Dad, Papa, Padre, Baba, Pére: there are hundreds of words we call one of the most influential people in our lives. Fatherhood and paternal bonds are honored on the third Sunday of every June. This year, we will celebrate Father’s day on the 20th of June.
Parents are the pillars used for development in our live. For most children, fathers set the bar for relationships with other people, and we all look up to our Dads. Their influence on our lives and in society is astronomical. A father’s first and foremost priority is to provide the best they can for their offspring, no matter how challenging the circumstances are. They work hard to shape and mold the future for their children. Be it emotional, mental, or financial support; they give it their all to take care of us. Words aren’t enough to describe their importance in our lives. There are truly #NoneLikeDad.
Fathers keep pushing themselves to provide the best life for their children. Their hard work deserves rewards as well. As children, we all want to pay back our parents for the life they have provided us. Our dads have always been our heroes, so what can we do to make our heroes’ lives comfortable?
This Father’s Day, it is time to become our fathers’ financial heroes, as well. After all, they deserve nothing but the best for being such awesome dads!
Ideas for Father’s Day
For the timeless bond you share and cherish with your father, here are some financial contributions you could give to show your love and support!
1.Get Health Insurance and Check-ups
Every child wants their father to be fit, healthy, and live a long and fulfilling life. However, health issues are unavoidable. Therefore, one of the most thoughtful decisions is to purchase health/medical insurance policies for your dad to meet rising healthcare costs.
Precaution is better than cure. Numerous factors could cause illnesses, so it is crucial to undergo preventive health checkups, especially for people above 35. You can consider taking your dad for regular and timely healthcare checkups; after all, health is wealth.
2. Take a Holiday package
To bond with your dad and unwind with your family on Father’s day: there’s nothing better than a relaxing holiday. If you plan it well in advance, you are sure to get some good deals. You could select and plan a holiday that suits your budget, and Fibe offers you attractive loans to help you make this grand gesture a roaring success. The loan won’t affect your finances or investments assigned to other goals. You will also get a two months moratorium period to repay the loan. Fibe offers loans and low-cost travel EMI‘s on MakeMyTrip and Yatra.
3. Give an Add-on credit card
An add-on credit card is a good choice as a gift option for your father. It enables your family members to enjoy all the benefits you get from your primary credit card. This credit card will have a set limit, just like any other credit card. However, it can be a handy investment on your end so that he can shop to his heart’s content and even be helpful in emergencies.
4. Get him a ME fund or fixed deposit
You can get your dad a ME fund. In this fund, he could save and use it however he wants. The ME fund lets him decide what to do with the money. If you take a mutual fund SIP for him, he doesn’t get to make the decisions. But he’ll be liberated from your choices with a ME fund, as every deserving father should be.
Fixed deposit is also an ideal option if you wish to not invest in market-linked avenues. Since it’s the safest investment, you could easily open a fixed deposit account for your father, offering him the crucial financial freedom to show that you care about his needs.
5. Make Investments on his behalf
While you are investing in various avenues, doing the same on your father’s behalf can be extremely rewarding. Be it mutual funds, stocks, bonds, corporate deposits, or investment trusts, multiple options are available that can eventually help in building a financial safety net whenever the need arises.
6. Buy Shares/ stocks for him
If you have a Demat account, this could be a possible contribution for your father. Quality shares or stocks can give him good returns. This can also help extend your relationship from simple emotional support to crucial financial support as time passes.
7. Buy him Gold bonds
Buying gold is considered an auspicious affair, but we know most men aren’t fans of flashy jewelry. So instead, you can give your dad gold bonds which are just as valuable, sans the glitz and glamour. Sovereign gold bonds are an excellent option for gold investments.
You should always be prepared for unforeseen events; it is an integral part of financial planning. Setting up a contingency fund ensures that you and your family are backed by financial stability. But, of course, this contribution can be kept as a secret.
If your dad doesn’t already work with a financial professional, you could always introduce him to one. They might be hesitant at first, but sitting down and having an elaborate and calm discussion often does the trick. This is because you share an unbreakable bond of trust with your father, and deep down, there is an understanding that everything you suggest is for his well-being. The financial advisor will help your father manage his financial portfolio and help him with his retirement goals.
Here are some finance-related gift ideas for your dad
Gift your father books related to finance since financial literacy is a relatively new and underrated topic. There are tonnes of books available to make him a financial expert. You could also play board games of the stock market with him to educate him on the topic and help him start his investment journey to make him more financially independent for the future. Gifting him a wallet with a picture of you two is a great, emotional, and touching gift as well. The possibilities are endless- you just need to pick what works best for you.
We hope that by assisting your father through these means that you become his Financial Hero. You can also introduce him to EarlySalary for tips on financial management, investments and help him build a secure financial future effortlessly!
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A financial catastrophe can strike anyone at any time. However, to keep one’s goals and requirements from being harmed, people often seek financial assistance in loans and credits.
Credit card loans and instant personal loans are the most common financial aid. They have no end-use restrictions and can be used for various personal or commercial purposes, including wedding expenses, house renovations, and vacations.
In this article, we will explain why instant personal loans are better than credit card loans. But, first, let us understand what instant personal loan and credit card loan are:
Instant Personal Loan
An instant personal loan is an amount of money obtained from a bank, credit union, or online lender that can be repaid overtime on a customizable EMI schedule. There are two sorts of personal loans: secured and unsecured. Secured personal loans require you to pledge valuable tangible assets as collateral to guarantee repayment and have a lower interest rate. In contrast, unsecured personal loans do not require collateral and can be used for anything.
Credit Card Loan
A credit card loan is a pre-approved loan that doesn’t require any paperwork. It is the quickest way to get unsecured credit. A credit card loan is not the same as a cash withdrawal.
When you’re in desperate need of cash, a credit card loan can help. Customers with credit cards can take out a loan against their credit limit. Customers can acquire a loan amount in the form of an increased credit limit or use unused credit to receive a loan amount. The extended limit is credited to the card after the loan is approved.
How Instant Personal Loan Triumphs Over a Credit Card Loan
Personal loans are usually preferable for more extensive, longer-term expenses. Credit card loans are known to have higher interest rates than instant personal loans; holding a balance on a credit card for an extended period of time can be expensive. Here are some reasons why instant personal loan triumph over credit card loan
A better choice for long term expenses
Credit card loans can be taken out for shorter periods, on the other hand personal loans are often for more extended periods.
A better option for an enormous loan amount
A credit card loan is a good alternative if you only need a small loan, whereas personal loans allow you to take out a large loan.
Less documentation
Thanks to the digital revolution and digital money, instant personal loan processing has become much easier and less time-consuming than in the past. Your instant personal loan is granted in minutes after you submit only the most basic documentation. Then, the disbursement takes place quickly in seconds for approved consumers.
Interest rates that are both attractive and low
It’s now much simpler to find the best personal loan interest rates. This is one of the most appealing aspects of instant personal loans on the internet. Fibe is unique in that it provides the most attractive personal loan interest rates based on your credit score, even if you don’t have one. Furthermore, your interest rate is fixed for the entire duration of your loan and is not subject to change. As a result, you need not be concerned about interest rate fluctuations.
The personal loan EMI calculator on Fibe (formerly EarlySalary) is a dependable tool for calculating your loan EMI in only a few minutes and with a few simple steps. First, calculate your monthly repayments based on your sanctioned loan amount and interest rates using this simple and easy-to-use EMI calculator. You can also prepay your loan amount using Fibe without incurring any additional fees.
Conclusion
Personal loans provide significant advantages over credit card loans, including reduced interest rates and consistent, equal payments until the debt is paid off. In addition, the predictability makes budgeting easy, and you’ll know exactly when you’ll be debt-free. With this, our article comes to an end; hopefully, it has helped you understand how instant personal loans are better than credit card loans.
Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.
No CIBIL score does not mean no loan. Lenders look at your income and your bank statements instead if your Credit Information Bureau (India) Limited (CIBIL) report shows no score, because a missing score only means missing data, not bad credit. Digital NBFCs like Fibe read your salary pattern, your spending behaviour and your repayment discipline through this alternative scoring approach, which works well for salaried employees, self-employed applicants and first-time borrowers alike.
This guide explains what a missing CIBIL score actually means, how to apply for an instant loan without one, who qualifies, what the loan really costs and how a first loan can build your score from zero.
What Does a Loan Without CIBIL Score Really Mean?
A CIBIL report may show NH/NA when there is not enough qualifying credit information to generate a standard numeric score. TransUnion CIBIL explains that this can happen when you have no or insufficient credit history, no recent credit activity, or only add-on cards with no direct credit exposure. A borrower who is just beginning to use formal credit is commonly described as new-to-credit (NTC). NTC can overlap with an NH/NA status, but the terms are not identical.
NH/NA is not the same as a poor credit score. It indicates that a standard numeric score may not be available based on the information in the credit file. Read our detailed guide on what a -1 CIBIL score means for additional context on non-standard score/status outputs.
A low score is a different problem. A low score means the bureau has data, and that data shows missed payments or high usage. A missing score and a low score need 2 different approaches, so it helps to know which one applies to you before you apply anywhere.
The table below shows how CIBIL score/status bands are commonly interpreted. Actual lending decisions depend on each lender’s policy and the applicant’s overall profile.
CIBIL Score / Status
Rating / Status
Typical Lending Interpretation
NH/NA (numeric score unavailable)
Limited or insufficient qualifying credit history
Assessment depends on the lender’s eligibility criteria and available applicant information
Below 600
Poor
Low
600 to 649
Below average
Low to moderate
650 to 699
Fair
Moderate
700 to 749
Good
High
750 and above
Excellent
Very high
Checking your status takes about a minute and saves time later, because it tells you whether your report shows NH/NA or a numeric score, and helps you understand what information a lender may consider during eligibility assessment.
Check your exact score before you apply. Fibe’s free credit score checker pulls your live CIBIL report in under a minute and shows exactly what is helping or holding back your number.
How to Get an Instant Loan Without CIBIL Score: Step by Step
Complete the entire process online. Follow these 5 steps.
Check your CIBIL status first. Pull your free credit report through a bureau’s website or a lending app’s free-check tool, such as Fibe’s. Confirm whether your report shows NH/NA or a numeric score, because lenders may assess applicants differently depending on the available credit information.
A quick check does not hurt your score. Pulling your own report counts as a soft enquiry, which leaves your score untouched. Read more on how CIBIL enquiries actually affect your score if multiple loan applications worry you.
Gather your bank statement and digital payment history. Collect 3 to 6 months of bank statements. Add UPI transaction history and utility bill payment records if you have them, since lenders increasingly treat consistent digital payments and on-time bill payments as proof of financial discipline.
Choose an RBI-registered NBFC. Reserve Bank of India (RBI) registered Non-Banking Financial Companies (NBFC) build their approval models around applicants with no credit history. Avoid any app that asks for access to your contacts or photo gallery, and always check the interest rate and every fee before you accept an offer.
Complete your e-KYC. Keep your Aadhaar and Permanent Account Number (PAN) ready. Verification happens digitally in the app within minutes.
Select your amount and tenure, then submit. Choose an amount you can repay comfortably. Fibe offers up to ₹10 lakh with a tenure of up to 36 months and 0 preclosure charges.
Fibe completes every one of these 5 steps inside the app. You do not need a branch visit at any stage.
Who Can Get a Loan Without CIBIL Score?
Three groups qualify most often for a no-CIBIL loan.
First-time or new-to-credit borrowers with NH/NA status. You may not yet have enough qualifying credit history for a standard numeric score, so lenders may consider income, bank data and other eligibility factors instead. Salary account statements work as the primary signal here.
Salaried employees in a new job. Your file looks thin if you joined your employer less than 12 months ago, even though you earn well. Providing 3 months of salary slips alongside your bank statements strengthens this kind of application considerably.
Self-employed and gig workers without an Income Tax Return (ITR). Freelancers and small business owners often show irregular income and file no ITR. Bank statement trends and transaction volume work as income proof here, which removes the need for a tax return.
Options to Get a Loan Without CIBIL or Credit Score
Borrowers without a CIBIL score have 4 main routes available, plus a smaller set of supporting options.
Digital NBFCs. Digital NBFCs like Fibe skip the CIBIL check and assess income, bank data and employment stability instead. Approval happens in minutes because the entire process runs online.
Secured loans. Loans against gold, fixed deposits or insurance policies use the asset as collateral, so your CIBIL score carries little weight in the decision.
Peer-to-peer (P2P) lending. P2P platforms connect you directly with individual lenders whose criteria vary more than a regulated NBFC’s criteria do.
Co-applicant or guarantor backed loans. Adding a co-applicant or guarantor with a strong credit history increases your approval chances and can unlock a larger amount.
A salary advance against your next payslip is a fifth, smaller option some employers and lenders offer, and it suits a short, small need rather than a larger purchase.
The table below compares the 4 main routes across the factors that matter most.
Factor
Digital NBFC
Secured Loan
P2P Platform
Co-applicant Loan
CIBIL score needed
May vary by lender
May vary by lender and product
May vary by platform or lender
May vary by lender
Asset required
No
Yes
No
No
Typical interest rate
14% to 36% per annum
7% to 12% per annum
18% to 40% per annum
Depends on co-applicant score
Approval time
Minutes
Same day to 1 day
1 to 3 days
Minutes to 1 day
Asset at risk on default
No
Yes
No
No
RBI regulated
Yes
Yes
Partially
Yes
Secured loans carry the lowest rate because the lender holds collateral. Digital NBFCs balance speed against a moderate rate, since they take on more risk than a secured lender does. Choose the route that fits your urgency and your appetite for putting an asset at risk.
What a No-CIBIL Loan Really Costs
The interest rate is only part of the cost. Two other factors change what you actually pay.
Processing fees reduce what reaches your account. A lender may charge this as a percentage of the loan amount, and it gets deducted upfront. The table below shows this effect on a sample loan.
Loan Amount
Processing Fee (2%)
Amount You Receive
Amount You Repay
₹20,000
₹400
₹19,600
₹20,000 plus interest
₹50,000
₹1,000
₹49,000
₹50,000 plus interest
₹1,00,000
₹2,000
₹98,000
₹1,00,000 plus interest
Short tenures raise the effective annual cost. A flat fee on a 30 day loan works out to a much higher effective annual rate than the same fee would on a 12 month loan, because the fee gets spread over fewer days.
Lenders calculate your Equated Monthly Instalment (EMI) using this formula:
Here, P stands for the principal amount, R stands for the monthly interest rate and N stands for the number of monthly instalments. Ask for the full rate and every fee in writing before you accept any offer, so the EMI you see matches the EMI you actually pay.
Eligibility Criteria and Documents Required
Most digital lenders, including Fibe, check 6 eligibility criteria.
Criteria
Typical Requirement
Age
21 to 55 years
Residency
Indian resident
Employment type
Salaried or self-employed
Minimum monthly income
Usually ₹15,000 or above
Bank account
Active account linked to Aadhaar
Mobile number
Active number linked to Aadhaar
You need 5 documents in total to complete an application.
Document
Purpose
Aadhaar card
Identity and address verification through e-KYC
PAN card
Tax identity and bureau linkage
Bank statement (3 to 6 months)
Income and repayment behaviour assessment
Salary slips (1 to 3 months)
Employment confirmation for salaried applicants
GST returns or business bank statement
Income proof for self-employed applicants
No physical copies travel anywhere. Everything uploads digitally through the app.
Keep 3 risks in mind before you apply. Interest rates run higher on no-CIBIL loans because the lender cannot verify past repayment behaviour. Loan amounts start smaller for first-time borrowers because a track record does not exist yet. A missed EMI hurts your report because a missed payment creates a negative history where none existed before, so borrow only what fits comfortably within your monthly budget.
How Much Loan Can You Get Without a CIBIL Score?
The amount depends on your income, your bank statement stability and whether this is your first application.
Borrower Profile
Typical Loan Range
Key Factor
First-time borrower, salary ₹15,000 to ₹25,000
₹5,000 to ₹50,000
Bank statement stability
Salaried, 6 or more months of history, salary ₹25,000 or above
₹50,000 to ₹2 lakh
Income level and employer type
Returning borrower with on-time repayments
Up to ₹5 lakh
Established repayment track record
Application with a co-applicant
Higher amounts possible
Co-applicant creditworthiness
Fibe offers loan to borrowers who are new to credit considering multiple factors. Repaying your first loan on time unlocks a higher amount and a lower rate the next time you borrow.
How a First Loan Builds Your CIBIL Score
A first loan can start your credit history rather than simply solve a short-term need, if you meet 3 conditions.
The lender has to report to a bureau. Confirm this before you apply, because a lender that does not report to CIBIL, Experian, Equifax or CRIF High Mark builds you nothing, no matter how well you repay.
Every EMI has to land before the due date. A missed payment hits harder when you have no prior history to soften it, because there is no positive record yet to offset the miss.
Borrow only what fits your repayment capacity. A smaller loan you repay in full builds more trust than a larger loan you struggle to service.
Meet all 3 conditions for 12 months without a miss, and a score in the 650 to 700 range becomes a realistic outcome from a standing start of zero.
A loan is not the only everyday habit that shapes your score. Options like debit card EMI work the same way. On-time payments help, and a bounce hurts. See how debit card EMI affects your credit score for the full picture.
FAQs on Loans Without CIBIL Score
1. Can I get an instant loan without a CIBIL score?
Yes. NBFCs and digital lenders assess income, bank statements and employment stability instead of credit history. Fibe, an RBI-registered NBFC, approves applications through this alternative model, which makes funding possible even for a first-time borrower.
2. What is the difference between NA, NH and NTC?
NH/NA are status indicators that may appear when a standard numeric CIBIL Score cannot be generated because there is not enough qualifying credit information or there has been no recent credit activity. NTC means new-to-credit and refers to consumers who are new to formal credit. NTC can overlap with NH/NA, but the terms are not interchangeable. An NH/NA status does not by itself mean a poor credit score.
3. What interest rate can I expect for a loan without CIBIL?
Rates typically range from 14% to 36% per annum, higher than standard personal loans, because the lender cannot verify your past repayment behaviour. Rates fall as you build a repayment record through subsequent loans.
4. Do processing fees reduce the loan amount I receive?
Yes. A processing fee gets deducted upfront, so the amount credited to your account comes in lower than the sanctioned amount, while your repayment stays based on the full sanctioned amount. Always check this figure before accepting an offer.
5. What is the best loan app without a CIBIL score?
An RBI-registered NBFC with a fully digital process offers the safest and most predictable outcome. Verify any app’s registration before you share personal or financial details with it.
6. Will taking a loan without CIBIL affect my credit score?
Yes, positively, if the lender reports to a bureau and you repay every EMI on time. A missed payment works the opposite way and creates a negative mark where none existed before.
7. Can I get a short-term loan without a CIBIL score?
Yes. Several NBFCs offer tenures from 3 to 12 months without requiring a CIBIL score. Fibe allows preclosure at any point with 0 additional charges.
8. Can I get a ₹10,000 or ₹20,000 loan without a CIBIL score?
Yes. Smaller amounts approve most easily for applicants with no credit history, provided the applicant shows a stable income and 3 clean months of bank statements.
9. What is the minimum eligibility for a loan with no CIBIL score?
You need an age between 21 and 55 years, Indian residency, an active Aadhaar-linked bank account and a stable income source. Each lender sets its own income threshold, though steady income consistently improves approval odds across every lender.
10. How can I improve my chances of building a credit score from zero?
Choose a lender that reports to a credit bureau, pay every EMI before the due date and borrow only what your income can support. Following all 3 steps for 12 months typically moves a borrower from no score to a score in the 650 to 700 range.
Personal loans can help you through some of the big purchases in your life while saving on interest rates and a lot of related hassle. Not surprisingly, reports suggest that the demand for personal loans has been increasing in the past couple of years. People generally avail of this facility to finance a home improvement, the next big trip, etc. Here are some questions you must ask yourself and pay attention to before applying for an instant personal loan.
#1 The Amount You Need
The first step while taking any loan is to know how much money you’d need. Depending on what you need and how much you need, you can calculate the amount with the personal loan calculator at Fibe – which clearly indicates your expected EMI, interest costs and many more.
#2 Account Where the Loan Amount Needs to be Credited
If you are availing of a personal loan to pay off a consolidated debt, you can have the amount transferred directly to your accounts. However, usually, banks transfer the amount to your checking account.
#3 The Repayment Tenure that Works for You
Once your loan application gets approved and you have received the amount, you’ll generally have to start paying the monthly instalments back within 30 days. The amount you decide to pay monthly and the interest depends on the time you have taken the loan for.
However, Fibe offers an Instant Personal Loan online within ten minutes. You can check your eligibility on the application, get your documents approved in no time and the loan amount will be deposited into your account in no time.
#4 The Interest Amount
The interest rate for personal loans relies on factors like your credit score, loan amount, time for repayment, etc. If you have a good credit score and you choose the shortest repayment term possible, you’d get the least interest rate on your loan.
#5 The EMI Amount
New modern ways of availing of a loan offer you the chance to choose what kind of repayment plan would work best for you. Depending on the level of your income and the cash flow, you can choose your repayment plan. Sometimes, lenders may provide you with an incentive if you choose the option to autopay.
Generally, people choose to make their monthly payments as low as possible to pay the loans back over a more extended period of time. For shorter repayment periods, the monthly payments are generally high.
But choosing more extended periods of repayment comes with high-interest rates. And choosing shorter periods of repayment comes with low-interest rates. This only means that because your monthly payments are minimal and the interest rates are higher, you pay much more than the actual amount.
You may also choose to enable smart pay via Fibe. Under this, you can clear off your bills easily, and you wouldn’t have to wait for a minimum due amount to pay. Furthermore, once you approve your Fibe limit, you can pay your entire credit card outstanding via a simple journey on the app.
#6 Your Credit Score
It is essential to know your credit score and ensure you qualify to get a loan. Personal loan lenders generally look for candidates who have good credit scores, especially online banks. However, if you already have a relationship with your bank, it may favour your loan request depending on your bill payment history. People with poor credit scores tend to need help in getting loans. While there are many ways by which you can improve your credit score, one way is to ensure that you don’t apply for loans with too many banks.
#7 The Time Taken for Disbursal
Some lenders deliver funds digitally within a day or two once your application has been approved. Some may even take up to ten business days. If it’s an emergency, be sure to check out Fibe Instant Personal Loan online for faster approvals – in the order of minutes! It is one of the many features offered by Fibe that makes it the best Instant Personal Loan app in India.
#8 How will it affect your Credit Score?
Personal loans can be called a form of an instalment credit card but generally for more significant amounts. So if you pay your loans on time and there is no late fee charged, or the bank didn’t have to run behind you to get the payment, your credit score would only get better. Some may say that adding new instalment loans may improve your credit score, but there is no point in adding yourself to more debt unless you need the money.
Conclusion
Personal loans can be a great solution when you need instant cash. Things can be a bit tricky if your credit score is not good. But if you have kept a good credit score, things will go smoothly for you. After the personal loan gets approved, the only next step is to pay the instalments on time.
The gender gap has been one of the toughest disparities to bridge over the past couple of years. According to the World Economic Forum’s Global Gender Gap Report 2021, closing the global gender gap has increased by a generation from 99.5 years to 135.6 years, especially now with the effects of Covid-19 in the limelight. Those are some staggering projections.
Taking a look at real-world examples reveals that this huge number is not exaggerated, but only reasonable. Even in relatively progressive countries of the West, such as Germany, women face a pay gap of about 17%, which is one of the largest in Europe.
But it’s no secret that gender diversity is the need of the hour and crucial to making workplaces more inclusive, profitable, and innovative. But even if one were to take a cold, more statistical look at the challenge, they’d be surprised by what’s in store. Several pieces of research have concluded that there is a direct and strong correlation between gender diversity and productivity, and therefore – bottom lines. Like the famous phrase coined during Bill Clintons’ 1992 campaign – It’s the economy, stupid! – perhaps it’s time more people realized that gender diversity is more than a morally righteous call, it’s also a logically obvious decision.
Closing these gender pay gaps and encouraging equal participation in the workforce could help in increasing the size of the world economy by an astounding $160 trillion, according to a report by the World Bank.
According to a report published by the Harvard Business Review, there was an overall 7% increase in a firm’s market value when they saw an increase on the gender diversity index by just 10%. Such examples illustrate the importance of a good relationship between gender diversity and our bottom lines, and how crucial it is for organisations worldwide to make their workplaces more inclusive.
There are three major reasons why researchers believe gender diversity in the workplace has a direct and positive impact on bottom lines:
First, a diverse workforce that is inclusive and accepting is more attractive and feasible for a majority of talent
Second, a workforce with a greater gender diversity shows signs of competent and effective management, which is crucial for attracting relevant investors
Finally, gender diversity works on a deeper level – when an organisation values diversity, an interesting and unique exchange of diverse ideas occur, improving and optimising processes
Gender diversity cannot (and will not) be achieved overnight, especially in male-dominated sectors such as technology, energy, and construction. These sectors struggle with diversity efforts due to the fact that men’s contributions are generally recognised on a greater scale and level compared to their female counterparts, as discovered in a 2018 report from Namely, a US-based HR platform. Even though women make up about 50% of the working-age population, their work and effort are often unacknowledged and underrepresented, ironically in the top roles of the workforce.
Organisations, however, can learn from these statistics and take up opportunities presented by gender diversity policies, which are advantageous to both the workforce when it comes to productivity as well as employee satisfaction. As companies become more gender diverse and inclusive, they pave way for:
Higher employee retention and satisfaction
Greater and more room for innovation
Accessing and opening untapped business opportunities
Significant improvement in decision making when it comes to teams
Several studies also show that the strong relationship between gender diversity and the bottom line is mutually empowering and advantageous, with diverse teams making more well-informed business decisions at the managerial and executive levels. These gender-diverse teams made business decisions that were well-framed with clear and articulate goals, sufficient information, and a series of alternative routes and options to steer clear from groupthink.
According to Jackie Vandebrug, the managing director at U.S Trust, there is a growing body of research that states and proves that female leadership and gender diversity help the bottom line.
Growing organisations must recognise the importance, significance, and relevance of gender diversity in the workplace to create work environments that are more inclusive and nurturing, to leverage the plethora of benefits that come along with doing so. Organizations will definitely benefit a great deal from such practices, while also being able to include more diverse viewpoints, perspectives, and insights.
Download the Fibe app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Compiled By: Ashish Goyal, Co-Founder and CFO at Fibe About Ashish: As CFO, Ashish oversees the overall strategic direction of the company and focuses on building the funding profile to ensure that it is diverse and deep. In this role, he is responsible for building Fibe’s business, strengthening Fibe’s position. He oversees the integration of Fibe’s overall growth strategy with Co-Founder Akshay Mehrotra
India is one of the world’s biggest FinTech markets. With China, India has the highest FinTech adoption rate in the world. The $65 billion we processed in digital payments in 2019 is projected to rise at a CAGR of 20% until 2023. According to the Worldline India Digital Payments Report, UPI transactions increased by over 82 percent in volume and 99 percent in value in the second quarter of the financial year 2021.
Let’s check out 5 trends of 2021 that will shape the FinTech industry in a “path-breaking year”.
OCEN
The introduction of the Open Credit Enablement Network (OCEN) has been a powerful catalyst by the Government in India’s progress toward credit and financial inclusion. OCEN is a collection of APIs that enable lenders, Loan Service Providers (LSPs), and account aggregators to communicate. OCEN is bound to make MSME credit easier once it is fully functional. It is as powerful a revolution as Aadhaar once implemented successfully. The cost of getting information, accessing it, and providing it will fall dramatically.
Account Aggregator
Source – sahamati.org
An Account Aggregator (AA) can be considered as a manager of consent for sharing all information related to finance. The Reserve Bank of India (RBI) licenses Account Aggregator (AA) services, and an AA cannot retain any user’s data, eliminating the risk of data leakage and exploitation.
AA is expected to disrupt the way we can manage our finance, share information, tax filing. It can actually make us lazy! (in good ways) by taking care of money management.
Wealth management services companies will be the biggest winners from AAs, as their products would improve dramatically. This would increase their scope and enable them to analyse client needs and financial situations more quickly, lowering costs.
Digitisation Adoption
Our financial system has seen a massive migration to digital as companies and consumers adjusted to the Covid-19 crisis. Despite the long road still, ahead the future of digital finance appears bright, with the FinTech sector pushing progress across verticals. FinTech has opened up many possibilities for tapping into a vast database of consumers, enabling a solid digital base. We at Fibe have launched the nation’s first end-to-end digital card, SalaryCard, with remarkable features:
Enjoy flexible term choices.
Shop on EMIs with any retailer.
Save up to 12,000 INR a year, all with no subscription charges, yearly charges, or renewal charges.
New Age Technologies
New-age technologies, along with VKYC (Video KYC), CKYC (Central KYC) will ease the process and provide the best services to customers. The task of onboarding new customers has become more complicated in recent times, as people are wary of visiting bank branches for fear of catching the virus. Financial firms have implemented KYC solutions that make the onboarding procedure more comfortable for consumers without requiring them to leave their homes.
VKYC – Video-KYC (VKYC) is an alternative to the complete in-person KYC procedure that banking customers must go through before receiving services like account openings or loans. Customers would no longer be expected to follow up with physical document authentication under the newly approved Video-KYC system, which aims to fully replace the old KYC structure.
CKYC -The Central Know Your Customer Registry (CKYC) is a centralised repository for KYC information from consumers that use financial services. CKYC aims to make sending KYC documentation easier when beginning a relationship with a new finance firm.
ML and AI changing the game
Big data and the ability to build algorithms powered by ML will create exciting opportunities. Fraud identification, model validation, stress checking, and credit scoring are some particular areas that will be majorly influenced by AI and ML. Since machine learning algorithms can execute larger amounts of data in near real-time, they are more successful at fraud detection than humans. When someone purchases something with a credit card, machine learning algorithms check it right away to see if it’s a fraudulent payment. Banks can use AI and machine learning in banking and data science acceleration to improve their customers’ portfolio offers.
Conclusion
The FinTech industry looks promising in 2021. Payments and the banking industry have evolved in tandem with the growing requirements and demands for financial transactions. The best possible customer experience and fast responses to changes would be the most important factors of evaluating how successful the trends have been in shaping the FinTech industry.
Knowing how to operate credit cards responsibly is crucial, as they come with high interest rates if you do not pay your bills on time. Credit cards provide a convenient way to finance your purchases and offer more benefits and rewards than a debit card. However, using them without clearing your outstanding balance can result in a debt trap.
Read on to learn about how to use a credit card effectively to enjoy its long-term benefits.
Purpose of Credit Cards
Credit cards are a form of payment that enables you to make cashless transactions up to the assigned credit limit. When you swipe the card, banks loan the money to you to make a purchase. Since this is essentially a debt, you have to pay back the amount according to the issuer’s terms.
Unlike loans that require fixed monthly payments, you can repay the outstanding balance of a credit card in different ways. For instance, you can pay the minimum amount due for a month or make a complete or partial repayment.
A grace period, usually up to 45 days, allows you to pay back the total amount without interest. If not paid on time, the remaining balance amount will attract interest every month. If you fail to pay during the next billing cycle, this amount is added to the outstanding dues and continues to accumulate high-interest charges. As such, you can end up with a large debt, which affects your finances and creditworthiness.
That said, grace periods are a blessing because you can utilise a temporary interest-free loan. As long as you pay the entire bill amount on time, the banks won’t levy interest on your purchases. So, it’s important that you use your credit card responsibly and pay the bills on time and in full.
Here are some tips for using credit cards smartly:
Read the Terms in the Agreement
After opening a new credit card account, carefully review the customer agreement. Also, read the disclosure. Keep all the details related to the repayment terms, due dates, interest rates, etc. in mind before you proceed.
Avoid Credit Card Debt
You can prevent accumulating massive debt on credit cards by exercising restraint while using the card. Avoid exhausting your card limit frequently. Doing this will also help protect your credit scores as your credit utilisation ratio. This ratio indicates how much credit you have used against your total limit and generally, the lower the ratio, the better your score.
Pay Your Dues on Time
By paying the issuer back on time, your credit history will show repayment discipline. Since credit scores depend on this aspect, a good record can have a positive impact on your score.
If you have a bad score, you may need to pay higher interest for future loans or credit cards. One way to avoid this and pay your bills on time is to set up payment alerts or sign up for automatic debits from your bank account.
Paying minimum dues in every billing cycle helps avoid penalties. However, you will still have a large balance left that will keep accruing interest. The additional interest amount can make it difficult to clear the debt.
So, try to pay your credit card bill in full every month, or at least pay off as much as you can, over and above the minimum amount due.
Protect Your Credit Card
By storing your credit card details safely and out of reach of other people, you can secure the essential information to prevent fraud. Never share details regarding your card number, CVV, or OTP codes with anyone.
Always report a lost or stolen card immediately and block the card to prevent unwanted usage. When notified of unauthorised purchases, always report them to the bank immediately. By doing so, the bank won’t hold you responsible for the unauthorised use of your card.
Review the Statements Every Month
One important tip on how to use a credit card wisely is to be aware of your spending limit, annual percentage rate, interest rate, hidden fees and more. Your credit card statement will contain all these details. Make sure to check your statements regularly to notice any updates related to these details or irregularities in transactions.
By using your credit card frequently, you can maximise the reward points you can earn. However, avoid doing so if your existing dues are high. In such a case, it is advisable to limit your credit card use until you repay the outstanding balance.
Monitor Your Credit Score
By monitoring your credit score, you can see what purchasing patterns hurt, maintain or increase your score. This also helps identify mistakes or fraudulent attempts that could hurt your credit score.
Advantages of Using Your Credit Card Responsibly
By being responsible and vigilant, you can make the most of your credit card. First, using it and repaying it on time every month helps you build an exceptional credit score. A good credit score provides you access to more credit card options and affordable loans. Secondly, cards even offer perks like cashback, travel benefits, reward points and more. You can thus save as you swipe and enjoy a range of privileges.
To access a card that offers all these perks, get the Fibe Axis Bank Credit Card. It is India’s first numberless credit card that links to your UPI ID and provides higher security. Moreover, it is a lifetime free card that offers up to 3% cashback, dining discounts, fuel surcharge waivers, free airport lounge access and more. Download the Fibe Personal Loan App or register on our website to apply now!
FAQs on Using Credit Cards Responsibly
What is the responsible way of using a credit card?
If you are wondering how to operate credit cards responsibly, you can employ certain strategies. For instance, set up auto-payments for timely repayment, use only up to 40% of your credit limit, use your card at trusted merchants only and monitor your credit card usage to stay within your budget.
What are the things you should consider when using a credit card?
When using a credit card, you must evaluate certain factors like the card’s Annual Percentage Rate (APR), fees and charges, cashback and other rewards and more.
What is the safest way to use a credit card?
If you are thinking about how to use a credit card wisely and safely, there are certain tips you must follow. For instance, don’t trust anyone else with your credit card number and expiry date, change your PIN regularly and don’t share it with anyone, check your statement carefully, and use the card at trusted merchants only.
Compiled by: Alapinee Deshmukh, Human Capital & Sustainability Evangelist. About Alapinee: A Human Capital & Sustainability Evangelist, she is ER Lead at eCW.
It has been almost a year since the outbreak of the COVID-19 pandemic, and our life still is far from what we used to consider ‘normal’. One of the most significant changes that the pandemic and the consequent lockdown has brought on the entire country is the shift to remote working, also called the work-from-home format, in almost all industries. This is a significant shift that has had an impact on all involved – employers, employees, and the economy at large.
The impact of shifting to a WFH setup has been felt in almost all domains of life. Several individuals were found to have seen a negative change in their mental health or with respect to work environment and collaborations at the workplace or its financial impact on both the employers and the employees.
Specifically from the employer’s perspective, on one hand, the work from home setup is diluting the corporate culture and team building. But on the other hand, there have been several benefits as well. For instance, several employers have benefited financially by cutting down costs on utilities like electricity consumption, travel allowance to employees, etc. In addition to this, with most employees having traveled back to their hometowns, their productivity has considerably improved. Not only do they require lesser holidays, but the overall increase in productivity of the employees also has both efficiency and financial related benefits. While this has been the case, eCW ensures that even while the company is cutting down on costs, they’re not adding to the financial burden of their employees. This is why they offer incentives like internet allowance and free transportation for employees for medical needs. These incentives are provided to all of their employees who are now working from home.
Financial Implication on Employees from shifting to Work from Home setup
As discussed above, the implications of the work from home setup, mostly due to the COVID-19 pandemic, are manifold – social, physical, mental as well as economic.
Strictly speaking about the financial implications of the WFH setup on the employees, it can be said that it has been a mixed bag. Some of the positive implications upon the employees are listed below:
1.Traveling time and other associated costs have gone down
One of the major components of any employee’s monthly expenditure is traveling. This includes the money spent on fuel, fares for public transport, etc. According to a report by Awfis, An average working professional in India is saving Rs 5,520 per month and 1.47 hours of travel time everyday while working from home. Therefore, a huge chunk of their income and time is saved with the WFH setup.
2.Decrease in childcare expenses
With all schools shifting to an online teaching mode, the WFH setup has been a boon for working parents, especially working women. Having a toddler at home generally makes it very difficult for parents to manage to go to work without using a daycare, which is one of the major reasons for fewer women in the workforce, alongside reducing household income.
With the work-from-home setup, not only will more and more women be able to retain their jobs while taking care of their child, they also are managing to save all the money they would otherwise have spent on sending their child to a creche or hiring a nanny. The WFH setup also allows both parents to spend quality time with their children during their most important years.
3. Increase in productivity
The WFH setup gives more comfort to the employee and coupled with lesser commute hours and travel fatigue, employees are seen to be more productive overall. In fact, the CEO of TCS was reported saying that since 90% of their employees started working from home, they are “seeing increased levels of productivity in certain instances and an increased level of engagement.”
In addition to this, there is a lesser need for taking holidays and hence the overall productivity of the employee increases, which would have a direct effect on the performance-based financial incentives given by the employers, like bonuses.
However, the financial implications have not all been good. There have been some aspects of the WFH setup which have burned a hole in the pockets of employees. Two of the most significant expenses are:
Electricity and internet bills are off the roof
Since all the work is happening through cloud computing and other allied virtual workplaces, there is a constant need for a stable internet and electricity connection. All of these services are, in most cases, being paid for by the employees themselves in the WFH setup. In fact, as many as ¾th of employees believe that they should be compensated for electricity and internet bills while working from home, according to a survey by TravelBank.
Increase in the need for proper ergonomics
For working long hours from home, it is now almost mandatory to have a proper home office setup – with an ergonomic desk, chair, and other such needs. Employees also require a decent pair of noise cancellation headphones and webcam setup for all the virtual team and client meetings as well.
Even though initially people made do with makeshift arrangements for these things, with working from home becoming a permanent feature in a lot of organisations, the ergonomic needs of the employees are the need of the hour. The expenses related to all this also have to be borne by the employee themself.
Concluding thoughts
While working from an office setup or from home comes with their own boons and banes, it is important to recognise that both of them come with a huge cost, pun intended.
Even though work from home is the need of the hour and is also expected as a norm in a lot of industries now, the rise of employee expenses also needs to be taken into account. Coupled with salary cuts due to the economic slowdown as a result of the COVID-19 pandemic, these underlying expenses can be a source of worry for a lot of employees.
The importance of environmental protection and conservation cannot be emphasized enough, particularly in today’s society, where individuals and organisations alike are more concerned with chasing profits than anything else. However, public awareness of numerous environmental challenges has recently increased, and it is in this spirit that we commemorate days such as World Environment Day, Earth Day, and other such events to remind people of the seriousness of the issue.
With environmental protection becoming the need of the hour in order to ensure humankind’s survival in the coming years, awareness of the importance of protecting the environment has also been growing. In fact, according to a global survey conducted by Accenture in 2020, consumers have “dramatically evolved” since the pandemic began, with over 60% of them becoming more environmentally conscious and incorporating sustainable and ethical behaviors into their daily lives.
More individuals are now active on the issue and clearly doing their part to contribute in ways they can, from simple actions like reusing paper at workplaces to leaving the vehicle or bike at home and riding cycles instead, sharing cabs, and moving to eco-friendly bags.
One such initiative that individuals can take is drastically reducing their paper utilization, whether it is at work, home, school or anywhere else. More paper usage equals more deforestation, thereby making this a critical step to take given the numerous alternatives to paper available, such as e-documents, PDF files, electronic signatures, and so on.
Use of Paperless Banking
Certainly, utilization of the web and other digital services in everyday affairs has allowed us to limit the utilization of paper. Paperless banking is perhaps the most significant step we can take in our journey towards paper-saving. Through the effective implementation of paperless banking, both banks and individuals can collectively save a lot of time, effort and our environment as well.
Paperless banking encompasses the entire bank and the entirety of its capacities. A paperless banking system allows you to do everything and anything related to banking, from internet banking to account opening and other services, right on the web itself. This definitely shows us how all financial services can be digitized and made accessible online.
Internet banking can be effectively used for various traditional financial practices such as cash withdrawal, cash deposit, fund transfer, balance inquiry, and also to apply for loans. Almost every bank in India offers net banking services on their sites with digital payment features.
Paperless Personal Loans might have been inaccessible a couple of years ago, but today this is easily accessible in our country and the drastically increasing usage of the internet in the Indian financial sector can be thanked for this.
Personal Loan Online
These days, the majority of personal loans are applied through the websites or mobile apps of various banks. Not only is this better in terms of convenience, but the processing time of these loans is also much lesser compared to traditional loan application options.
Here is how online banking and online personal loans are transforming the concepts of traditional banking.
Improved Security and Privacy
Security is undoubtedly the most important feature of banking, regardless of whether they are digital or not. Internet banking transactions are typically secured through various methods like client IDs, passcodes, one-time passwords (OTP) and some mobile phones even require fingerprint authentication of users. Some advanced financial services even employ coding, and as a result, data is extremely secure and cannot be hacked.
24*7 Accessibility
One of the major drawbacks of traditional banks is that you cannot avail banking services beyond working hours. Post working hours, they can’t be accessed by anyone, even if you might be in an emergency. But the benefits of Internet banking have made it feasible to apply for instant personal loans quickly, at any time and from anywhere.
Saves Time and Efforts
Traditional banking approaches also require the physical presence of customers to avail services. One must visit the bank and even if individuals are physically present, a lot of time is wasted by standing in long queues and other application procedures. All these processes are very time consuming and require a lot of effort. A paperless online loan erases all the difficulties of conventional banking methods and allows you to apply for loans at your own pace.
Conclusion
A Paperless Online Loan provides numerous benefits which anyone can avail easily if he/she has online access. By switching to paperless practices in various aspects of life, including banking, individuals play a significant role in environmental protection.
This Environment Day, let us all come together to ensure that our actions reflect the theme of this year – “Reimagine, Recreate, Restore”. Let’s all go green and paperless, and play our part in saving the environment. If you’re looking for the best and easiest Paperless Online Personal Loan Services, Fibe is here to help you out. At Fibe, we support World Environment Day endeavors throughout the year by offering a paperless online loan.
Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.
Everyone wants to be a millionaire or a billionaire, yet only a handful can accumulate remarkable wealth. The common notion is that millionaires are not self-made but benefit from their lineage. But that is not always the case. Many well-known people have generated substantial fortunes and become self-made millionaires, even billionaires, without an inheritance.
So, yes, you too can become a self-made millionaire from the ground up. However, it is essential to remember that there are no quick routes to becoming rich. You can earn money through multiple avenues, including high-paying employment, launching your own enterprise or taking up freelancing opportunities. However, if the goal is to be a self-made millionaire, the above means are not enough.
You must also adhere to certain fundamental principles. This includes adopting good habits, a positive attitude, adept financial management skills and more. Moreover, it is important to remember that the only way to accumulate wealth is through hard work and a positive mindset.
Since you now know what is a self-made millionaire, here are some tips you can use to become one.
Tips on how to become a self-made millionaire
Follow some of these strategies to become a self-made millionaire:
Concentrate and build discipline
Directing your attention towards achieving success rather than earning money can eventually lead you to accumulate wealth. Have clear objectives and make efforts towards achieving your goals while avoiding distractions. Reducing your expenses and exploring ways of enhancing income can help, but you must commit to your goal of becoming a millionaire wholeheartedly.
Pursue your passions and dreams
Focusing on your passion is vital if you wish to launch your venture and be successful. Doing what you love will help you get closer to your dreams. Big dreams require you to take big leaps and believing in yourself is important ifthe goal is to be a self-made millionaire.
For this journey, you must set clear and time-bound goals and network with the right audience to build connections. Millionaires are known to tap into opportunities by creating unique pathways and getting out of their comfort zone. So, define your goals, remove any negatives or distractions and plan for the years ahead.
Focus on the long-term
You must focus on the bigger and more motivating reward to achieve sustainable success. Doing so allows you to be continually driven and inspired to attain your goals. So, shift your attention from short-term successes to long-term plans.
Develop your abilities to the fullest and opt for objectives that are not easily attainable. It is also crucial to remember that working on yourself and updating the path towards your goal is essential. For example, if you have a business, re-invent it regularly. This will help you keep up with the market and technological shifts, ensuring growth for the long term.
To become a millionaire, you must take calculated risks and overcome your fears. Calculated risks are the ones you take after you weigh the pros and cons and contemplate different outcomes.
If you can withstand the potential setbacks and the gains are comparatively bigger, you should take the risk. As a safety net, you can rely on Fibe’s Instant Personal Loan to cover your unforeseen expenses and setbacks.
Invest Rather Than Spend
Ifthe goal is to be a self-made success story, focus more on investing and reducing your spending. When your expenses exceed your income, it hampers wealth accumulation. You must smartly manage and direct your income towards opportunities that can result in growth.
As you can see, possessing substantial capital is not necessary for achieving success and becoming a millionaire. Diligent effort, smart financial planning, taking risks and leveraging the right opportunities can help you become successful and convert that success into wealth.
Remember to financially secure yourself as you embark on the journey to become a millionaire. Set aside enough cash to cover any emergency or unexpected expenses. You can also rely on Fibe’s Instant Cash Loans and Medical Loan options. With these, you no longer have to worry about putting the breaks on your plans!
Yes, you can become a self-made millionaire by leveraging the right opportunities, investing smartly and increasing your sources of income. You also need to set ambitious goals, learn from your setbacks and maintain a positive mindset.
How can I become a millionaire in a year?
To become a millionaire in a short period:
Focus on maximising your returns from stocks, shares, bonds and more
Make sure that you automate your savings/investments
Earn from a side business or freelance to get income from multiple sources
Spend strictly based on a budget
What is the fastest way to become a millionaire?
There is no shortcut to becoming a millionaire. That said, you can speed up the process by expanding your income sources and investing in financial products that offer high returns. You can also prioritise savings, cut down on unnecessary expenses and avoid debt to accumulate wealth.
How do most people become self-made millionaires?
To earn wealth, millionaires set ambitious goals, invest in high-earning products and do not let a good opportunity pass by. They also network with other millionaires and learn from them.
How to be rich from zero?
You can become rich by starting on your investment journey early, leveraging the power of compounding money, setting smart financial goals, looking for ways to expand your income and avoiding debt. This is a consistent process and you must keep a positive attitude and stay persistent to achieve your financial objectives.
How to become a millionaire by 40?
You can become a millionaire by the age of 40 by using your funds smartly. For this, calculate your current net worth, set financial goals and look for ways to increase your income. Investing in the right places, like stocks, bonds, real estate, etc. can also help. Additionally, focus on reducing unnecessary expenses and increasing your savings.
