Let the Lohri Warmth Turn Your Debt Problem Away

The new year festivities are nearly not over and Lohri, another popular festival, is right around the corner. While it is all fun and frolic while the festivities are going on, all the expenditure during this time can burn a hole in your pocket. 

The new year shopping coupled with the financial hangover from the Christmas gifting has thrown the entire financial planning out of the window for most of us.  So, this Lohri, along with celebrating the end of the winter season and welcoming the spring season with open arms, throw all your debt problems out of the picture and embrace a more holistic and futuristic take on proper debt management and financial planning. 

Make the best amends in the current situation 

While the festive season is almost done, its impact is showing on the bank balance of most people. In order to get hold of the situation and to take the first step towards a more sound financial position, you can keep the following tips in mind: 

  • Do a thorough financial position analysis. Take stock of all your savings, expenditures, incomes et al and mentally map what has been done during the season. This will provide you with the requisite base to plan a more effective financial plan for the future. 
  • Start planning about savings and building an emergency fund for any rainy day to come. Start being mindful of where you are spending your money and try to cut down on as much unnecessary expenditure as you could. It may mean watching out the impulse buys online or random road trips with friends for at least a few months.
  • Make a tentative budget and stick to it for some time. A planned approach to handling finances goes a long way in making your financial conditions improve. 
  • While you are at it, try to pick up some alternative source of income, big or small. It can be a paid internship on the side or a freelance project that you could work on. Along with being great for your personal growth, it can go a long way in making up for the financial hangover caused by the festive season. 

How to manage your debt problems and move towards a more financially secure future 

After having evaluated the current financial ground that you stand on, taking care of the existing debt, and also evaluating the need for fresh credit comes to the focal point. 

Here are a few tips which can help you sail through your existing debt while showing you the avenues for a fresh line of credit if the situation so demands: 

  • If you are stuck in a situation of a debt trap, with the repayment of multiple loans and other forms of credit looming on your head, it is high time to take stock of the situation and probably take steps towards debt consolidation. It essentially ensures that the total number of lenders are significantly reduced and it becomes much easier to track the repayments and also negotiate for a lower interest rate. 
  • If you feel a dire shortage of liquid funds, you can always opt for instant cash loans. Organizations like Fibe can offer you instant cash loans with minimum formalities and very low-interest rates. It disburses the amount instantly directly to your bank accounts, at just a simple click. Visit their website to know more.  
  • Do some constructive financial planning which involves investment in diverse portfolios, setting up saving goals for the next year, or even plan the payment of your taxes ahead of time. All this will give you a birds-eye view of your financial position which puts you in a better position to make any major financial decision. 
  • Last, but not least, consider getting yourself a Credit suite.  A credit suite is a neatly packaged and carefully curated bunch of digital credit services. With all features like credit cards, salary advances, instant personal loans, and the Buy on EMI option, all integrated with one place, it can make your financial planning a cakewalk. 

While the concept of a credit suite is up and coming in the Indian Market, Fibe has already announced its first-ever Credit suite. Fibe is the market leader in this segment and offers all the abovementioned services, and more, all integrated on one platform. Its quick response time, easy processing, and instant approval of credit are what make Fibe the most preferred online loan lenders in India. 

Feel free to contact us for any questions on credit, loans, and your instant cash needs!

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

How To Invest Wisely For Your Child’s Goal

Bringing a new life into the world brings with it, a lot of responsibilities and financial liabilities. Children can be molded into their best versions through education and it’s one of the biggest cash outflows (not the only one) that a family has to plan for. According to a report by the Hong Kong and Shanghai Banking Corp. Ltd (HSBC), Indian parents spend an average of $18,909 (Rs 12.2 lakh approximately) on their child’s education. The global average is $44,221. 

Financial planning for your children’s future is no easy task. Saving and investing in an extemporary manner certainly won’t help. You need to identify the appropriate investment options at the right time to meet the financial goals set for your children. Here are some investment tips to follow for better financial planning for your children.

Start Early

With early saving and investing, comes the benefit of an extended tenure and the opportunity to earn higher. The best time to start financial planning for your children is when you know you are planning to have a child sometime in the near future. A delayed start can put other financial goals at stake. 

If you start early enough, you’ll have the best returns if you invest in long-term risky asset classes such as equities. By doing so, on top of you stockpiling a large sum, the money will gain from the power of compounding. The later you start, the better off you’ll be if you incline your portfolio towards the debt from equity.

Take Inflation into account

Stats reveal that the cost of any professional degree doubles in 6 years. Factoring the rate of inflation in the financial planning for your children is thus essential. Approximately calculating the amount required, taking into account the inflation, and working towards achieving that goal is highly advised. This will help the parents be mentally and financially prepared for the repercussions of inflation in the future. 

Opting to invest in a long-term mutual fund is the easiest way to invest in equities systematically, at regular intervals (through SIPs). One key feature of mutual funds is that they automatically correct the amounts in accordance with inflation. Mutual funds are professionally managed, tax-efficient, and also have a provision of working with smaller amounts. They are ideal for saving money for key milestones in your life like your child’s education or marriage. Investing in mutual fund schemes in the name of your child (no age limit) without any restriction on the investment amount can prove highly beneficial in the future. 

Insurance Policies that include Partial Withdrawal Plans

You may have invested in different asset classes to achieve good financial planning for your children. It’s equally important to have adequate insurance cover, to tackle unforeseen circumstances and dangers in their lives. While you’re at it, it never hurts to be well prepared for emergencies. Make contingency plans and put together a child education fund that helps you overcome your financial crunches easily. Choose to invest in such funds that at times of emergencies, they come with a provision of partial withdrawal. 

One of the most prudent financial instruments in the markets you can opt for is unit-linked insurance plans (ULIPs). They offer the dual advantage of both insurance and investment. ULIPs invest in the market through various funds of varying degrees of risk for long-term wealth creation and Partial withdrawal is among the several advantages offered. It allows you to withdraw money for your needs from the accumulated fund value.

Review your financial plans from time to time

Make it a point to review your financial strategies periodically to ensure better financial planning for your children. By doing so, you’re more likely to account for the factors that may eat at your potential savings in the future otherwise. You can account for an inflation rate change, cost of living change, and much more by reviewing your portfolio from time to time. Also, remember to rebalance your portfolio at the end of each year. Rebalancing essentially boils down to selling an outperforming asset and investing the proceeds in one that is underperforming.

One final piece of advice – five years before your goal, start shifting your money out of equities to the safety of debt.

Final Word

Financial planning for your children in the future goes far beyond just keeping aside money for their future. It’s important to invest wisely so that you double or even triple the amounts you keep aside for them. Start instilling the habit of saving in your children. Let your kids understand the worth of money so that they start spending wisely from childhood and help them understand the value of hard-earned money.

In the case of poor financial planning for your children or need for more money, you can always go for School FeES – a tuition fee loan provided by Fibe designed to ease the burden off parents’ shoulders.

Feel free to contact us for any questions on credit, loans, and your instant cash needs!

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

Know The Difference Between Credit Lock And Credit Freeze

Scammers opening a credit card or loan account in someone else’s name has become a rising concern. After all, the famous data breach at Equifax in 2017, which exposed the personal information of 147 million people, garnered worldwide media attention. 

When scammers open such accounts, they can run up purchases or take loans in your name and not pay the money owed. This can leave you with debt, which can eventually lead to bankruptcy or negatively affect your credit report. This affects your ability to acquire loans and other forms of credit in the future.

Luckily, there are ways to protect and block credit reports from swindlers, and two of them are by initiating a credit freeze and a credit lock. The terms “credit freeze” and “credit lock” are used interchangeably and understandably so, because they offer similar protections. However, there are some minor differences between them. To understand what is a credit lock and freeze, their differences and more, read on.

What is meant by Credit Lock and Credit Freeze?

Both credit lock and credit freeze restrict access to your credit report and help protect you from identity theft and/or fraud. When you freeze or lock credit report, it restricts lenders or creditors from accessing your credit file. This helps prevent new credit from being taken under your name.

You can get in touch with all the major credit bureaus to either freeze or unfreeze your credit. The main Indian credit bureaus are CIBIL, Experian, Equifax and CRIF High Mark. 

How to freeze/unfreeze your Credit?

The process of freezing your credit information is free and does not require any fee. To initiate a freeze with each of the major credit reporting bureaus, follow these steps:

  • Get in touch with the bureau and provide your personal information
  • Get a PIN, which you can use later to thaw or unfreeze your credit
  • Manage your credit freeze/unfreeze based on your requirements

If you cannot supply your PIN to unfreeze your credit, you can still lift the freeze, which will now need additional identity verification. Credit bureaus are required to freeze credit within 1 day from the date of getting a request. They are also required to lift the freeze within one hour of getting a request. 

How to lock/unlock your Credit?

  • Download the credit bureau app or visit the website
  • Log in with your username and password
  • Lock/unlock with just a tap

Unlike a credit freeze, a credit lock lets you control access to your credit report directly via smartphone apps or a secure website. This is an easier and more temporary way to protect your information with no delays. Credit locks make it easier to unblock your data when you want a lender or creditor to be able to check your credit.

Credit Freeze VS. Credit Lock

Here’s an overview of the difference between a credit freeze and a credit lock:

ParticularCredit LockCredit Freeze
PurposeA preventive measure to keep sensitive information secureWhen there is a high risk or suspicion of a data breach
FeeVaries depending on the bureauAvailable for free from all bureaus
Time takenImmediate24 hours to freeze and 1 hour to unfreeze 
Security levelComparatively low, using ID and passwordHigher, with PIN requirements

Why a Credit Freeze is a better choice?

It is comparatively simpler, easier and quicker to lock and unlock credit than freeze or unfreeze it. However, in most cases, putting a freeze on your credit is a better way to protect yourself from fraud. 

Here’s why.

  • Credit freezes are regulated by law 

This makes it a more secure option. On the other hand, a lock is regulated by the contract between you and credit bureaus. The contract may have terms and conditions that aren’t favourable for you. For instance, there may be an arbitration clause that prevents you from participating in a lawsuit. Moreover, a freeze offers better protection against liability in case a fraudster/scammer accesses your credit profile. 

  • Credit freezes are free 

This makes them a more cost-effective option, considering they also offer better security when compared to credit locks. The latter is expensive (since you have to pay a fee) and less secure.

Final Word

Now you know what is a credit freeze and a lock and the difference between them, decide on the one that works best for you. If you are likely to open new credit accounts frequently, credit locks would be much easier to manage your access to credit information. 

However, credit freezes are cost-effective and the more secure option. As a habit, checking and examining your credit report frequently can help you detect fraudulent activities before any damage is done. 

If you need a Personal Loan and your credit is locked or frozen, there are instant loans available at Fibe (Formerly EarlySalary), where your credit reports matter little.

With a 2-minute digital application, you can get funding of up to ₹5 lacs at an affordable cost enabling you to address instant cash needs without any hassles. Download our Instant Loan App or log in to our website to get started.

FAQs on Credit Lock vs Freeze

How to unblock my credit report?

The process to do so depends on the bureau with which you block your credit profile. Generally, you will need to log in to your account and provide the PIN to manage your freeze/unfreeze status. In case of a lock, you can take care of unlocking it by logging in with your user ID and password too. 

What is a credit lock vs a credit freeze?

While both allow you to block access to your credit profile, a credit freeze is governed by law. However, when you lock credit report, it is regulated by the contract you have with the bureau. Generally, a credit lock is a preventive measure, whereas a freeze is for when you suspect fraudulent activity.

Is it better to freeze or lock your credit?

The better option between the two depends on your purpose and use of credit. A freeze offers better protection, and as such, the process of unfreezing can be longer. A lock, on the other hand, is quicker to access and unlock but does not offer the same level of security. 

A freeze is a better option when you suspect fraudulent activity and want to completely block credit access. However, a credit lock is more of a preventive measure, ensuring access is available only when you want to.

What is a locked credit report?

A locked report is a way to block credit access, and you can manage it with a single tap or by logging into your account. It restricts lenders and other financial institutions from accessing your credit information and helps prevent any unauthorised activity. 

How to lock credit reports for free?

The cost of a credit lock depends on the bureau with whom you want to lock the report. However, initiating a credit freeze is free. 

How do you initiate a credit freeze?

To initiate a credit freeze, you can get in touch with the bureau’s service centre through the official website or app or ask them to initiate a freeze. 

Why should you lock your credit report?

Initiating a credit lock restricts unauthorised access to your credit profile, thereby helping you protect yourself from fraud or identity theft. 

Do both spouses need to freeze credit?

If you have joint credit accounts and one of you suspects fraudulent activity, then yes, both spouses can initiate a credit freeze. This is because the impact of identity theft in one account may affect the other’s creditworthiness. However, doing so is not mandatory.

A Quick Guide on Personal Loans for Salaried Employees

With the business world being taken up by a storm of young professionals, it is an obvious corollary that their personal needs and aspirations are on the rise as well. In today’s time, more and more people are resorting to taking personal loans to fulfil their short term and long term needs and aspiration: be it the vacation to your dream destination or buying that really expensive item that you have had in your shopping cart for ages but never thought that you could afford.  

Arguably, a personal loan is a one-size fit all solution to all your uncategorised and contingent needs. And with the advancement in the fintech sector, it is easily available too. To know more about what exactly personal loans, refer to our earlier blog here. 

The best part about getting a personal loan is that more often than not, they are unsecured loans, i.e., you don’t have to furnish collateral to get it and also that you can utilise for whatever purpose you want, without having to take the bank’s permission for it. 

How exactly to get a personal loan

There are 3 major avenues that you can explore to get yourself a personal loan. They are: 

  1. Through a commercial bank 

That is the most popular way to get a personal loan that most people know about because almost everyone has a bank account. Most of these banks have a standard procedure to grant these loans which involves standard contract, paperwork and a rigid repayment option. 

2. Through a co-operative bank

Even though they operate it at a much smaller scale as compared to commercial banks, these banks are more popular with the rural population. Since these banks are not driven by profit motive, they offer a lesser rate of interest and more flexibility in repayment options. 

3. Online lenders 

This is one of the most up and coming avenues for getting a personal loan easily. A lot of NBFCs offer an instant personal loan with quick disbursal, low interest rate and flexible repayment options. 

Even though you can avail a personal loan from any of these avenues, there are several factors you have to take into account before you zero in on one of these particular options.  However considering some of the major factors listed below, a personal loan from an online lender like EarlySalary seems like a better deal than a traditional bank like State Bank of India, Punjab National Bank among others. Some of the clear advantages of getting a loan from an online lender like Fibe are: 

  • Quick disbursement of amount 
  • Instant loan of upto 2 lac rupees 
  • Low rate of interest 
  • Flexible repayment options 
  • Unsecured loan which means there is no need for any collateral 
  • Does not hamper your credit score and in fact can help you boost it 

To know more about the advantages, refer to one of the earlier blogs here.  

How to apply for Personal Loans of EarlySalary for Salaried Employees

Since it has already been established that taking a personal loan from an online lender like Fibe (formerly EarlySalary) is not only easier, it is also beneficial in the long run, what remains to be seen is how salaried employees can opt for it. 

Firstly, the salaried employee can apply for it on an individual basis. The process is simple and quick. All you have to do is visit the Fibe (formerly EarlySalary) website and follow the 4 simple steps given in the picture to get your instant personal loan. 

Secondly, the employers, who are conscious about their employees’ financial wellness, can integrate it with their financial wellness programme and offer this service to their employees at a very cheap rate. 

In today’s time, employee satisfaction is amongst one of the top priorities for the organisation as it has a shown irrefutable correlation with their overall productivity at work. It has been found in multiple surveys such as than of American Psychological Association and Northwest Mutual that financial stress is the #1 stressor for young professionals, which throws them off their duty to achieve the organization’s goals. So, a good financial wellness program is the key to being a successful corporation, in sync with what the employees expect out of it.  To know more about what a good financial wellness program contains, refer to one of our earlier blogs here. 

So, any futuristic corporation should have an integrated financial wellness program in place, just like all the successful companies do. However, since putting up together a lot of variables and contingent factors, you can leave the planning part to a team of experts at  Fibe and let us take all the problems related to all your employee’s financial wellness needs! 

Save Yourself from Debt This New Year Shopping Season

Another year has gone by and ’tis finally the season to be jolly. It is that time of the year again when people buy gifts for loved ones and also make important purchases for themselves that they may have been putting off for later this entire year. Stores are decked with holly, tinsel, and holiday wreaths as they gear up for Christmas and New Year sales. But for customers, this also means spending a lot of money, oftentimes too much to fit into our budget. So what are the best ways to save yourself from debt this festival shopping season? Let’s have a look.

#1 Plan out a Budget

This not only includes making a list of all essential purchases but also estimating how much money you would need for the shopping. Compare this with how much money you can afford to spend and how much you can feasibly borrow without going to a large debt. 

#2 Look out for the Best Deals of the Festival Shopping Season

Pretty much every store puts up Christmas and New Year sales and exclusive deals during this season. For example, the e-commerce giant Flipkart is offering a 10% instant discount on SBI credit cards and in addition to various other product-specific discounts. Amazon too is offering 10% instant discounts on HDFC bank cards. 

E-commerce websites also offer no-cost or low-cost EMI options that can help customers pay over a longer period. For some gadgets and appliances, there are exchange offers available that can help lower the costs if you exchange your old gadget for the same, provided all conditions are met. Moreover, online wallets such as PayTM are also offering cashback and discounts on various purchases if payment is made via these wallets. 

#3 Compare Prices

The same product may not cost the same in all stores. Therefore, comparing prices across all major stores is a good way to get them at the lowest price. While comparing prices, also factor in the discounts and cashback offers available due to the payment methods. Keeping track of these prices and offers can help customers reduce the overall cost of their purchases.

#4 Redeem Reward Points

Many stores offer loyalty points or reward points that can be used for future purchases. Reward points are also offered in many credit cards and debit cards which can be redeemed for various offers such as Amazon or Flipkart gift cards or mobile recharges. Make sure to make use of these while they are still within their validity period.

#5 Explore Instant Credit Options

Instant credit options such as Fibe offer a great way to get hassle-free and affordable credit via an online application process. EarlySalary also has special personal loans such as shopping loans for Amazon and Flipkart. There are low-cost EMI options available and repayment options are flexible, allowing customers to make purchases while the festival shopping season discounts still last. Fibe users may also have access to exclusive discounts during the Amazon sale.

Conclusion

Like everything else, the holiday shopping season also requires adequate planning if one intends to manage their finances well and not fall into debt. And the end of the year is the perfect time to jot down your financial plans. After taking all these steps to save big during the sales, customers must still keep a record of the same and compare it with the budget initially planned. Analyzing your savings will also help you to figure out what worked and what did not and consequently help you make better shopping decisions in the future as well.

How Personal Loans Can Build Your Credit Score Quickly

Credit scores have a significant impact on how swiftly you can access credit. You can use the loan to build a healthy credit score, which makes you eligible for quick and budget-friendly loans. 

Here’s a deeper look into how a personal loan affects your score and how you can use it to build your credit score. 

How Does a Personal Loan Affect Your Credit Score?

Your credit score generally ranges between 300 and 900 and represents your creditworthiness. Since personal loans are an unsecured type of loan, lenders rely on this score to review your application and repayment ability. 

Credit bureaus calculate the score based on the credit behaviour information received by financial institutions. The bureaus check your repayment history, utilisation ratio, credit length and types of credit, among other details. 

Given this, getting a personal loan can improve or lower your credit score. The key is to pay your EMIs on time. If you do that, you can successfully improve your score in over time. This makes it an excellent option to build a credible score. 

Which Personal Loans Can Help Build Credit Scores?

With a smart strategy and timely repayments, every type of credit can help build a positive credit history. Here are two types of loans that you can use to build your score:

1. Credit-builder Loans

You can also build your credit score through a credit-building loan. This is essentially a loan for which you make fixed payments, like EMIs. However, you get your funding only after you’ve paid everything along with the interest. 

This way, you showcase responsible repayment behaviour and have access to a substantial amount at the end of the tenure. So, in a way, it works like a savings account, where you deposit a sum every month and receive the accumulated corpus at the end, while building your credit score. 

2. Debt Consolidation Loans

Having too many loans can make your repayment challenging as you will have to keep track of multiple EMIs. In such cases, you can use a quick personal loan to consolidate your existing debts and build your credit score. 

Consolidating your debts allows you to pay them off at once and switch to a single repayment channel. This can also help you save considerably because lenders like Fibe offer lower interest rates on personal loans compared to credit cards and other types of loans.  

How Personal Loans Can Help Build Credit Scores?

An easy and effective way online personal loans help build your credit score is by helping you create a strong repayment track record. This reflects positively on your credit score calculation. All you need to do is pay off your EMIs on time and within the deadline. 

An important point to note here is to borrow from lenders that offer credit to those who are new to credit or have a low score. This is where you can rely on Fibe, as we have an alternate credit scoring model. This allows us to offer loans to individuals who don’t have the ideal score or are new to credit.

Factors to Keep in Mind

Here are some factors you should keep in mind if you’re using online personal loans to build your credit score.

1. Get One Loan at a Time

If you’re taking out an online personal loan, ensure you only take one at a time. You must limit the number of loans you take in a fixed duration to as minimum as possible. 

This is because having multiple applications can imply you are credit-hungry, which makes you a risky borrower and the lender becomes hesitant to approve your application. 

Additionally, choose loan providers offering low-interest rates and easy repayment plans to ensure you can repay without any stress. 

2. Beware of Mounting Debt

You must keep an eye on the amount of debt you are taking when you get personal loans to build your credit score. Avoid opting for excess funds to ensure that you can meet the repayment requirements. 

Always try to maintain a healthy mix between secured and unsecured borrowings. You should also aim to your debt-to-income ratio under 40%, to ensure you can manage repayments.

3. Decide the Amount Wisely

Finally, decide the personal loan amount wisely and don’t apply for an unreasonably high amount. Remember that you have to repay it and it should fit within your budget for it to reflect positively on your credit history and score. 

If you take out a quick personal loan that’s too high, repayments can be tough and stressful. Hence, plan out your loan amount wisely to ensure that you don’t run into any roadblocks while building your credit score.

Now that you know how credit scores and personal loans are interlinked, you can make responsible borrowing decisions to improve your credit score. Remember, building your credit score takes time and consistent effort. 

However, with the Fibe Instant Cash Loan, you can get up to ₹5 lakhs even if you don’t have a high credit score as we use an alternative credit score mechanism. We also have minimal requirements and pocket-friendly rates, making us one of India’s leading online personal loan-providing platforms. 

Download the Personal Loan App or go to our website to apply in minutes! 

FAQs on Personal Loans for Building Credit Score

Does credit score play an important role in personal loans?

Yes. As personal loans don’t require you to provide collateral, lenders see your credit score as an indication of your repayment ability. 

Do personal loans affect credit score?

Yes, if you default on your personal loan EMIs, the credit score takes a direct hit. 

Does taking a personal loan improve my credit score?

Yes, a personal loan can help you build a credit score, provided you repay it on time. 

Can a personal loan help build credit?

Yes, taking a personal loan and repaying it on time will allow you to build credit over time.

Indians, it’s time we considered a credit suite

In the recent past, the way we deal with finances has gone under major overhauling, especially in India. A considerable portion of that can be attributed to the continuous change in the FinTech sector specifically. Be it the increasing popularity of NBFCs, virtual banking, or new and innovative financial services being available remotely with next to no paperwork. The next in line in these innovations is the introduction of a credit suite.

What exactly is a credit suite? And why do we need it? 

Simply put, a credit suite is a comprehensive digital credit solution for the users. With the finance sector becoming more and more consumer-centric, a credit suite is exactly what we need.

India’s banking sector was plagued with notions of lengthy paperwork and complicated approval procedure for loans, lots of technical requirements, and endless compliances. This made getting credit in India a very lengthy affair. In addition to this, there were endless guidelines issued by various regulatory authorities like SEBI and RBI, which made it even more tricky. For instance, the Reserve Bank of India mandated evaluating credit scores before approval of any loan by the Bank. 

However, with the changes brought about by the development of the Fintech sector, a lot of these problems have been catered to. For instance, instant personal loans could be approved by NBFCs. Or, now you could even avail a loan with a bad or no credit score.  

Despite all this development, there is still no comprehensive solution to all the problems posed by India’s traditional banking sector. This is exactly where a credit suite steps in—providing for a one-stop solution for the consumer’s credit needs, especially the salaried professional. 

The focus is on salaried professionals because they are a huge proportion of India’s total workforce (almost 23% in the year 2017, net figure around 2.62 crores). Additionally,  also owing to the corporate culture and ever-increasing needs, they often avail personal loans to fulfill their needs and aspirations: be it for the dream holiday, the dream house, or the car you always wanted to own.  

What does a credit suite provide for?

On its 5th anniversary, Fibe announced the first of its kind credit suite to suit the Indian audience. Being marketed as a one-stop solution for any salaried individual for all his or her credit needs, Fibe is all set to transform the digital credit market. With a bundle of pathbreaking services rolled into one, the Fibe credit suite packs a punch. 
Here’s what all it includes:

  • Easy access to loan and instant disbursement

It offers short term loans, ranging from 80,000 to 5 lacs, at the click of a button. The money directly gets transferred to your bank account upon instant approval of the loan and is secured by the PCI DSS App to make it instant as well as secure. In addition to this, there is no bar to use them for any purpose and hence offers enough flexibility to use them for a varied purpose like a holiday, wedding or any other life experience. Hence, these instant personal loans from Early salary are better than the ones from a traditional bank on almost all accounts. 

To know more about how to get personal loans from Fibe, click here.  

  • Salary advances

Another popular option with salaried professionals is that of Salary advances. An app based salary advance has many benefits: it is quick, easy, and hassle-free to get and has no impact on your credit score. As opposed to a personal loan, it is a much better option owing to the low-interest rate, flexible repayment option, and no paperwork.

  • Salary card

EarlySalary, in collaboration with RuPay, launched the first of its kind virtual card, which mimics a credit card but is actually contained in the App. It offers flexibility to the user to decide the credit limit and repayment option and is entirely contact-less, which is a bane during the COVID times. In many ways, it is much better than a regular credit card. To know more, click here. 

  • Buy on EMI option

Available across all online shopping platforms, you can choose to buy anything you want and choose to repay it in a 3 or 6 month instalment option with Fibe. 

  • Free Credit Score facility

Knowing your credit score is very important for making any major financial decision and hence plays a crucial role.  So, you can know your credit score for free from the Fibe app. 

Liberate Yourself, Financially

At EarlySalary, we have been a market leader in the digital credit solution sector and continue to serve more than 5 lac customers with our unique and hassle-free services. With the credit suite’s introduction, we are bringing about yet another change that can transform everyone’s digital credit experience. So, join us and be a part of this change. 

Feel free to contact us for any questions on credit, loans, and your instant cash needs!

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

The Top 5 Incentives for Organisations Implementing Financial Wellness

As millions of people face job loss or steep pay cuts, the Covid-19 pandemic and the disruptions caused to economies around the globe will pose a new challenge to economic planners. This also contributes to the massive destruction of demand across industries, especially in sectors such as hospitality, tourism, and aviation, among others.

Unfortunately, financial well-being is not something usually taken into consideration when planning a workplace well-being program. Fortunately, that’s been changing.

Financial well-being, and how it affects work environments

Financial well-being inculcates the expertise and knowledge required to handle personal finances in a balanced and safe manner. Positive financial well-being contributes to a greater sense of trust and security of an employee in their financial position and positively impacts mental health, reduces financial stressors, and improves their quality of life.  

  • Productivity: Stressors stemming from economic issues have caused employees to be unproductive during office hours, affecting their productivity to a great extent. 
  • Mental Well-being: As a direct link, it is essential to remember that most adults with debt problems have also reported a decline in mental health. 

How do employers profit from their employees’ financial well-being?

Employers should encourage and endorse a positive workplace by investing in a financial wellness program for their employees, which has many advantages, especially in increasing productivity and retaining employees. Some of these include:

Productivity

Lower absenteeism, less external distractions, equals less time spent handling personal financial issues at work. All this amounts to improved productivity levels among employees.
Although an increase in wages and adding benefits are of great help to workers, it is of higher importance to their well-being to be encouraged to realise the value of ensuring they are using all the financial resources available to them efficiently.
Employees feel valued and cared for when they trust the company they work for and the independent experts they make available to them, enhancing staff satisfaction. The number of days lost due to coping with financial worries will significantly decrease with on-site workshops and consultations available. 

Retention of Workers

One of the primary priorities for many HR departments is employee retention, and one way to promote this is financial well-being. Employees who think their issues are being taken care of by their employers are more likely to stay loyal to the organisation.
There is hope that providing employees with financial health services will help with the problems brought on by financial hardship. Employers also reap the advantage of creating a happier, healthier, and more efficient workforce by introducing financial wellness programs. 
While employers recognise the value of combating financial stress among workers, these need to result in actual initiatives that benefit employees. It’s time to lift the bar on employers to take care of their employees’ financial well-being.

Challenges faced unique to Millennials

Millennials have unprecedented debt today. The lack of jobs and lower starting wages resulting from the 2008 recession and consequent slow economic growth have decreased the Millennial worker’s income potential.  Millennials are also worried about how much they can save for retirement. It’s possible to make a job offer more enticing to millennials with benefits that promote financial literacy and prosperity. It is not enough to have conventional pension benefits; few millennials intend to remain long enough with one company to take advantage of them. 
However, employee-centric benefits that show an employer’s willingness to support their employee’s personal growth are key factors that attract millennials.

Companies with impactful wellness programs

Although employee-centric financial wellness programs in the workplace are nothing new, they have grown immensely over the past few years.

  1. Accenture cares for its workers’ mindfulness. The consultant company provides employee assistance services that provide confidential treatment for stress, drug addiction, anxiety, and depression. The creative wellness program of Accenture encourages workers to set targets and provides incentives for performing healthy ventures. They also provide exclusive prices and deductions for gyms and wellness centres. They have also developed an online fitness app so that workers can work out at any time.
  1. Second, Google’s campus provides a wellness program with on-site health professionals, including physicians, physical therapy, chiropractic and massage facilities, access to gym centres, workshops, and group bikes. By taking cooking courses, coding degree programs, or guitar lessons, you can also choose new skills, to name a few of the exciting classes Google offers. 

Google also provides financial health resources for its staff, for example, financial counsellors and facilities for financial planning. They also provide flexible hours, and holiday time is provided to staff, helping Googlers have a proper balance.

Visit the Fibe (Formerly EarlySalary) app to read more about financial wellness.

Avoid A Financial Hangover This Christmas

Christmas is a joyous occasion that can be the most memorable time of the year. And everyone would naturally want to avoid a financial hangover during this festive occasion. It’s for times like that that Fibe aims to change the way personal loans and instant loans work in India. A mobile app that brings together new credit scoring systems for premium customer profiling, Fibe can be a compelling solution to avoid a financial downturn during festivities. 
How? 
By enabling you to take an instant loan whenever and wherever possible.
The Fibe app provides a system for instant loans, credit lines, and interest-free EMIs. Its operation rests on a unique algorithm that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts, and it takes only a few minutes. The personal loan amount is debited into the applicant’s bank account on the same day whenever/wherever possible. 

Fibe offers affordable personal loans to salaried employees at an EMI as low as  INR 9 per day.  Thus, people will be able to dodge a financial downturn during a momentous occasion like Christmas. It enables Indian users to borrow money for urgent cash requirements. Probably fair to say that it’s a blessing in disguise during festivals like Christmas, Diwali, etc., which come with their own set of extra expenditures. It aims to help individuals who face month-end and mid-month financial crises by providing small loans and instant loans until they receive their salaries.

People who use this application can log in through their Facebook accounts, specify the amount they require as a personal loan and a date by which they can repay it, submit the necessary documents, and get the money credited to their bank accounts whenever/wherever possible. Fibe (Formerly EarlySalary) offers loans between INR 1,000 and INR 100,000 with payback terms ranging from 7 to 50 days.

Here are a few of its advantages:

  1. Customers have access to quick personal loan funds for any financial emergencies until their next salary arrives. 
  2. The credit application process of this scheme is simple, transparent, and can be done without any hassle.
  3. Under this scheme,  borrowers provide minimum documentation for their application to be approved.
  4. There is a provision for taking the personal loan through the user-friendly mobile application provided by EarlySalary.
  5. This credit is offered to salaried employees, self-employed individuals, and corporate employers after they’ve exhausted their monthly salary. 
  6. The advances in credit under this scheme are offered at low-interest rates.
  7. There are no early repayment fees applicable to the loan.
  8. The whole process starting from application to repayment is secure, and there’s no chance for fraudulent activities.
  9. The process is free of tedious paperwork, thus making it time-saving.

Criteria to be eligible for loans provided by Fibe:

  1. You must be a salaried Indian Citizen and should be at least 21 years old.
  2. You must provide the following essential documents: a PAN card, Aadhar Card/Driver’s License, or Passport.
  3. You must have a bank statement of the salary account for the past 3 months

Here’s a complete guide for you to avoid a financial crisis during Christmas:

To avail any instant loan option, you need to visit the company’s official homepage and click on the icon which says, ‘Instant Salary Advance.’ After this step, you need to click on ‘Read More,’ which will redirect you to a new page. You can then hit the ‘Start Your Application’ button to begin the application process for the personal loan as a whole.

Soon after, you are directed to a new window that will ask you to enter your mobile number, and then you can agree to the terms and conditions laid out and click on ‘Sign Up.’ EarlySalary sends an OTP or a one-time password on your number for verification. Once this is done, the application will ask to fill up personal, professional, and bank account details. Earlysalary will then send a link for downloading the application on your mobile phone after submitting it.  It can then be downloaded using the link or from the App Store for iOS devices.

Based on your social score and documents, your instant loan eligibility will be calculated and informed by the company. Soon, a representative of the company will arrive at your doorstep for signatures, and finally, the funds for the personal loan are transferred electronically to your bank accounts. Earlysalary makes it easy to get an instant loan as quickly as possible. 
With just a well packaged instant loan application, Fibe has frankly changed the entire credit landscape of taking and applying for instant loans and making it more straightforward for Indians.

Practice Self-care When Stressed On Budget

Mental health is gaining momentum and is being talked about extensively, thanks to social media and other platforms that provide a suitable space for such discussions. Stress and work tension are two of the most common problems which have negative long-term effects on our bodies. These include sleep problems, constant fatigue, and overall health deterioration. Thus, it’s crucial to practice self-care, which is one of the many ways to combat stress. 

Self-care is more often than not, equated to lavish splurges on manicures/pedicures, professional massages, and fancy spas. However, this is not what self-care is limited to. There are quite a few things on this carefully curated list for you to relax after work hours. The best part? All of them are either free or very low cost!

Self-care can be categorized into two broad categories- physical and emotional. Let’s look at each of them in detail.

Physical Self-care

Exercise

There are countless benefits to exercising. From increased oxygen intake and better air circulation to burning calories and fat, exercising has a plethora of health benefits. There’s also scientific proof that exercise has positive effects on your mental health. Sometimes, however, it can be difficult to do a full-blown workout. Going for a walk or a jog can be equally beneficial in that case. Your muscles need to move from time to time. They are bound to get rigid and cause body pain otherwise. Don’t hesitate to start small, and remember that consistency is key. Even if it’s just for 10 minutes, try to exercise or walk every day. 

Sleep

Getting adequate quality sleep is essential for a happy and healthy life. Going to bed late and waking up late has become the new normal now and people stay up past midnight, thanks to inconsistent sleeping patterns. Making sleep your priority can help you live a longer and healthier life. 

Make sure you don’t look at screens before bedtime and wear comfortable clothes to bed. If you have trouble falling asleep, try making your room quieter and darker and put on some white noise (raindrops or fireplace or ocean sounds). Some people also take a hot bath or a shower right before they go to bed for a sounder sleep! 

Food and Fluids

People often binge-eat when they’re stressed. The worst part? They binge on unhealthy snacks which can have seriously harmful effects on the body. Try to have a balanced diet. 

There are a lot of dieticians who can customize and prepare a diet plan for you. Consume enough vitamin B, which can be found in whole grains, dairy products, etc., and Vitamin C rich foods like citrus fruits. Whenever you crave a snack, opt for chopped up fruits, they’re equally delicious!

Emotional Self-care

Meditate

Meditation has a series of physical and mental health benefits. It reduces your stress levels, improves sleep schedule, and is also known to alleviate anxiety and depression. It’s very easy to do even if you have a  busy schedule. Spare 10 minutes in the morning every day to make your day at least 10 times better. 

Meditating before going to bed can help you fall asleep faster too. If you have trouble focusing during meditation, just concentrate on your breathing – how you inhale and exhale.

Read

Grabbing your favorite book and cozying up in your bed can instantly improve your mood. Some people have a habit of reading when they’re taking a bath, which can be extremely relaxing as well. If you’re not a reader, it just means that you haven’t come across a book that appeals to you yet. Start small and get into the habit of reading. You’ll discover that it’s a therapeutic and immersive experience!

Socialize

Sharing your feelings with your close friends and family can instantly reduce the intensity of the overwhelming emotions that you have. Even if you don’t arrive at a definitive solution, you’ll feel better after just talking about it. Go out for a cup of coffee with a friend or a nice relaxing dinner with your partner! 

Digital detox

All of us spend a significant amount of time on social media. So much so that it has become the only thing we do during our free time. Taking time off of social media can have some highly noticeable changes in your moods. Spend no more than an hour on social media. If everything feels stressful, stay away from social media for a week or more. 

This can contribute immensely to your emotional well being. There are various pieces of research on the time people spend on social media, how much it affects them, and how beneficial a digital detox is. 

Journaling

When your thoughts seem too cluttered, writing them down can help bring you so much clarity and improve your thought process. If you’re feeling sad, happy, overwhelmed, or stressed, write it down. Journaling can significantly improve your mood and de-clutter your mind. Journals can also act as friends for introverted people, and help with self-introspection.

Miscellaneous Self-care Practices

Here are some things to do when you’re feeling a little stressed and want to relax and unwind!

  • Make DIY face masks at home that rejuvenate your skin. You don’t have to spend a fortune in buying face masks that ultimately use the same things you find in your home. Here are some homemade DIY face masks you can try.
  • Cozying up on your couch and putting on your favorite heartwarming movie/show can put you in a better mood instantly. You can also have karaoke nights with your family to have some fun. Here’s a list of heartwarming movies that you can watch.
  • Going out with your family on picnics can be an amazing alternative to visiting an expensive resort. It can help you cut down on costs and is guaranteed to help brighten your mood.

Self-care enables you to replenish physical and emotional energy to help you focus better on your job, family, etc. and money should not be a hindrance to it. However, if you do want to treat yourself to expensive self-care products and services, you can avail the instant shopping loans provided by Fibe and repay them whenever you can, in easy installments!