India's Largest Lending Platform | Fibe (formerly EarlySalary

The IDC report stated a very interesting possibility of digital payments overtaking cash by 2022 in India. All of us are well aware of the fact that the young Indian population is tech-savvy and is ready to embrace fintech like never before. The fintech scene has witnessed a digital and consumer revolution in post-pandemic India as well. 

Touted to be of worth USD 31 billion this year, the Indian fintech sector’s phenomenal growth has brought quite a few challenges in its wake: 

• Firstly, about 20% of the citizens in India are still unbanked. 
• Secondly, the earlier fintech developments had been more technology-driven rather than bringing in some kind of financial innovation. 

As such, consumers were lost in the complex net banking and other such solutions that were more of a hassle than a reprieve. There was a dire need for a financial product that simplified processes via tech and AI. During the lockdown period of 6 months, The adage of ‘Never let the good crisis go to waste’ became the mantra of the team at EarlySalary to focus their attention on a single solution serving most of the financial needs of its customers.
Let’s look at what it takes to build a revolutionary financial product for everyone at EarlySalary.     

Fibe’s journey and the launch of Fibe Suite

Since its inception 5 years ago, Fibe has made its mission to financially include the underserved and unbanked via its intuitive and user-friendly financial services. It is one of the leading fintech companies in India with 1.7 million loans disbursed to date. EarlySalary understands the nerve of salaried employees and their pain points. 
Traditional financial institutions have since long drastically failed to meet the short-term credit requirements of the salaried class. Fibe, through its tailored products such as instant loans and salary advances, has helped millions of people to bridge temporary pay gaps, finance travel, education, marriage, and other such needs and help them shop with ease.
The team at EarlySalary monitored their customers’ financial habits and meticulously researched the markets, products and opportunities to design products according to the expectations and choices of their customers post the pandemic. 
From a single product, EarlySalary has risen beyond expectations to provide a comprehensive and multidimensional credit solution portfolio for digital-first Indian consumers ‘EarlySalary Credit Suite’. 

Fibe Credit Suite

Finding a product that solves all your financial worries in a single frame could be called a farfetched idea before Fibe introduced its Credit Suite. Not now, though. Akshay Mehrotra, cofounder and CEO of Fibe says, “As we evolve and mature as a company, we realised the need to cater to a varied set of consumer needs ranging from a short term loan to a long term personal loan, from enabling credit to providing a Buy on EMI option, we decided to build a comprehensive credit portfolio which allows us to serve to all our consumer needs for a longer period.”
The Credit Suite offers its users financial freedom to the highest degree  – providing instant sound solutions to their emergency needs and helping them upgrade their lifestyle. Fibe Credit Suite is designed to provide a one-stop credit solution to serve all the possible credit requirements of a salaried individual. 

Highlights of the Credit Suite

EarlySalary is a lifestyle financial tool that enables users to manage life’s experiences whenever and wherever they desire. It requires no formalities, no physical outdoor exposure and is available as a credit solution on the smartphone. The Suite is an all-in-one solution providing a portfolio of services including:

1. Short-Term Credit Loan: Short term or instant cash loans are available to the users from INR 5,000 to 5,00,000 with a tenure of up to 24 months at interest rates as low as INR 9/day. 
2. Personal Loans: These loans are disbursed within minutes to help customers fulfil their small financial needs of up to INR 2,00,000. The loan can be paid back in equated monthly instalments.
3. SalaryCard: The Salary Card is acceptable across India for both online and offline transactions. The customers can avail EMI options on each of the purchase they make using this card. They also get category-based dynamic limits and control via Fibe App.  There are no annual or renewal fees involved. 
4. Free Credit Score: Users can also view their credit score and improve it accordingly. 
5. Buy on EMIs: The Suite provides the option of buying on EMIs. The monthly EMIs can be easily calculated using the EMI calculator available on the app itself. 

Why would you consider the Suite a revolutionary financial product?

The EarlySalary Credit Suite is the result of sustained efforts and persevered monitoring of customers preferences and their changing needs, especially during and post the pandemic. It could be said that the Suite is the first in the industry that works to solve real-time financial issues of the masses with minimal time and effort required of them at their convenience.  It upholds the 5 pillars of service that we at EarlySalary aim for: 

1. Product: The Credit Suite empowers the salaried class giving them the liberty to decide the whenever and wherever of their finances. The product wraps numerous innovative features. Just like a smartphone, it will relieve the customers from the need to rush, browse and search for solutions at multiple places or via multiple apps. 
2. Technology: EarlySalary leverages new-age technologies in the areas of data processing, AI/ML, and analytics for real-time analysis ad decision making. It also provides automated approvals on loans and product offerings according to customers’ needs. 
3. Data: The App uses Artificial intelligence (AI) and Machine learning (ML) to peruse the customer data collected over the app and provide a seamless customer experience with best-customized credit solutions. 
4. Debt: The platform receives over 75,000 applications in a month, and it has disbursed 1.7 million loans to date helping the salaried professionals to sort their finances in the fastest and easiest way. 
5. Partnerships: EarlySalary has 500 plus tie-ups with travel brands like MakeMyTrip.com, Shopping mammoths like Amazon, Flipkart and many other educational institutions.  

The Credit Suite is all about financial independence and assistance all concentrated in a single comprehensive solution. It intends to open a host of possibilities for the users to avail and utilise in building their financial standing in the long-term. The Suite has all got it sorted for users to spend their way to success and happiness! 

We all experience a financial crunch when our monthly expenses go over the limit. Instant loan applications are the ideal solution to save you from those inconvenient cash crunches. Since there is no need for physical documentation or even to meet in person to get your loan, it takes less time for the loan approval, after which the amount is disbursed straight into your account. The time taken for loan approval depends from one app to another.

What makes Fibe so popular?

Fibe is preferred by young employees because of its speedy disbursal of loans and user-friendly interface. It is the ideal alternative that provides several benefits through a secured online loan app. Fibe provides instant loans to users with less documentation, as long they procure a salary of Rs 18,000 or more every month. Those qualified can apply for loans from Rs 5,000 up to Rs 5 lakh, for rates as low as Rs 9 per day. Fibe has partnered with Amazon and Flipkart for shopping loans too.

Why should you use the EarlySalary app?

Online loan apps in India are now beyond the niche stage. Instead, they’ve rapidly become popular due to the many benefits they provide – customized repayment plans, easy loan plans, the simple application process, and 24X7 tracking. With Fibe, customers enjoy a quick, paperless, and trouble-free way to get personal loans and a one-stop solution during a financial emergency. 
One of the biggest challenges that people always face is having to visit a bank for loan purposes. Standing in long queues, going through a lengthy documentation process, and then preparing rounds of security checks before finally getting the loan approved. With the introduction of online loan apps such as Fibe, getting personal loans has become easier and convenient. These are the reasons why Fibe is one of the most preferred loan applications in India! 

• Quick loan approval: Fibe provides fast approval facilities to its users. When you apply for a loan on the app, you will see whether loans are getting approved, or how the repayment plan is chalked out, or how much you can apply for in a shorter duration. This is very different from what happens if you approach a bank: you can fill out a form online, but it may take you a while to get a response (someone may need to review the request, and you may even need to visit a branch in person).

• Better interest rates on loans: The interest rates at EarlySalary won’t make a hole in your pocket. It not only provides lower interest rates but also reduced service costs (if any). They have no comparable overheads with local branches as bankers do not have the same regulatory costs. That means that you end up paying a fraction of overhead and additional costs.

• Easier approval: Banks have become increasingly cautious over the years. It’s easy to get a loan if you have excellent CIBIL, but you don’t get any benefits if you have a low CIBIL score. However, online apps like EarlySalary may accept weak CIBIL scores and use “alternative” ways to establish your worth.

• Saves time: In banks, you may have to monitor the process and wait for days to get your loan approved. Applying for loans from banks can turn out to be a long, taxing process. It is not only frustrating but also time-consuming. But when it comes to EarlySalary, the application and approval process is fast and easy, saving time, effort, and money.

• Loans without collateral: Loan applications on Fibe do not need collateral. Banks almost never provide loans without collateral. . Borrowing is, therefore, safer. When you don’t repay an unsecured loan, your CIBIL values drop, but your assets won’t be taken back and forfeited.

Keeping all the above advantages in mind, Fibe stands out from its competitors, making it one of India’s most preferred loan lenders.
You can contact us for any queries on instant loans, instant credit score checks, and much more!

Moving to an entirely new city with no family support and warmth from your friends can get on your nerves. In contrast to our hometowns, most metro cities are typically taxing, making it harder to live and handle your expenses. You will need to manage a lot on your own. While we’ve shared money management tips for the festive season and for millennials, some tips on money management in metro cities, should hopefully help make your experience throughout the year, an easier one. We’re happy to help:

1. Affordable lifestyle – The most substantial expenditure on your budget comes in selecting a place to live. You have different choices for living in most of the towns. The rent prices differ depending on the location. Few cities have lovely spaces for co-living, such as Bangalore, Mumbai, Delhi, where you get most of the necessary facilities at very affordable prices. So do your homework and find yourself a suitable budget spot.
2. Make your food – Eating food outside can harm both your budget and your body. Instead, cook safe and inexpensive meals at home for yourself. It will save a lot of money for you and keep your body safe and happy. If you’re someone who doesn’t know how to cook, you can hire a cook who turns out to be a much cheaper choice than frequently eating outdoors.
3. Cut back on subscriptions every month – It is not necessary to have subscriptions for every OTT platform. You can save a lot of money by cutting back on subscriptions. These subscriptions take a chunk out of our budget. It will help you reduce the extra expenses in the short term. 
4. Using local transit – Try to commute using the different local transport options instead of resorting to a private vehicle. Major cities have a sizable local transit network that is reasonably accessible and will not leave a dent in your pocket. Take a bus to work or a shared vehicle, or you can also avail office cab services. This alternative again turns out to be pretty cheap compared to owning a car if your city has a metro train service. 
5. Get an instant cash loan from Fibe – If you ever run short of cash, you can always avail of the instant cash loan from Fibe. Download the app on your mobile, and it’s easy to use. Fibe can be that friend that you can always trust when in need.

6. Get into a Part-time job – In spending some extra time to earn some extra bucks, there is no harm. You can check out several job websites where you can make money while sitting at home and working. Even an hour of daily work will give you 4-5k per month. 

7. Keep some money for small investments – Try putting some money as an investment per month after setting aside some cash for monthly expenses. Be sure to set aside any money in a fixed deposit or savings account, be it as little as 100 or 500 bucks. It will give you some financial protection, and in case of any emergencies in life, you will still have some number. 

Staying alone in a new city encourages you to consider yourself and your limits and guides you to find ways to cope with every challenging situation. If you can master the art of balancing your budget, then in every city you go to, you’ll have a great time. So go out and enjoy life there but don’t forget to keep the Fibe app handy!

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 experience the Credit Suite.

For Fibe, this was a logical evolution of all that we have done so far. After all, our goal has been to assist professionals in their quest for a happier life, backed by financial independence, and of course, the ability to meet emergency needs.

At Fibe, we were beyond excited to announce the introduction of Fibe Credit Suite, a one stop credit solution for all. After all, our Credit Suite is packed with Instant Loans, Personal Loans, a Free Credit Score check, and an all new ‘Salary Card’.

The EarlySalary Credit Suite’s Makes Your Loan Life Simpler

• Short term loans with a cap of 8000 to 5 lakhs 

It’s a rapidly changing digital era we live in today, and Fibe provides a genuinely new, realistic personal loan alternative. No prolonged paperwork, instant processing times, competitive interest rates, with no fees for prepayment. Lend up to 5 lakhs and have them transferred within minutes to your bank account.

• With 12-month to 36-month EMI options, long-term personal loans 

You get a window of 12 to 36 months to pay your long term personal loans. You can increase the EMI amount as per your convenience. 

• The free credit score facility gives a comprehensive snapshot of an individual’s credit financial status 

To find your credit score for free, all you have to do is download the Fibe app. Once you know your credit score, you can apply for personal loans upto Rs 5,00,000 from the app. The approach requires zero physical documentation. You would be required to upload scanned photos of your Aadhaar Card, Voter ID, Passport, Pan Card and a passport size photograph. 

• The all-new digital Salary Card allows clients to use credit solutions with different personalized features

The ‘Salary Card’ allows customers to set a credit limit to suit their essential needs and expenses like traveling, shopping, medical, etc. Since the ongoing pandemic has created a demand for contactless payments that is here to say, we felt compelled to introduce a digital zero-touch ‘Salary Card’ that could provide you with safe and secure payment solutions.

• Buying on EMI allows buyers to make payments during the checkout at the ‘Pay Later’ option

Purchase what you want online and pay it back in simple 3 or 6 monthly installments. Whether it’s appliances, electronics, or household products, you can buy now and pay later from Fibe.

Fibe has impacted many lives on this 5-year journey and has undoubtedly helped several first-time working professionals adjust to a new career, a new city, and all the other challenges we face as we tackle our ambitions. Fibe hopes to cater to more customers as consumer aspirations rise and become a lender of choice for every salaried professional in India. 

The Fibe team took several steps to give users a better credit experience over the years. And the introduction of the ‘Credit Suite’ is just another small move that has brought a change in consumer credit experience.

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 experience the Credit Suite.

According to a report on Millennials, by Morgan Stanley Capital International (MSCI), on a global level, millennials represent around 23% of the world population. millennials have a wide range of access to and knowledge of recent technologies, along with a fair idea of the investment options open to them. Even then, it is a tactful task to know where to invest, how much to invest, and which investment options would be the best suited for them. This post is aimed at providing investment advice to new investors, addressing the whats, the whys, and the hows of investing as a millennial. But first, let’s address some fundamental questions:

Why Should A Millennial Invest?

Millennials are likely to feel that they don’t have adequate knowledge about the market, or that it is out of their capacity to invest and take risks. As a millennial, if you’re still indecisive about investing, here are a few reasons why you should consider investing.

1. Time Is On Your Side – A great advantage that millennials have is that they have a good amount of time to accumulate wealth. Millennials can maximize their returns through compounding, a process to potentially boost your savings, by investing in the market over a long period of time.
2. Put Your Money To Work – As a millennial, if you keep a mindset of letting your money stay stacked up in a bank, it will slowly lose its value due to inflation. In contrast, if you invest, you can get returns, thus achieving your financial goal faster.
3. Save Money On Tax – You can get certain tax advantages from some investment accounts, like an Equity Linked Savings Scheme, or a PPF. Your contribution there reduces your annual taxes.

What Should A Millennial Keep In Mind Before Investing?

Investment can be a tricky task for someone just starting out. Therefore, it is essential to know all the aspects involved in investing your money. As a millennial, here are five investment advice to keep in mind before jumping in:

1. Plan Before Investing – It is crucial to know what the primary reasons are for you to start investing. Are you just trying it out with a small amount of capital? In this case, you can afford to have a larger risk appetite. You will need to be much more thoughtful about where you invest if you’re pouring your life savings into it. 
   However, with this sorted, you will find it easier to decide how much to invest and which investment options to select. To help you with this, you can also approach a financial advisor.
2. Take Calculated Risks – You have to keep in mind that, to move forward, you will have to take risks. Hence, to reach your financial goals, do not back down from taking certain calculated risks. However, these should not be risks that will put you in a precarious financial situation if things go south. 
3. Choose Investment Options That Suit You – While you are narrowing down on investment avenues, you should level your expectations with the projected returns of the investment scheme. You can consult a financial advisor to provide you with in-depth investment advice, like choosing a particular investment option from a wide range like investing in mutual funds, stocks, public provident fund (PPF), retirement plans etc. 
4. Design Goal Oriented Investments – If you are focusing on achieving immediate, short-term, or smaller financial goals, then your choice should be to invest in short-term funds or schemes. On the other hand, if you are planning on achieving larger and far-reaching goals, you need to beat inflation by making long-term investments.
5. Avoid Debt-trap – As a general trend, millennials are drawn to quick success without much thought to the probable drawback of that. Since investments are a quick way to financial success, therefore millennials tend to fall into debt to invest in schemes. 

How Can Millennials Invest Their Wealth

Amongst millennials, there is a trend of diversifying in several avenues. If you are a millennial, the best investment advice for you will be to invest in equity, retirement funds, mutual funds and insurance, and public provident funds. Here is a more detailed explanation of the available options.

1. Equity/Stocks – In the long run, if you want to make investments seeking high returns, you cannot ignore the stock markets. Older millennials usually make higher direct equity investments. The richer millennials invest nearly double that, as higher income levels provide a cushioning that enables people to take a greater risk. However, this option has the greatest risk.
2. Mutual Funds – One of the favorite investment options of millennials, irrespective of their income bracket or age, are mutual funds. The reason for this is the organized management, the ease of investment, and the availability of several funds. Most choose to commence their mutual fund journey in tax-free investments like an Equity Linked Savings Scheme (ELSS). This category is best for long-term investments.
3. Insurance And Retirement Plans – If as a millennial, any of your concerns revolve around advancing age and the pitfalls related to it, then the best option for you is insurance and retirement plans. You can subscribe to a suitable life insurance plan, which can also act as a financial safety net for the members of your family. Along with that, it is also beneficial in saving money on taxes by investing in insurance.
4. Public Provident Fund – PPF is one option a lot of millennials consider. PPF has a tenure of 15 years, which is beneficial for millennials because they have a considerable amount of time in their hands. Furthermore, because the interest acquired and the principal invested is supported by a sovereign guarantee, this makes PPF a safe investment.

Conclusion

As a baseline, even though investments need to be made carefully, a millennial should open up to investing their wealth in mutual funds, retirement, and insurance plans or equity because they will get higher returns than just a savings account, and consequently save on taxes. Millennials should start early so that they can utilize the time in a planned way. For more on how to start (and maintain) your financial journey, head over to the Fibe blog.

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

Download the personal loan app here, or log in to our website and experience the Credit Suite.

Education opens up more opportunities than any other investment ever well, as many doting parents would agree. Getting the best education indeed opens doors with no other keys. Oprah Winfrey has rightly said, “Education is the key to unlocking the world, a passport to freedom.” Parents wish the best for their children, and education tops that list. Children can be molded into their best versions through education.

Steps to save and invest for your child’s future

One must ensure that one is financially prepared to enhance their child’s possibility of getting the best possible education. If the plans are made in an orderly manner and in advance, chances are that your child’s dreams and ambitions wouldn’t be compromised.

• The decision on time horizon: A child’s education should be considered as a long-term goal. The earlier it’s planned, the better results it will fetch. Anticipate the total time period of your child’s education from the present time, let’s say another 20 years of education. This will allow you to decide and save the right kind of funds which will suffice enough to provide the best to the child.

• Cost estimation: Inflation is at a high and is rising every year. The costs differ from location to location, but it is undoubtedly higher in metro cities than non-metros. Further, private schools are seen to be quite expensive in comparison to public schools. In 2018, premier B-schools increased fees to Rs. 21 lakh for their two-year flagship courses, which was worth Rs. 6 lakh in 2008 i.e., average inflation of 13%. The prices of prestigious foreign universities are soaring high while school education is taking up a massive chunk of parents’ income. Further, it’s not just the fees of the educational institutes, but also involves other related expenses like accommodation, costs of material required, transportation, medical expenditure, etc. too.

• Assessing your financial position: Understand and assess your current financial status. This will help you in planning better and saving adequately for your child’s education. This will also help in understanding how much to be saved to start your fund. Analyze your present investments considering future benefits. Savings can be done systematically by keeping a certain amount aside regularly.

• Planning the investments: Asset allocation schemes are the best way to invest. Since your financial position and potential are already mapped, you can make better investment decisions. Investment should be made in funds that can counter inflation and also fulfill your needs. If you start early, the amount invested can be less. The strategy should keep on changing every few years with your child growing up. SIPs can be increased in bits to reduce investment. Avoid low return investments.

• Insure yourself: Insurance should be considered as protection first and then as an investment. In case of an untimely demise, insurance will keep the family and your child’s education plans afloat. The life cover should be a good percentage of your current income. Optimally insure for not just life, but also for the health of all the family members, which has become so necessary in the current times of the pandemic.

Final Action

Prepare for the unexpected. Nobody has foreseen the future, but you can secure your and your child’s education by taking corrective actions right now with a holistic approach. Fibe enables paying your child’s school fees through EMIs with a credit limit of up to Rs. 5 lakhs. It is easy to use, has flexible repayments, and is one of the country’s leading education programs. School FeES – Fibe is designed to streamline the fee deposit process in schools easing the parents. With real-time onboarding and disbursal, EarlySalary is the way to go!

Of course, children’s education is crucial, and money shouldn’t be a deterrent. Every child is unique, and so is their dream!

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 experience the Credit Suite.