

Metoo and Time’s Up movements have strongly opposed misogyny and male chauvinism. 
We today are leaving no stone unturned to ascend the corporate ladder.
“You can find me somewhere in between inspiring others, working on myself, dodging negativity, and slaying my goals.” 
Nothing could have better condensed the lives of those employed amongst us than this Pinterest quote.

The persistent pandemic has compelled us all to reconsider working, thinking of downshifting, or quitting jobs altogether. Battling gender and racial discrimination for years, the locking down of schools and daycares has amplified the toils today.

Early AM, late or sleepless nights, cooking, retaining a healthful and active lifestyle, ensuring everyone at home has it easy, heeding work meetings – is our life in a nutshell.

The go-getter ones amongst us are trying their best to be hands-on mothers, mentors, and whatnot- being a jack of all trades and mastering them all with efficient time management.

Women in FinTech

FinTech undoubtedly seems to be a male-dominated industry. With only a small number of us working in FinTech with even fewer of us as Founders, we can say that we have an underrepresentation in this arena too.

We make up just 7% of the total pool in Fintech globally, which speaks volumes.
Louise Brett, Head of FinTech and Financial Services Innovation at Deloitte, believes that by identifying some necessary steps we can take to start levelling out these gender diversity issues, we can safeguard the fintech industry’s future. 

She adds in FemTech Partners: breaking down barriers, “we’re seeing some innovative solutions emerging already. One firm is offering double finder’s fees to employees that recommend successful female job candidates. 
Another is reviewing all its job descriptions to ensure the language appeals to female applicants.”

“We need to apply the same principles to solving this problem, as we do with our product: test and learn. The first step is to make a conscious effort to rebalance gender inequality in Fintech. Then we can start to identify what’s working.”
However, with women like Anna Maj – FinTech Leader at PwC and Senior Lecturer at CFTE, Cordelia Kafetz – Head of Fintech Hub at Bank of England Eva Wong – Co-founder and COO, Borrowell, and many more goddesses embodying strength and power, our future in  FinTech doesn’t seem very grim.Reflect and hear us.  
Listen to our struggles and dreams. 
Give us wings to fly, roots to grow, reasons to come back and watch us break free!