How Mobile Payments Help People During the Pandemic

The Covid-19pandemic meant organizations had to be shut down, people had to socially distance themselves and everyone was stuck in their homes. Naturally, this led to a global economic downturn and the financial situation was highly impacted. But financial transactions can’t just be shut down in this digitized world. After all, digital financial services have been embraced by individuals and organizations alike.

As the Financial Access Survey (FAS) of IMF defines, mobile money is a pay-as-you-go digital medium of exchange and store of value facilitated by a network of mobile money agents. (Mobile Money in the COVID-19 Pandemic) Mobile money services do not explicitly require a presence of a bank account as in the case of mobile banking. The only primary requirement is a mobile phone with access to these facilities. This concept has been rapidly adopted by many low and middle-income countries. According to a report by WorldPay, the coverage of mobile payments was 22% of the global point-of-sale payments which could raise to 29.6% by 2023. The contactless process of mobile payments has contributed to the presence of financial transactions without sabotaging the users’ physical and mental safety.

Some of the characteristics of mobile money have made their presence invaluable to the global financial community.

  • High Market Penetration:  Mobile money has strengthened its footing in low and middle-income countries. The epicenter of the same has been considered to be the continent of Africa, although the growth has been significant globally. These high rates of penetration mean that they are a readily available option for carrying out financial transactions especially during the pandemic. It can also be used as a substitute for direct cash benefit transfers for social assistance programs by various governments.
  • Minimal contact physically: The one point which all the experts have been saying about this virus that we should socially distance ourselves and minimize physical contact. Mobile payments are frontrunners at this task already before the virus coming into context. Further, there are a significantly larger number of mobile payments access points as compared to traditional banking points like ATMs. The only requirement for carrying out such transactions is a mobile phone, and all the financial activities like paying your bills, making transfers, remittances, etc. will on the fingertips of your hands.
  • Usage availability for even the unbanked: Mobile money allows even those individuals who don’t have bank accounts to use their system to carry out their transactions. Many low and middle-income countries, where access to banks can be difficult or limited or don’t have the trust of the common people have taken up the opportunity to provide the people greater access to mobile money systems. The unbanked are allowed to carry out fund transfers, and sometimes enjoying savings and other financial services. For example, a couple of Kenyan commercial banks have partnered with M-PESA to offer additional financial products to the customers.

With the pandemic taking place and countries realizing the importance of mobile payments in this situation, many of them have taken various measures to facilitate the growth of these platforms. Where some countries have been taking fee cuts on carrying out financial transactions, some have been increasing the limits of fund transfer and payments and giving greater flexibility in KYC onboarding.

Like everything, mobile money is not free from its limitations. With a threat to profitability, the platforms might charge from other points. There is also the question of customer protection and privacy in this digital age. There are risks associated with concentration and operation too. Sometimes, there might be times when there is an arbitrage in a regulatory environment.

But with the growth of mobile money, there also arise the concepts of availing financial services through mobile apps like getting an instant loan or salary advances. For all that Fibe comes to your rescue-the one-stop solution for all your instant cash needs.

Want to talk to us about 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.

What Will Be the Role of the HR in the Post Covid Workspace?

COVID-19 has changed the global outlook and it is difficult to see what we would call normal. While some regions are on their way to recovery, most places are seeing a rise in cases, new waves, and even new epidemics around as a supplement to COVID. Human Resources are a function that is multifaceted by nature. 

And these times have called for better and resolute HR policies and programs for employee welfare and overall organization’s benefit. 

The sustainability of such decisions taken will always be a matter of immense significance. The pandemic has created the ‘new normal’ we have been staying in. In these situations, it is difficult to understand and analyze how the future will look and how HR can take responsible decisions about that.

Presence of Remote Working

Remote working is expected to stay, given the lasting impact it has on the employees. Many employees and organizations are now contemplating working in this set environment of remote work. It reduces commutes, and effectively a lot of related  costs. But in that case, HR managers have the new role of considering changes to accommodate remote working for a long time which might have decisions about employee welfare, engagement, legal compliance, etc. 

Yes, there are lower costs and greater flexibility through remote working, but then HR has to consider wellbeing risks associated with lack of face-to-face communication, isolation, inefficiencies of video conferencing, and similar problems.

Engagement and Retention

Employee engagement can be understandably challenging given the new remote working environment. Employees can feel disconnected from the organization. Company values must be reinforced by keeping employees connected and engaged. There are several online mediums like chat rooms that can be used as an engagement tool with HR behind the wheel. Further, if employees feel you are on their side by keeping their stress levels low and making perks available, retention is always reinforced as the loyalty to the organization increases.

Workforce Planning with Skills and Protection

Certain sectors of the economy like health professionals and delivery people deserve greater appreciation which should be reinforced by the organization and the HR must ensure that it always leads in these matters. 

Employees should be encouraged to take up side-gigs or train in new skills given the downturn in people’s moods and working patterns. These skills should be embedded with their work and employees should be protected in all ways possible. Executive pay cuts and better rights of employees will be some of the defining issues in the post-COVID world.

Business Sustainability Practices

COVID-19 has given the foundation for climate change-related issues and thereby raising a platform for green and sustainable business. The environmental impact due to people staying at homes due to COVID is visible to everyone. 

Creating an office environment by reducing emissions via different arrangements seems to be an influential prospect. Even though the planet is recovering in these times, HR needs to consider the post effects of this situation. This can be achieved through following some sustainable development goals. Even though some positive changes might rebound in a negative direction, HR should understand and analyze the impacts and make relevant changes.

The times are challenging as well as competitive for many of the employers. Organizations are various types of schemes and programs to take the most benefit out of it. One of these strategies includes the presence of financial wellness programs. Fibe’s Financial Wellness covers many aspects of employees’ financial welfare like salary advances, financing of school fees, and tackling medical emergencies among others.

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

Fibe Smart Pay Offer Easy Repayment of Your Credit Card

Credit cards are a great source to finance your urgent requirements, especially when you are short on cash. However, managing a significant borrowed amount at your fingertips can be difficult. More so because it directly affects your long-term finances.

Therefore, it is important to pay your credit card bill on time without any delays. Paying your credit card bills regularly also makes you eligible to obtain credit card rewards and a good credit score. Therefore, Fibe Smart Pay is here to guide you through the process of easy credit card repayment on time.

Why is Paying Your Credit Card Debt Important?

Your credit utilisation ratio accounts for about one-third of your credit score, which is how much you currently owe compared to your actual credit limit. A higher ratio, especially when combined with a bad payment history, will severely affect your credit score. This makes it impossible for you to obtain a credit card or a loan in future.

Additionally, credit cards are known to charge some of the highest interest rates, especially when there are late payments involved. The interest is not even tax-deductible. Therefore, you will be paying a hefty price for your borrowed money. Keeping the credit ratio and late payment charges in mind, it is financially responsible to pay your bill on time. 

What is Fibe Credit Card Smart Payment?

Fibe has introduced a Smart Pay program designed to help you become debt-free. With this, you can pay off your credit card bill after directly getting funds to your credit card account. It is quite an efficient process to clear any credit card overdue.

To make things easier for you, Fibe has added some brilliant features to make the process even smoother. Here are some features of Fibe Smart Payment, such as,

  • Lower interest rates
  • Accumulate multiple credit card bills
  • Easy transfer to the credit card account
  • Easy eligibility criteria
  • Simplified credit card bill payment 

How does Fibe Smart Pay work?

Fibe is now offering Smart Pay options to existing customers, via which you can clear off your credit card debts more easily than ever before. Now, you no longer have to pay the minimum due amount on your credit card and accumulate huge interest on the unpaid balance.

Instead, with your approved Fibe limit, you can pay off your entire credit card outstanding balance through a simple journey on our app. Thereafter, your new Fibe loan will be created at a 50% lesser interest than what you would have paid on your credit card.

Your credit card debt payment will be reflected in your account within 2-3 working days. Right after this is done, your SECC loan account will be created with low interest rates at your preferred tenure.

What are the Advantages of Fibe Smart Pay?

By using Fibe Smart Pay, you can clear your credit card debt while paying half the interest amount you would be paying the bank. For example, with an outstanding credit card bill of ₹50,000, generally, you would be paying an interest amount of ₹13,931 for 12 months. However, by using Fibe Smart Pay, you will be paying only ₹6,375 for 12 months. You will save approximately ₹7,196, almost 50% of your interest.

While that stands out as the main reason to opt for Fibe Smart Pay, it also has other advantages. They are:

  • Fibe Smart Pay helps convert your Credit card bills into easy Smart EMI credit card debt payments, which are easy to manage
  • With Fibe Smart Pay, you will be able to clear bills of multiple credit cards at once
  • Fibe Smart Pay allows hassle-free direct transfer of amounts to your credit card bank
  • Fibe Smart Pay offers a 50% lower interest rate than the lender

What are the Eligibility Criteria for Fibe Smart Pay?

To be eligible to obtain the Fibe Smart Pay option, you just have to check these boxes off:

  • No 30+ delinquency on any loan in the last 6/12 months
  • No current overdue amount on any of the loans or credit cards
  • Credit card limit utilisation to be less than 85%
  • Credit card balance should not exceed 5-7 times their salary
  • Unsecured leverage other than the credit card should be less than 10 times
  • FOIR, excluding credit card balance, should be less than 60%

It’s easy to fall into the credit card debt trap, and finding a way out of it can be hard. That’s why you should always plan to pay more than the minimum monthly payment amount. However, if you have a substantial outstanding balance, you may focus on paying it off as quickly as possible through our instant personal loan.

With the Fibe Instant Personal Loan, enjoy up to ₹5 lakhs of loan for debt consolidation or any other personal requirement without any end-use restrictions. Once approved, get the funds in 2 minutes and repay with a tenure of up to 36 months. Download the Personal Loan App or register on our website to experience streamlined borrowing!

FAQs on Fibe’s Smart Pay Option

What is the difference between a Fibe Smart Payment and a traditional payment?

With a traditional payment, you will most likely pay for one credit card at a time. But with Fibe Smart Pay, you pay multiple credit cards at a time with affordable interest rates. Moreover, the interest rate is lower than a traditional credit card, helping you save more in the long run.  

How long does it take to approve my Fibe Smart Payment application?

After you have submitted your application, it takes 2 to 3 business days to get the amount credited to your account.

Can I use Fibe Smart Payment for international transactions?

Yes, you can use Fibe Smart Payment for international transactions.

Finance Medical Equipment At Home with Fibe’s Personal Loan

These times of the pandemic have been stressful for all of us. There is a fear on the face of everyone. A slight cough or sneeze makes our bodies shiver. People don’t know what to do next, uncertainty looms all around. It’s difficult for even the doctors and hospitals; there is a dearth of beds and other facilities. No one knows what’s happening; everyone is just trying to take care of the precautions.

In these trying times, when it is next to impossible to get out and get out you get checked for even minor flu seems dangerous. But humans as always have found ways to battle problems in their ways. Dealing with crisis is what all of us have been doing since times immemorial. And this time, we are trying to get our medicines and medical equipment at home after due consultation with the experts.

Having some medical devices at home is not a sign of over fright, but rather a better chance and simple way of first aid in times of a medical emergency. Further, it saves you a lot of time and costs, therefore; it is an immediate lifesaver and helps you get the right home remedy. Some of these medical devices, people could keep at their homes are listed below.

  • Blood Pressure Monitor: A normal blood pressure usually ranges between 110/70 to 120/80. Keeping this at home especially when one of the family members suffers from high or low BP is a must. You can keep track of the person’s levels at regular times and remark in case of any undue fluctuations and then consult the doctor. A record of the BP levels will certainly assist your doctor with prescribing the right and more efficient medication.
  • Pulse Oximeter: This device has become a sort of necessity in times of the COVID-19 virus and its multiple variants. Its job is to detect the oxygen concentration in your blood so that you can check if your numbers are normal for the organs to properly and efficiently function. Inadequacy of oxygen in the blood can cause hypoxemia which might cause your organs to fail. Further, this device also keeps a check on your body pulse ensuring you have the pulse in the normal range. This device can allow prompt action in case of irregularity in the numbers for the affected person.
  • Thermometer: This device is the most essential out there. With so many seasonal changes in weather, there is always a danger of catching a cold, flu, or fever. With children and senior citizens at home, it becomes even more important to have it at home. This is the first step of providing any medication to anyone, checking the temperature hoping it isn’t out of the normal range. A simple tablet might ease your fever, but you need the thermometer to check if you have it. You can get thermometers in both digital and analog (mercury) forms.
  • Pedometers and Weighing scales: Pedometers measure the number of steps you have taken while weighing scales to weigh your body mass. Having a healthy BMI (Body Mass Index) is very important for the human body.

Health and wellness start at home. But financing can be a difficult issue, especially in these times when everyone is facing a cash crunch and a fear looms over taking loans. But Fibe always comes to your rescue. Medical emergencies don’t come at your doorsteps pre-informed; they can come to you anytime. But with an instant personal loan from Fibe, you can consider yourself covered. You can get cash loans as high as Rs 2,00,000 with quite easy procedures. Personal loans can be used for multiple purposes, and financing medical equipment for your home can also be covered through it.

Fibe only asks for simple documentation and basic qualification criteria which enables you to get your instant loan at the tap of your mouse or fingertips, no need to run around looking for financing your needs. No prepayment charges and an instant disbursal into your bank accounts are what can get you out of financial stress.

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.

Covid-19: Fight for Your Claim

As India battles the second wave of the COVID-19 outbreak, questions about health insurance coverage for care have naturally risen. Many of these questions are about particular protocols that must be followed in the circumstance when insured individuals look forward to filing a claim with their insurers for the cost of hospitalisation and treatment for Coronavirus.

You already have two choices if you want to make a claim with your health insurer for costs related to COVID-19 care in a hospital, a cashless claim settlement scheme and a claim for medical expenditure reimbursement.

COVID-19 Cashless Claims Settlement Procedure

In the case of a cashless claim, you would not be required to pay for your care because the hospital bill is paid directly by the insurer. Any treatment process or medicines that are mainly excluded from your existing health plan must be paid for by you.

You can only make a cashless claim if you receive care at a network hospital, a hospital that has partnered with the health insurance provider to offer cashless treatment. In an emergency claim, you must notify the insurance provider within 24 hours of being admitted to the hospital. Insured people would prefer cashless claims because these need the least amount of paperwork.

The following documents are needed to submit a cashless claim:

  • Existing Health Policy/Insurance Member ID Card (digital or physical copy)
  • The insured person receiving treatment’s identity and address proof (Aadhaar, PAN, Driving License, etc.)
  • Pre-Authorisation Form (available at the hospital) that is filled up

Steps 

Step 1. Confirm that the hospital you’ve selected is a member of your insurer’s cashless network.

Step 2. Complete and submit the pre-authorisation form to the hospital who will submit it to the insurer. When the insurer receives the pre-authorisation form, it will be reviewed by health insurance providers. If the specifics and supporting documents are appropriate, the hospital will be approved for cashless treatment service. 

Step 3. Receive treatment authorisation from your insurer.

Step 4: The insurance provider will pay the charges covered under health insurance. Before being discharged, pay the hospital for any procedures and treatments that are not covered by insurance.

COVID-19 Reimbursement Claim Settlement Procedure

The reimbursement scheme in health insurance plans allows you to pay for hospital coverage upfront and then make a claim to the insurer for reimbursement at a later point in time. Treatment facilities in several parts of the nation have been overburdened as the COVID-19 crisis has worsened. Consequently, in the event of an emergency, you might be unable to be treated at a network hospital. You may have no choice but to take the reimbursement path in such a scenario.

As part of the claim process, you’ll need to have a few primary supporting documents, such as these:

  • Pre-Admission inquiry records
  • Test results and reports for treatments performed.
  • Cash receipts for prescriptions, medical supplies, oxygen, personal protective equipment, and so on, etc.
  • Detailed hospital bills, ICU (Intensive Care Unit), physicians, examinations, etc.
  • The hospital’s discharge report

Steps

Step 1. Collect all of your COVID-19 treatment hospital bills, invoices, and other documents once the treatment is completed. Carry your exit folder with all of the requisite paperwork once you’ve been discharged.

Step 2. Submit a completed compensation claim, including an original file of the medical records, to the insurance provider.

Step 3. The insured individual will acquire the claim balance within a few days of submitting all required documentation after the entire verification is completed and approval is given.

Step 4. If the insurance provider denies the claim request, you will get a rejection letter that includes the reason for the denial.

For patients receiving home care

Many COVID-19 patients are required to seek care at home, at least before they can access medical facilities, due to a severe shortage of beds in many Indian states. There are various resources available, including online doctor consultations, nurse visits, prescription delivery, and thermometers and oximeters. In addition, some companies provide complete ICU setups at home.

Standard health insurance plans do not cover treatment at home. They only pay for 24-hour hospitalisation and day-care treatments if they include an OPD (out-patient department). Corona Kavach Policy, on the other hand, bears the cost of in-home care. Corona Rakshak Policy also bears the cost of 14 days of in-home treatment.

Corona Kavach Policy

Both general and standalone health insurance companies in India are required by the Insurance Regulatory and Development Authority of India (IRDAI) to provide this policy to their customers. In the current situation when a person tests positive for Covid-19 infection, the policy seeks to cover his/her hospitalisation, pre-and post-hospitalisation expenses, home care recovery costs, and AYUSH treatment.

During the hospitalisation, the policy would also cover any comorbid conditions caused by COVID-19. This policy can be purchased as an entity or a family floater scheme, but it is only available to people aged 18 to 65. The policy, however, would not cover any treatment that is not part of the current pandemic.

Corona Rakshak Policy

IRDAI has released ‘Corona Rakshak,’ a new policy that covers financial risk associated with COVID-19. The new rules require both general and standalone health insurance firms to sell this approach to their customers. This policy is particularly advantageous for those who do not have health insurance. The coverage sum is in multiples of Rs.50,000 and ranges from Rs.50,000 to Rs.2.5 Lac. This policy does not require pre-medical screening.

IRDAI push for faster claims

The Insurance Regulatory and Development Authority of India (IRDAI) has launched specific guidelines for pushing faster COVID-19 health insurance claims. Both general and health insurance providers are required to communicate their cashless approvals to the relevant hospitals and institutions within 60 minutes. In light of the current state of COVID-19 cases in the context of the second wave, and in accordance with the High Court’s orders, IRDAI has given the following instructions to all insurers:

  1. The network provider (hospital) needs to be informed about authorisation for cashless treatment procedure for COVID-19 claims quickly in 60 minutes of obtaining the authorisation application and all required hospital specifications.
  2. Within an hour of receiving the final bill and all relevant conditions from the hospital, a decision on the final discharge of patients covered by COVID-19 claims must be conveyed to the network provider.

Conclusion

Having insurance during such a crisis is essential for avoiding the financial strain that can accompany coronavirus treatment. Assess the requirements before making a decision. Also, be familiar with the benefits of your health insurance policy’s coverage so that you can make an informed decision on filing a claim for coronavirus. 

For saving more money on paying premiums of your health insurance, you can switch to SalaryCard by Fibe which offers many benefits including 4X limit and the option for repaying in till 12 EMIs.  Suppose there is a case where insurance is not able to cover the costs entirely. In that case, you can opt for alternatives like personal loans or instant cash loan by Fibe with flexible repayment plans and zero pre-loan fees.

The Right Cover for the Wrong Time

India is experiencing a second phase of Covid-19, with over 300,000 Coronavirus outbreaks and over 3,000 deaths every day. Patients’ families are begging for support as the area suffers from a severe lack of oxygen. Exhausted medical staff are on the verge of collapsing.

As the number of serious Covid-19 cases in India continues to rise, innumerable families have been financially impacted by the high treatment costs at most private healthcare facilities. Many citizens are concerned about whether their current health insurance plans would cover the costs of Covid-19 care in the event of hospitalisation.

Source – Ourworldindata.org

It is critical to be braced for any adverse circumstances ahead of time. Not only is the pandemic a health emergency, but it is also an economically challenging time. The significance of getting insurance, and having enough of it, is one of the most important personal finance principles that all of us have realised from the coronavirus pandemic. Every family requires health and life insurance, not just during a pandemic, but also for any health conditions that might arise in the future. 

Why do we need to be extra careful while buying life or health insurance during the pandemic?

Photo by Mufid Majnun on Unsplash

There are many things that need to focus on to find the most appropriate insurance, whether it be health insurance and life insurance for you and your family. For those who have recovered from the Coronavirus, it has become increasingly difficult to purchase life or health insurance plans on the spot. Since many insurance providers demand a one to three month cooling off or waiting period if a Covid survivor applies for a health or life insurance policy.

Let’s discover what one should look for while buying life insurance during pandemic.

  • Firstly, the term plan must empower the family to handle obligations and get an income source that stays stable even when the earners in the family won’t be able to work.
  • Secondly, make sure you pay your premiums on time to ensure continuous coverage. To maintain the continuation of benefits which are provided, make sure the policy is active by ensuring timely payments simply through setting up ECS/standing instructions.
  • Thirdly, ascertain that the plan has a nominee who will receive the benefits if the policyholder is unable to do so. You must also tell the candidate and other members of your family about your insurance coverage. Your candidate should be mindful of the financial plan at all times so that they can take necessary action in the event of an emergency.

Now, let’s know what to keep in mind when buying health insurance during pandemic:

  • The most important thing to consider when choosing a plan is having insurance that offers ample coverage. Treatment and medications for Covid-19 can indeed be costly, so you should carefully consider your healthcare coverage amount depending on your family members, financial situation, and responsibilities when coming to a decision.
  • A health plan should sound like an ideal investment for the current situation as well as the future rather than a liability. Most of the countries over the globe have succumbed to the pandemic, and now getting a comprehensive health care package that includes financial assistance is really necessary.
  • Many insurance providers have partnerships with a network of hospitals (also known as Network Hospitals), and getting a contract with one of these insurers will help you get cashless coverage in the event of a medical emergency. As a result, before shortlisting insurance policies, this becomes a critical criterion.

Different Policies Against Covid-19

The Insurance Regulatory and Development Authority of India (IRDAI) has launched two policies in response to the Coronavirus pandemic: Corona Kavach Policy (for individuals and families) and Corona Rakshak Policy (individuals).

  • Corona Kavach Policy

IRDAI has assigned that public and health insurers sell the “Corona Kavach,” an indemnity-based individual Covid-19 Standard Health Policy. Citizens will be refunded for their direct Covid-19 care costs under the terms of the agreement. This scheme would cover the holder’s hospitalisation costs for up to 14 days.

The policy is available to people between the ages of 18 and 65. Dependent children shall be protected from the first day of their life before they reach the age of 25. According to the product design and underwriting policies of the insurance, insurers can cover people over the age of 65.

Hospitalisation costs, home care treatment, medical expenses for Ayush treatment, pre-hospitalisation medical expenses, and post-hospitalisation bills are covered as part of the core cover.

  • Corona Rakshak Policy

This is a Covid health care programme that includes medical expenses if the policyholder has been in hospital for at least 72 hours. Other expenses for buying required equipment, such as masks, oxygen cylinders, PPE kits, oxygen nebulizers, oximeters, and safeguards for a person, are covered by the Corona Rakshak Policy.

Citizens between the ages of 18 and 65 may purchase this policy on an individual amount insured basis. The sum varies between Rs 50,000 and Rs 2.5 lakh. Individuals with comorbid conditions will be insured if they pay a higher premium.

Unlike the Kavach Insurance, the Corona Rakshak Policy covers only one person and pays out 100% of the amount insured in the event of hospitalisation.

Stay Financially Hopeful

During pandemic, it is quite difficult to stay financially hopeful and hence it is important to get insured. Plus, staying positive during these times is really important for mental health and physical health. After understanding key factors to find the right cover for your needs, start comparing the best cover online and buy it or start paying your premium via SalaryCard by EarlySalary which won’t let you compromise with your health with a 4X limit along with the choice to repay in till 12 EMIs.

Don’t forget to click the link here : https://youtu.be/hzN5tq7jmNg

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.