Investment Guide for First Jobers

Compiled By: Ashish Goyal, Co-Founder and CFO at EarlySalary
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 EarlySalary’s business, strengthening EarlySalary’s position. He oversees the integration of EarlySalary’s overall growth strategy with Co-Founder Akshay Mehrotra.

The first job is the first chapter of our career that not only gives you economic independence, but it also teaches you to be more responsible for your family’s needs and your own goals. To be on the road to financial wellness, it’s a good idea to start planning about how you can invest your salary. Here’s how you can do it:

Focus on Enhancing Earning potential

As a principle, focus on how to increase earning than focus on spending curbs. When we focus on earning, we generate compounding of permanent increase in annual income potential. Go for that skill upgrade training, take that complex project at office!. Needless to say, be passionate in what you do. In today’s world, keeping pace with technology change is absolutely essential to remain relevant. 

Similarly, in order to invest efficiently, it is highly important to have a good stable source(s) of income that allows you to stay in a financially secure position.  It is imperative to invest for long term. In today world, one need to take SIP option to build continuous allocation of funds towards saving and in right asset classes.   

There is an old adage that “not taking risk is the biggest risk”.

Invest in Skills

Going down a swift river without any direction, guide, or awareness of what’s around the next turn is a similar analogy of not investing in yourself, but with more negative consequences in life  Things could go well for a while, but you’ll eventually remember you made the wrong decision by not investing in your skillset. You must make a strategic and diligent investment in a roadmap for achieving your career goals in order to prevent unforeseeable incidents to happen. 

One of the most effective ways to advance your career is to actively develop your skill set. Being able to demonstrate fresh, creative ideas would make you more productive at your current job. Read more books, listen to people who inspire you, build a healthy routine and always keep learning and enhancing your skills! A simple trick to achieve this. Just like we do corporate planning and review, Block 2 hours on 1st of every month to plan and review your long term objective. Assess whether you are on the right path to achieve full potential or it need some change

Spend less than income

The most essential personal finance rule is to spend less than you make. It’s plain and straightforward: the only way to accumulate wealth is to have an abundance of money. Save money, be careful with finances, avoid debt, and avoid doing something careless with your financial resources. But remember, Focus on increasing income potential and then spend less. Other way round will just put us in a mediocre outcome. 

In no way, you should compromise on your life style, ambition to own something however, use rising income to support it. How can your income be 5 times is the most critical question one needs to ask regularly

The amount of value an individual produces determines his or her income. Your earnings are directly proportional to the amount of value you generate. You can’t win consistently if you don’t work hard, but working smart is also important. 

You can save a lot of time by working smart instead of doing extra work that yields marginal outcomes. The scalability factor is vital; it distinguishes the wealthy from the ultra-wealthy. Hence, make sure you question yourself frequently about what you can do to multiply your income and work upon it!

Start SIP in an equity mutual fund early in your career

SIPs, or systematic investment plans, protect you from a variety of risks. Short-span risks,  uncertainty, irrational and reckless responses, overspending, and so on are a few of them.You don’t have to think about timing your investment when you invest in a SIP strategy. When market conditions are favourable, your monthly SIP purchases fewer mutual fund units. 

When the markets are down, a monthly SIP of the same volume earns you more units. As a result, you do not pay very high prices for any unit of a mutual fund in the long run. SIP plans are one of the best and most effective ways to invest money in Indian equity markets.

Have experiences

Experience allows you to live life with memories.  In today’s world, you no longer need to buy things to experience it. I recommend that on high ticket purchases, we should carefully evaluate “why and do I need to buy it”. If it is for experience, you can find a deal to fulfill it without owning it up. 

Also, when you live to experience, Your personality is made up of the places you’ve been, the lessons you’ve learned, and the experiences you’ve had, rather than your belongings. Purchasing a new item will not change your life, but travelling and living in a foreign country will.

Buy Critical Illness Policy

Critical illness insurance offers extra protection in the event of a medical emergency. Since these situations sometimes result in higher-than-average medical expenses, plans pay out cash to help cover the gaps where conventional health benefits can fall short. These plans are reasonably priced. 

We need to set long-term agendas for our lives, just as we do for our days. Financial objectives involve preparation, and the sooner you begin, the better. Bagging the first job is a milestone achieved. It is the start of a successful career and places you in a real, raw world setting. 

In sum, rule 1 is always looking to enhance income potential. Rule 2, focus on income, not on spend BUT, always spend less than income on that day. 

Combating tough times together!

Let us first say, we hope that you, your family & loved ones are healthy and are taking all the necessary precautions to continue staying safe. 

This is a challenging time for all of us and our hearts go out to everyone affected by wave two. This time, we have seen that a large number of team members, friends and family from our immediate circles have been directly affected. The second wave is hitting us hard with the health care system struggling to bounce back across the country. We are closely monitoring the evolving impact and are striving to comply with the guidance and regulations from government and public health authorities across the country along with trying our best to help as many people as we can. We have personally reached out to many of you requesting for help regarding plasma, beds and medical care for many of our team members and family in other locations. It has been overwhelmingly heartening to see so many friends, family, colleagues stepping out and going beyond their means to help.

Currently, we would like to share a message of solidarity with all of you and bring in an oath to help and show compassion and togetherness. No storm can last forever; it will never rain 365 days consecutively. Keep in mind that troubles come to pass, not to stay. Do not worry!  

We are committed to meeting this challenge by focussing on three priorities – safety, business continuity and lending a helping hand to those in need. The well-being & safety of our team members, partners and customers is our topmost priority. We are implementing procedures to safeguard our employees while continuing to best serve our clients while extending our support to the needy.

Lastly, let us reiterate that we are all in this together, and we will get through it together too. Please do reach out to us in case of any help needed for your near and dear ones. We’ll try our best to collectively sail through this. 

Regards,
Akshay & Ashish

How to select the right AC for your budget

The type of AC

Air conditioners are mainly available in two configurations, a window AC or a split AC. Both of them have certain pros and cons. While windows ACs are generally cheaper and easier to install, they can be very noisy. On the other hand, split ACs make less noise but are more expensive and difficult to install. Even though window ACs are not as energy-efficient as split ACs, it doesn’t need to have two units (external and internal) installed due to its mono-block design.

Capacity/Tonnage

You certainly want your room cooled enough for your comfort, and that too in minimal time. The capacity/tonnage of the AC is determined by the size of the room, the average temperature in your region, the number of heat sources, the number of windows, and certain rules of thermodynamics. You can use the given chart below to determine the required capacity of your AC. If your total score is higher than the recommended scores in the chart, you could use multiple cooling units instead.

Energy Efficiency

The more stars you see on the BEE star rating scale for an AC, the more energy-efficient it is. Although it comes with its cons, given that higher ratings would mean a more expensive unit, you must consider the long-term benefits. A 5-star AC can be up to 35% energy efficient over a 1-star AC, which means it cools more efficiently with a lesser amount of electricity consumed. You could always cover up shortfalls in your AC budget with a hassle-free instant cash loan, ensuring a comfortable stay at home without breaking the bank.

Inverter vs. Non-inverter ACs

Inverters operate by converting DC (direct current) into AC (alternating current). Traditionally ACs double-task by converting AC from the electric socket to DC to operate and then converting power back into AC for the compressor (external unit). This is a less efficient model, as the compressor always either ran at full power or was turned off. Inverter ACs are dynamic in switching frequencies, allowing the compressor to run at different levels according to the room’s current temperature, thus working more efficiently. However, inverter ACs can be more expensive and take more time to cool, given the complex circuitry.

Other factors

There can be additional features to consider before getting an AC. This could include the type and efficiency of the air filters, heating capabilities for chilly winters, the ability to set a timer, etc. The more features an AC has, the more expensive it will be in general. However, with an online cash loan, you could easily choose the best AC for your needs without worrying about emptying your savings for it.

After choosing an AC, what now?

After considering all these factors, the next logical question would be how to get an AC within your budget. It’s best not to go cheap on build quality, as an AC is an integral part of your home, and repairs can take out a good chunk of your time, comfort, and finances. With an instant online personal loan, you could easily finance the best possible high-quality AC for your needs. Once you have decided on your perfect AC unit, you can look for multiple ways to finance that, like getting an instant online personal loan, online cash loan, or a salary advance. If you are looking for a hassle-free instant loan covering air conditioners, look nowhere else but Fibe. Fibe’s personal loan for your AC is transferred directly to your bank account and can be applied online with minimal paperwork, with high approval rates.

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

How do You Build Successful Work Teams? A Financial perspective

Financial wellness has recently gained importance to build successful work teams. And for good reason. After all, financial stress harms both the professional and personal lives of your employees, and by extension the organization too. According to a report, financial stress results in a 34% increase in tardiness and absenteeism. Along with being stressed, employees who worry about money also miss almost twice as many days per year compared to other members of the work team. Financial stress can also lead to increased presenteeism, where employees come to work despite being physically or mentally unwell. 

While it may seem less bad as the team members are physically present in the workplace, after all, presenteeism seriously affects organizations and can cost them a lot of money.

Why is financial wellness important for work teams?

Happy & healthier employees

Financial stress can result in a wide range of health problems for your team members, varying from depression and anxiety all the way to heart problems. In other words, if you can take your work team’s financial worries out of the equation, that’s one step closer to a healthier and happier workforce. 

Apart from the fact that financial stress affects an individual employee’s morale and health, it will eventually also weigh on their team members and other colleagues.

Productivity loss

When financial stress can lead to an increase in absenteeism, presenteeism, and ill employees, it’s no real surprise that it affects their productivity as well. A survey done among more than 10,000 Americans shows that US companies lose $500 billion a year due to their employees’ personal financial stress. 

How to build successful work teams?

Financial wellness programs

The concept of a financial wellness program has evolved due to 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 team members in meeting their personal finance goals. 

From identifying the diverse needs of your employees to having a robust feedback mechanism, financial wellness goals can be tangibly set up to assist concerning matters like financial goal setting, consumer credit building, financial crisis management, personal and household budgeting among others. Providing such programs can be an integral step to build successful work teams.

Introduce Financial Tools

One of the best ways HR can build successful work teams is by introducing financial literacy tools and financial wellness tools in the workplace as a means to teach and guide them. This is important in making the team members understand their finances better, look out for investment options and even get them out of a personal financial crisis. 

Educating your work team about the foundations of personal finance, ways to build healthy financial habits and personal wealth, and making them aware of concepts such as quick instant loans and salary advance loans is one of the best ways to help them. By acquiring a good understanding of their finances, they will be able to make better and more informed decisions regarding their savings.

Smart Budgeting

Smart budgeting and automated investing are associated with the execution of the financial plan drawn up by employees. Digital tools serve as constant reminders and act as a platform that enables easier investing. It also helps in keeping financial plans on track and enables HRs to build successful work teams. 

Smart budgeting platforms and applications can help keep a track of the monthly expenditure and finances, and automated investing platforms can help in the automation of the transfer of a pre-decided amount from a checking account to a savings account. Hence, it saves all your employees time.

Know about the wants of your team members 

PwC report in 2020 stated that even though young employees of the team stated that job security is the most important factor when it comes to financial wellness, for older aged employees it was found to be healthcare facilities and lower healthcare costs. It is mandatory to see and measure your employee’s financial wellness to build successful work teams.

Address health-related issues 

It is unlikely for all your team members to share common health-related concerns. People belonging to different generations will have different health issues and goals. While for an average youngster, it might be to stay fit and have a toned body, the same might not be the concerns of a comparatively old-aged employee. 

Their preferences would rather be tie-ups with hospitals and having rebates on healthcare services. Therefore, it is quite important to consider these factors to build successful work teams. 

Know about their financial commitments

Repayment of student loans could be one of the most pressing issues for the younger employees in the team. In fact, as many as 80% of this generation consider it as the most important factor stopping them from achieving financial wellness. 

However, for the older generation in the workspace, offerings such as easy housing loans, post-retirement benefits, etc., might be of more significance. Therefore, it is important to understand their financial goals and liabilities to be able to effectively build successful work teams. 

The financial condition of your team members 

Understand your employees’ position when it comes to savings to combat the problem of financial stress. According to the PwC report (2020), as many as 67% of the younger employees had less than $1000 in savings while the number was significantly lower in older members of the workforce. 

It is important to educate your work team about the latest financial tools and services available, such as salary advance loans and quick personal loans. HR leaders need to support and help their team members in financial planning and must build successful work teams. 

Quick personal loans and salary advance loans are some of the options that could help work teams plan their finances better, and help them when they’re in urgent need of financial assistance. The solution provided by HR should include modules and sessions for educating, planning, investing, carried out by financial experts and advisors to help them reach their goals. At Fibe, we offer various options for financial wellness for your work teams, such as salary advance loans, personal loans, and financial wellness solutions.

It is important to help your employees plan their savings, and provide them with comprehensive training concerning personal finance management, to build successful work teams. 

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

How to Negotiate a Lower Interest Rate on Loan?

Knowing how to negotiate for lower interest rates on loans enables you to get funding at a lower cost. It also helps you save money while providing some financial leeway. Financial institutions carefully analyse various factors while deciding the terms of your loan, including the rates. These factors include your:

So, you need to work around these factors to secure an affordable loan. Read on for some strategies that you can adopt.

Maintain a Healthy Credit Score

You can negotiate for lower rates when you have a score of 750 or above. Here is a look into how lenders perceive your credit score:

Credit ScoreRange
NA/NH“Not Applicable” or “No History”
300-549Poor
550-649Fair
650-749Good
750-799Very Good
800-900Excellent

To achieve the ideal score, you must:

  • Repay the EMIs of your loans by the due dates
  • Clear your credit card bills on time
  • Have a good credit mix
  • Keep credit utilisation under 30%
  • Check your CIBIL Report for any discrepancies and errors

Remember, the score will not improve overnight and you will have to work towards it consistently.

Build a Good Repayment History

Paying your credit card bills in one go and your monthly loan installments on time can also enable you to request lower interest rate loans. This is because:

  • It helps build a strong repayment track record, which has a positive impact on your credit score and eligibility
  • It decreases the risk parameter for the lender, helping you get quick loan approval

Research and Compare Interest Rates

Exploring various lenders and choosing the one offering lower interest rates is another great strategy. Here are some tips to follow:

  • Assess your requirements and check your eligibility to choose the right lender
  • Take advantage of the festive season to get special offers and discounts on interest rates
  • Look for pre-approved offers to get credit at discounted rates, which you can secure when you have a good credit score

Check the Interest Calculation Method

You may pay a higher interest even if your lender offers lower rates. Why? Because lenders utilise different methods for interest calculation. So, one may result in higher interest payments than the other.

There are two ways of calculating interest:

  • Flat interest rate, where interest is calculated on the entire loan throughout the tenure
  • Reducing interest rate where interest is calculated on the outstanding amount after every EMI payment

Generally, a personal loan at a reduced rate can help you pay off the loan with lower interest than on loans at a flat rate.

Read Also : Flat Interest Rate vs Reducing Balance

Leverage Your Credible Employer

You have a higher chance of getting lower interest rates if you are working for:

  • A reputed company
  • A multinational corporation
  • State or central government organisations

This is because it shows steady employment and income to repay the loan on time. Check for banks and NBFCs associated with your lender and if your employer is listed by the credit provider under the eligibility terms. Some banks also need you to have:

  • A work experience of at least 2 years
  • A work experience of at least 1 year in your current job

So, ensure you showcase good income and stability to assure the lender of repayment.

Negotiate with Confidence

You need to be well-informed and confident to have a fruitful discussion with your lender about interest rates. To continue a productive conversation about this, you must have researched about prevailing personal loan interest rates in your area. 

Factors to Consider When Negotiating Personal Loan Interest Rates

Check out these parameters when opting for low-interest loans:

  • Repayment Capacity: Check your credit score to assess your creditworthiness before negotiating since lenders generally offer lower rates to creditworthy borrowers
  • Income: If you have a stable income, you can negotiate for low-interest loans since the risk of default is low
  • Credit Utilisation Ratio: In case this ratio is higher, it shows high dependence on credit and lenders may not lower your interest rates
  • Debt-to-Income Ratio: A high ratio reflects that you spend a significant part of your income on repaying your existing debts, which increases the default risk in the eyes of the lender and they may not offer lower rates
  • Relationship with the Institution: Having an existing relationship with a bank or NBFC helps negotiate for lower rates if you have a positive history with the institution

Use these tips to get loans at competitive rates. But, before finalising a lender, you must also consider other factors such as:

  • Processing fees
  • Foreclosure charges
  • Maximum loan amount
  • Maximum tenure
  • Other fees and charges

Since these also impact your overall borrowing cost, comparing will help you choose the most cost-effective option. If you want a personal loan at low interest rates, opt for a Fibe Instant Cash Loan. You can get up to ₹5 lakhs within just 2 minutes.

This, coupled with flexible repayment tenure of up to 36 months and 0 foreclosure charges, will help ensure a hassle-free borrowing experience. You also get funds instantly with a simple online application process and minimal paperwork. Download Fibe’s Personal Loan App or apply to our website.

FAQs on Negotiating a Lower Interest Rate on Loans

How to negotiate for lower credit card interest rates?

You can negotiate for lower credit card interest rates by:

  • Building a positive credit score
  • Having a positive repayment history
  • Researching and comparing issuers offering affordable interest rates

Can you negotiate interest rates with banks?

Yes, you can negotiate interest rates with banks by showcasing:

  • Great credit score
  • Stable income

How to reduce personal loan interest rates?

You can get lower interest rate loans by:

  • Negotiating with your lender for a lower rate
  • Opting for a personal loan balance transfer
  • Choose lenders like Fibe, where interest rates start from 2% p.m.

How do I avoid paying higher interest on a loan?

To keep your interest amount affordable and low, try:

  • Opting for a lender offering affordable interest rates, such as Fibe
  • Negotiating lower loan rates with a good high credit score
  • Meeting all the eligibility terms.

How can I compare loan interest rates across different lenders?

You can compare rates across lenders by checking the websites and mobile apps of various financial companies. You can also use third-party financial marketplaces to get this information.

Is it better to choose a loan with a lower interest rate or shorter tenure?

Choosing between a loan with a lower interest rate or a shorter tenure depends on your financial situation and preferences. A lower interest rate can save you money over time by reducing the interest amount.

In contrast, a shorter tenure allows you to pay off the debt faster and incur less total interest. However, it comes with higher monthly payments. You must choose a shorter tenure if you have a stable income and wish to clear the debt quickly. However, a lower interest rate with a longer tenure may be more suitable if you want more repayment flexibility. 

Should we use a housing renovation loan to finance home renovation?

Building your dream house is possibly the most anticipated as well as the most financially burdensome task you might undertake in your life. In recent times, with the COVID-19 lockdown, our homes became our office, our gym and essentially a safe sanctuary for all of us. 

Our home, as often said, is the extension of our personality and sensibilities. To keep up with the changing times, and your evolving tastes, house renovation becomes pivotal. However, home renovations can be a very expensive affair, especially if it involves specially curated furnishings or the services of an interior designer. 

Here’s why you should opt for a personal loan for renovation:

  • A house renovation loan does not significantly impact your savings 

Since home renovation can put a huge dent in your savings, it is sensible to take a personal loan for renovation. It does not disturb your financial planning or empty your savings account, and home renovation loans in India are easily available from almost all banks and NBFCs. 

In fact, you can plan your home renovation loans well in advance by using tools like the Home renovation loan calculator to exactly know how much money you’ll have to shell out in EMIs so that you can plan the home renovations accordingly. 

  • House renovation loan does not usually require collateral 

Since it is in the form of a personal loan for renovation, it is usually unsecured and hence there is no requirement to provide any form of collateral or security. In most cases, a simple legal agreement or bond is sufficient. In fact, in case of home renovation loans online from lenders like Fibe, even that process is simplified. You just need to meet some basic eligibility criteria and you are good to go. 

  • Easily available online home renovation loans 

With the advancement in the FinTech sector, a huge number of NBFCs have cropped up who offer online home renovation loans without any hassle. You just have to satisfy certain basic eligibility criteria and upload a few KYC documents online, and the online home renovation loan is approved in a jiffy, while you sit in the comfort of your home. This significantly reduces the hassle of filling out multiple forms and signatures, and cuts down on multiple trips to the bank, which might make social distancing difficult.

  • Home renovation loan in India have fast approval rate and quick disbursal

As a corollary to the preceding point, online lenders have an extremely simplified application procedure, with next to no paperwork. The approval and the disbursal of the home renovation loan amount also happens instantly. For instance, if you take a personal loan for renovation from Fibe, the entire loan amount, ranging from eight thousand to five lacs, is approved and directly disbursed into your bank account. 

  • Personal loan for renovation gives you flexible repayment options 

Personal loans for home renovation are not only easier to get but also offer a lot of customisable options. Firstly, you can plan your home renovation loan in India by using the Home renovation loan calculator to plan your repayment. Furthermore, online lenders like Fibe offer you customisable options like: 

  1. Flexible tenure of repayment, from 90 days to 730 days 
  2. Option to auto-debit of the EMIs directly from your bank account
  3. Option of pre-payment or early repayment of the home renovation loan without any foreclosure charges or pre-payment penalties. 

House Renovation Loan – The right choice? 

At the end of the day, financial goals for everyone are different and their ideas about financial planning can be poles apart. There is no straitjacket formula which can give a conclusive answer as to whether or not you should go for a house renovation loan. 

However, the above mentioned points do make a compelling argument in favour of availing a housing renovation loan. In today’s time, online home renovation loan can be easily availed and used to make your idea of a dream house come true. Log on to the Fibe website and start your journey towards your dream house today. 

So, get started on the Fibe experience now!

Want to talk to us about credit, loans, and your instant cash needs?

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.

What are the ways to earn more credit card points?

Knowing how to earn credit card points and how to use them in the best way is crucial to boost your financial strength. Credit card points and rewards are the issuer’s way of “rewarding” your loyalty. Credit card issuers offer these rewards to build loyalty and cultivate good spending habits amongst cardholders. 

You can use these rewards to get exclusive discounts and benefits that help maximise savings. So, read on to learn how you can earn credit card points to optimise your benefits. 

What is the right way to earn more credit points?

If you are wondering how to earn credit card points, the right way is to make as many credit card transactions as possible and clear your monthly bills on time. If you fail this, even the best credit cards promising great rewards will charge 30% or more interest. 

So, no matter what purchase you make, you should be able to pay it back at the end of your card billing cycle. You should never have a partial payment on your credit card and end up paying interest on your spending.

Delayed or unpaid payments can have a negative impact on your credit score (check your credit score here), which can then affect your eligibility for future borrowing. Always remember not to go beyond your repayment capacity in order to get reward points.

Best ways to earn more credit card points

Check out the best ways through which you can earn more credit card points.

Go cashless, swipe for things that don’t charge a fee

Using your credit card instead of a debit card or cash for transactions and paying your credit card bill at the end of the billing cycle is one of the simplest ways to earn more credit card points. 

All the small purchases, when accumulated, can get you great rewards and bonuses. For example, pay your Wi-Fi bills and Netflix subscriptions through your credit card instead of a debit card.

Use online shopping portals

Using your credit cards for online shopping can be a great way to earn more points. Several brands, such as Apple, Nike, Gap, etc., are available online. You can consider getting the Fibe Axis Bank Credit Card if you prefer online shopping. 

It provides up to 3% cashback on every transaction you make. Along with that, you can link it with your UPI and pay conveniently.

Also Read: Fibe Axis Bank Credit Card on UPI apps

Pay for your colleagues, friends and family

Great offers are available on credit card payments at various merchandisers. See if your friends, neighbours, or other people around you are interested having you pay for them through your card and transferring the amount to your account. 

You will earn more credit card points by purchasing on their behalf and they, too, will be rewarded with discounts and offers. 

Take on office expenses with your rewards Card

If you have expenses at the office that you need to pay for yourself and get redeemed from the office later, then that’s another way to earn more credit points. You can use your credit card for the following reasons:

  • Booking business trip tickets
  • Paying for team and business lunches, dinners, etc.
  • Cab and travel expenses
  • Hotel stay during office travel
  • Business software and subscriptions

You can pay for these expenses conveniently via UPI through the Fibe Axis Bank Credit Card. If the expenses are on the higher side, you can convert them into budget-friendly EMIs and repay the amount conveniently.

Insurance, Home Loan Repayments, Investments, Rent

You can use your card in many places instead of paying with cash, UPI, or net banking. You can then pay the credit card bill and restore the limit. Some options are:

  • Insurance payments
  • Home loan EMIs in case the issuer allows for credit cards
  • Utility bills

Online Groceries 

Groceries and dairy products are something that everyone buys almost every day. Instead of making separate payments, making weekly or monthly payments for them through your credit card can get you more points. 

Make the Best Use of the Reward Structure Available

If you are wondering how to use credit card points, here are some common rewards programs offered on credit cards.

Balance Transfer Option

Occasionally, card issuers run balance transfer programs that may give you points for transferring the balance from one card to another.

Travel Rewards and Air Miles Conversion

Some cards also let you earn credit card points and convert them for air miles. They frequently give you a bonus when converting rewards points to air miles. 

Milestone Points

Some credit cards provide additional reward points for meeting certain spending criteria. You can generally check this through the terms and conditions document that the issuer provides. By tracking this milestone, you can earn more points on your credit card. 

There are several ways to earn more credit card points, but you should only spend what you can repay. You may want to use your credit card everywhere to earn more points, but you should also remember that if you do not pay the bills on time, your credit score can get negatively affected. 

Apart from points, credit cards offer a range of other benefits that help you save more. If you like cashback, the EMI conversion facility, discounts on dining, complimentary airport lounge access and fuel surcharge waivers, the Fibe Axis Bank Credit Card is ideal for you. Get it now on the Fibe App and enjoy instant approval! 

FAQs on How to Earn Credit Card Points

What is the smartest way to use credit card points?

You can use credit card reward points to pay off your card bill. Most commonly, the value of credit card points is 25 paise for 1 point. However, remember that this can vary depending on the issuer. Alternatively, you can redeem these points to get discounts on various purchases.

How to get credit points fast?

Choose the best credit card for points and see which categories of spending help you earn higher rewards, such as travel, dining or online shopping. Additionally, you can go cashless and use your credit card for daily expenses to get more reward points. That said, make sure to use your credit card wisely to avoid overburdening your monthly finances.

How much cash are 5,000 points?

The cash equivalent of reward points varies depending on the credit card and issuer you choose. For some cards, 1 point may be equivalent to ₹0.25 or more. You can check these details by contacting your issuer or checking your credit card statement.

What can HR do to ensure successful retirements?

Retirement isn’t just about employees ending their careers at the respective organization, it’s more than that. The old guard exits the organization while new blood comes in. The vision of retirement involves much more than a simple goodbye. Many teams look exclusively at the financial aspects though, but this pandemic has taught everyone that efforts can be made for a smoother transition.

Here are some strategies and tips to consider for the HR function.

  • Overall Development: Retiring members should be given opportunity to talk to and guide their successors. Knowledge silos whereby the knowledge remains stuck in one place should be avoided and an inter-departmental ideas exchange should take place. Appreciation for other departmental workers can help reduce any future chaos or sub-standard work causing a dent in the organization’s financials. 

Consider periodic retirement assessments to understand how many retirements may take place in the next period so that you can focus on getting replacements and giving a seamless transition to the retiring employees.

  • Don’t undervalue the old guard: Respect the experience your retiring employee has given you and give adequate value to them, even in their last few days. This will let the employees know that you care about them, and they would willingly be ready to share their knowledge and experience with the new blood. This will help in organizational efficiency and will not let a vacuum take place once they retire while someone new comes in. 
  • Choose the better conversation: Rather than being blunt like asking them if they are planning to retire soon or if they are ready to transition to that life, ask them what they plan in their retirement years. Try suggesting to them things they can do to enjoy their after-work life. Talk to them with a positive mindset. The relationship with your employee is what is positioned at the highest level of meaning and purpose. It’s about the journey and not the destination. 

As an HR manager, try participating in that journey to enhance the employee experience. Investing in that experience can assist the organization reap better benefits as the employees will be motivated more to work better, even in their last days.

  • The greatest gift of flexibility: Rather than gifting them a parting gift like a retirement watch or stationery, gift them flexibility. Try creating a creative retirement program for your employees focusing on flexibility as an important factor. The idea is to create something without future expectations or pre-set notions of limitations. 

Find the right tools and resources; engage your employees to design such a plan which will allow the employee to have a seamless transition. You can also get a dedicated career coach. They would help the employees with the self-assessment for in-depth retirement plans. They can help ‘think out of the box’ while considering ‘normal’ retirement plans. You can also consider an alternative to full retirement plans like consulting or as a trainer for the organization.

  • Drafting a succession plan: Once your present employee retires, you need to find a suitable fit to replace them. Rather than just focusing on age, gender, or a particular characteristic; we should focus on finding similar or better skill-sets to help with their roles and responsibilities. This plan would disallow any kind of self-limits and create opportunities while searching for replacements for the retiring employees.

Try utilizing similar strategies before it’s too late. Get on with different programs like What Are Employees Truly Expecting from Financial Wellness Programs?. Early Salary has many blogs and ideas which can help you going ahead Planning for Retirement Extending Financial Wellness Into Retirement, With Technology Financial Wellness – All about having the financial freedom to make choices.

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

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 Fibe, 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 Fibe 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, Fibe 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

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

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.