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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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Yes, you may be able to negotiate the interest rate on a personal loan, depending on the lender and your financial profile. A strong credit score, stable income, repayment history and existing relationship with the lender can strengthen your position when requesting better loan terms.
However, the final interest rate is determined by the lender based on its eligibility criteria, credit assessment and applicable policies.
If you are planning to apply for a personal loan, here are some practical ways to strengthen your profile before discussing the interest rate with a lender.
1. Work on Your Credit Score
Your credit score is one of the important factors lenders may consider while evaluating your personal loan application and determining the applicable interest rate.
A score of 750 or above is generally considered strong and can improve your chances of qualifying for competitive loan terms.
Here is a broad overview of credit score ranges:
Credit Score
Range
NA/NH
Not Applicable / No History
300–549
Poor
550–649
Fair
650–749
Good
750–799
Very Good
800–900
Excellent
To build and maintain a healthy credit score:
Repay your loan EMIs on or before the due date
Pay your credit card bills on time
Maintain a healthy mix of credit
Keep your credit utilisation under control
Regularly review your credit report for discrepancies or errors
Remember that improving your credit score takes time. Consistently practising responsible credit behaviour can gradually strengthen your financial profile.
2. Build a Strong Repayment History
A consistent repayment track record can strengthen your case when requesting better loan terms.
Paying your EMIs and credit card bills on time can help because:
It demonstrates responsible credit behaviour
It can contribute positively to your credit profile
It helps lenders assess your repayment discipline
It may strengthen your position when requesting a more competitive interest rate
A strong repayment history does not guarantee a lower rate, but it can be an important factor in the lender’s overall assessment.
3. Compare Lenders and Use Offers as Leverage
Before accepting a personal loan offer, compare available options across different lenders.
Consider the following:
Check the interest rate offered
Compare processing fees and other charges
Review repayment tenure options
Check foreclosure or prepayment charges
Look for eligible pre-approved or promotional offers
Understand the lender’s eligibility criteria before applying
If you receive a more competitive offer from another lender, you may be able to use it as a reference while discussing the terms with your preferred lender.
However, avoid submitting multiple formal loan applications simply to obtain offers, as repeated credit enquiries within a short period may affect your credit profile.
4. Understand the Interest Calculation Method
When comparing loans, do not look at the quoted interest rate alone. You should also understand how the lender calculates interest.
Two commonly used methods are:
Flat Interest Rate
Under the flat-rate method, interest is calculated on the original principal amount throughout the loan tenure.
Reducing Balance Interest Rate
Under the reducing balance method, interest is calculated on the outstanding principal after each repayment.
As your outstanding principal reduces, the amount on which interest is calculated also decreases.
This means that two loans displaying what appears to be a similar rate may have different total borrowing costs depending on the calculation method.
If you have maintained a good relationship with the lender, you can ask whether you qualify for preferential or existing-customer offers.
However, an existing relationship does not automatically mean that you will receive a lower rate. Compare the complete loan offering before making your decision.
7. Consider a Shorter Loan Tenure
A shorter repayment tenure can reduce the total amount of interest you pay over the life of a loan.
It may also strengthen your negotiation position in certain cases if your income and repayment capacity comfortably support the higher monthly EMI.
However, keep in mind that a shorter tenure generally means a higher monthly instalment.
Before selecting the tenure, assess:
Your monthly income
Existing EMIs
Essential expenses
Emergency savings
Other financial commitments
Choose a tenure that allows you to repay comfortably rather than simply selecting the shortest available option.
8. Negotiate with Confidence
Before discussing the interest rate with a lender, be prepared with relevant information about your financial profile.
You can highlight factors such as:
A healthy credit score
Consistent repayment history
Stable employment
Regular income
Low existing debt obligations
Competitive offers received from other lenders
A positive existing relationship with the lender
You can then ask the lender whether a more competitive rate or better terms are available based on your profile.
Negotiation does not guarantee that the lender will revise its offer, as the final terms remain subject to the lender’s credit policies and assessment.
Factors to Consider When Negotiating Personal Loan Interest Rates
Before discussing the interest rate with a lender, consider the following factors.
Repayment Capacity
Lenders assess whether your income is sufficient to comfortably manage the proposed EMI along with your existing financial commitments.
A strong repayment capacity may improve your overall borrower profile.
Income
Stable and regular income may indicate a greater ability to manage repayments consistently.
Keep the necessary income documentation ready so that the lender can accurately assess your financial position.
Credit Utilisation Ratio
Credit utilisation indicates how much of your available revolving credit you are currently using.
A high utilisation ratio can indicate greater dependence on credit. Keeping your credit utilisation under control may help maintain a healthier credit profile.
Debt-to-Income Ratio
Your debt-to-income ratio indicates how much of your monthly income is already committed towards debt repayments.
A high ratio can reduce the amount of disposable income available for servicing another loan.
Relationship with the Institution
If you have been an existing customer and maintained a positive repayment or banking relationship with the institution, you can ask whether preferential terms are available.
Apart from the interest rate, remember to compare:
Processing fees
Foreclosure or prepayment charges
Eligible loan amount
Available repayment tenure
Applicable taxes
Other fees and charges
Total repayment amount
These factors can also affect your overall borrowing cost.
For Fibe Personal Loans, the interest rate is listed as starting from 18% p.a. on a reducing balance basis. Eligible customers can apply for a loan of up to ₹10 lakh, with repayment tenure of up to 36 months, subject to applicable eligibility and credit policies.
Fibe also offers zero foreclosure charges on eligible personal loans, helping borrowers repay early without an additional foreclosure fee, subject to applicable terms and conditions.
You can apply through the Fibe Personal Loan App or the Fibe website.
Documents You Need Before Negotiating
Keeping the right documents ready can make it easier to present your financial profile when applying for or discussing the terms of a personal loan.
Depending on the lender and applicant profile, commonly required documents may include:
Income documents help the lender assess your repayment capacity.
These may include:
Recent salary slips
Bank statements
Applicable income-related documents
Employment Details
You may also need to provide information about:
Your employer
Current designation
Length of employment
Employment history
Credit Report
Checking your credit report before approaching the lender can help you understand your current credit profile.
It also gives you an opportunity to identify any discrepancies and get them corrected before applying.
Existing Loan Details
Keep information about your current loans and EMIs ready. This helps you calculate your existing monthly obligations before taking on additional debt.
Competing Loan Offers
If another lender has you with a legitimate loan offer, keep the relevant details available.
You may be able to reference a competitive offer while discussing the terms with your preferred lender.
Having the necessary information and documents ready does not guarantee a revised interest rate, but it can help make your discussion with the lender more informed and transparent.
FAQs On Negotiating a Lower Interest Rate on Loans
1.How to negotiate for lower credit card interest rates?
If your credit card issuer allows interest-rate negotiations, you can strengthen your request by:
Maintaining a healthy credit score
Building a consistent repayment history
Paying your card dues on time
Comparing offers available from other issuers
Maintaining a positive relationship with your existing card issuer
The final rate and applicable terms remain subject to the issuer’s policies.
2.Can You Negotiate Personal Loan Interest Rates?
Yes, in some cases you can request a lower personal loan interest rate from the lender.
Factors that may strengthen your position include:
A strong credit score
Stable income
A good repayment history
Low existing debt
A positive relationship with the lender
Competitive loan offers from other financial institutions
However, the lender makes the final decision based on its credit assessment and internal policies.
3.How do I avoid paying higher interest on a loan?
You can potentially reduce your overall borrowing cost by:
Maintaining a strong credit profile
Comparing loan offers before applying
Choosing an appropriate repayment tenure
Understanding how interest is calculated
Negotiating with your lender where possible
Reviewing processing fees and other charges
Making repayments on time
When considering Fibe, the personal loan interest rate is listed as starting from 18% p.a. on a reducing balance basis, subject to eligibility and applicable terms.
4.How can I compare loan interest rates across different lenders?
Visit the official websites or apps of different lenders and compare their personal loan terms.
Apart from the advertised interest rate, compare:
Interest calculation method
Processing fees
Loan tenure
Foreclosure charges
Late payment charges
Other applicable fees
Total repayment amount
Comparing the complete cost of borrowing gives you a more accurate picture than comparing the interest rate alone.
5.Is it better to choose a loan with a lower interest rate or shorter tenure?
The right option depends on your repayment capacity.
A lower interest rate can reduce borrowing costs, while a shorter tenure generally reduces the total interest paid because you repay the principal faster.
However, a shorter tenure also results in a higher monthly EMI.
Choose a combination of rate and tenure that keeps your monthly repayments manageable while limiting the total borrowing cost.
6.Does a Co-Applicant Help Get a Lower Personal Loan Interest Rate?
A co-applicant with a strong credit profile and stable income may strengthen a joint loan application where the lender permits co-applicants.
The lender may assess the income, existing obligations and credit profile of both applicants while determining eligibility and loan terms.
However, adding a co-applicant does not guarantee a lower interest rate. The final rate depends on the lender’s policies and overall assessment of the application.
Building your dream house is possibly the most anticipated as well as the most financially burdensome task you might undertake in your life. In recent times, with the COVID-19 lockdown, our homes became our office, our gym and essentially a safe sanctuary for all of us.
Our home, as often said, is the extension of our personality and sensibilities. To keep up with the changing times, and your evolving tastes, house renovation becomes pivotal. However, home renovations can be a very expensive affair, especially if it involves specially curated furnishings or the services of an interior designer.
Here’s why you should opt for a personal loan for renovation:
A house renovation loan does not significantly impact your savings
Since home renovation can put a huge dent in your savings, it is sensible to take a personal loan for renovation. It does not disturb your financial planning or empty your savings account, and home renovation loans in India are easily available from almost all banks and NBFCs.
In fact, you can plan your home renovation loans well in advance by using tools like the Home renovation loan calculator to exactly know how much money you’ll have to shell out in EMIs so that you can plan the home renovations accordingly.
House renovation loan does not usually require collateral
Since it is in the form of a personal loan for renovation, it is usually unsecured and hence there is no requirement to provide any form of collateral or security. In most cases, a simple legal agreement or bond is sufficient. In fact, in case of home renovation loans online from lenders like Fibe, even that process is simplified. You just need to meet some basic eligibility criteria and you are good to go.
Easily available online home renovation loans
With the advancement in the FinTech sector, a huge number of NBFCs have cropped up who offer online home renovation loans without any hassle. You just have to satisfy certain basic eligibility criteria and upload a few KYC documents online, and the online home renovation loan is approved in a jiffy, while you sit in the comfort of your home. This significantly reduces the hassle of filling out multiple forms and signatures, and cuts down on multiple trips to the bank, which might make social distancing difficult.
Home renovation loan in India have fast approval rate and quick disbursal
As a corollary to the preceding point, online lenders have an extremely simplified application procedure, with next to no paperwork. The approval and the disbursal of the home renovation loan amount also happens instantly. For instance, if you take a personal loan for renovation from Fibe, the entire loan amount, ranging from eight thousand to five lacs, is approved and directly disbursed into your bank account.
Personal loan for renovation gives you flexible repayment options
Personal loans for home renovation are not only easier to get but also offer a lot of customisable options. Firstly, you can plan your home renovation loan in India by using the Home renovation loan calculator to plan your repayment. Furthermore, online lenders like Fibe offer you customisable options like:
Flexible tenure of repayment, from 90 days to 730 days
Option to auto-debit of the EMIs directly from your bank account
Option of pre-payment or early repayment of the home renovation loan without any foreclosure charges or pre-payment penalties.
House Renovation Loan – The right choice?
At the end of the day, financial goals for everyone are different and their ideas about financial planning can be poles apart. There is no straitjacket formula which can give a conclusive answer as to whether or not you should go for a house renovation loan.
However, the above mentioned points do make a compelling argument in favour of availing a housing renovation loan. In today’s time, online home renovation loan can be easily availed and used to make your idea of a dream house come true. Log on to the Fibe website and start your journey towards your dream house today.
So, get started on the Fibe experience now!
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Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.
