How to Correct CIBIL Score: A Detailed Guide to CIBIL Report Correction

CIBIL scores are significant to prosper in any financial avenue, such as taking a loan or a credit card. This is why learning how to correct the CIBIL score is essential. Financial institutions, including banks and NBFCs, look at your credit score to ascertain your creditworthiness and whether or not you are eligible for loans.

By carrying out the correction process in case of any issues, you can boost your creditworthiness and get easy access to credit. But how can you raise a dispute and maintain the accuracy of your CIBIL score and report?

It is easy to correct credit report mistakes if you know exactly when and how to correct a CIBIL report. Even after you spot the errors in your credit report, the bureau may take a while to resolve your dispute. This is because of a certain set of standard procedures that credit bureaus like TransUnion CIBIL follow. 

Read on to learn more about the process.

How to Spot Credit Report Errors?

Sometimes, there may be minor errors in your report, such as misspelt name, wrong date of birth, incorrect or outdated residential address, etc. It can also be a major error, such as a wrongly credited loan or an outstanding credit balance.

Resolving minor errors is not much of a hassle. However, major issues can be challenging and may take some time to reflect corrections on your report. You can identify any issues by downloading your credit report from the official website and then applying for a CIBIL report correction. Here is an in-depth review of the types of errors you need to look out for:

  • Inaccurate Personal Information

Sometimes, your personal information on the credit report, such as name, age and contact information, could be either misspelt or missing. While going through your report, make sure all the details are correct. Additionally, check there is no error in your Aadhaar and PAN details.

  • Current Balance is Not Updated

Sometimes, your credit report may show an error in your credit balance. These errors occur as a result of the gap between the payment time as the financial institutions only report to the credit bureau every 30-45 days. Thus, it is imperative to check your report periodically.   

  • Incorrect Overdue

Overdue is the amount that you owe your credit provider, which has a significant impact on your credit utilisation ratio and overall score. Thus, it is vital for you always to double-check your overdue amount. 

  • Outstanding Loans

You must check for your outstanding loans and their status. If you have repaid the loan but your credit report says otherwise, immediately file for a CIBIL report correction online. Any delays in payment are reflected in your report and have a significant impact on your creditworthiness. 

  • Duplicate Account

There is a slight possibility of the same account reflecting more than once in your CIBIL report. This can increase your debt, leading to a negative impact on the score. You may also see an account that you have not authorised that has been opened by a fraudster. In such instances, contact your issuer or lender immediately or raise a dispute. 

In conclusion, you should look for incorrect figures, loans/cards, dates or due dates and ensure that the information in your credit report is correct. 

How to Raise a Dispute on Spotting Errors in the CIBIL Report?

For good financial health, you should know how to correct the CIBIL score. For this, you can raise a dispute through the CIBIL website or by sending a letter to the registered office address. Here are the steps to correct the CIBIL report online and offline.

Online CIBIL Dispute Resolution

  • Step 1: Log in to myCIBIL.com with your user credentials
  • Step 2: Check your latest CIBIL score and report  
  • Step 3: Fill the Dispute Request Form online
  • Step 4: Submit the form

Once you successfully submit the dispute form, the bureau will forward your request to the concerned financial institution. They will then review your data and make the required changes. 

You can check the status of your dispute by logging into your CIBIL account. Remember, the entire process may take at least 30 days and you will receive updated and accurate reports from the credit bureau.

Raise CIBIL Dispute Offline

To raise a CIBIL dispute offline, you can write to TransUnion CIBIL by mailing the registered office. You can send the letter with the relevant documents to this address:

TransUnion CIBIL Limited 

(Formerly known as Credit Information Bureau (India) Limited) 

One World Centre, Tower 2A, 19th Floor

Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013

Ph: +91 – 22 – 6638 4600

Specific Problems Reflected in Credit Reports with Solutions

For easier reference, here is a list of common problems associated with credit reports and possible methods to obtain solutions.

  • Problem: Poor Credit History

A low credit score on your credit report indicates irresponsible credit behaviour in the past. Frequent delays in repayment, high utilisation of credit, credit card debts, etc., are some reasons leading to a low credit score. This reduces your ability to avail of credit in the future.

Solution: Make sure you pay your credit card bills and EMIs on time. Borrow only what you need and as per your repayment capacity and avoid making minimum payments. If you’re unable to work with the current plan, try and work out an alternative payment schedule by restructuring repayment with your lender.

  • Problem: Errors in Personal Information

These are minor errors that include misspelt names, age, contact information and errors in account details.

Solution: Get your credit report copy from the credit website and check your personal information. If you spot an error, raise a dispute by filling up the online CIBIL dispute resolution form.

  • Problem: Days Past Due (DPD)

DPD means the number of days since you’ve not paid the due amount. Anything other than ‘000’ or ‘XXX’ in your DPD section indicates you have delayed your payment. This paints a bleak picture of your credit usage and responsibility and lowers your score.

Solution: Multiple late payments will lower your credit score. The best way to avoid this is by setting monthly reminders to pay the amount due before the given due date. You can also set auto-debit instructions to ensure you don’t miss a single payment. However, make sure you have sufficient balance, or you may have to face a penalty from the bank too.

  • Problem: Error With Account Ownership

There may be a few accounts mentioned on your credit reports, but they may actually not be yours. Known as errors with account ownership, this could be an administrative error or could indicate fraudulent usage.

Solution: If there are incorrect mentions of open accounts on your credit report, raise a dispute immediately to avoid further errors. If there are administrative errors, you can raise a dispute to correct them. If it is a fraudulent account, early action will protect your information and creditworthiness.

  • Problem: Overdue for Paid–Off Accounts

Your credit report may show an outstanding overdue amount which you have already paid. There may also be an error in the payment history despite regular payments.

Solution: The lenders submit their data to credit bureaus once in 30-45 days. If you have received a copy of your credit report within this time period and there is an error, it could probably be because your data is not yet reconciled. If there isn’t any change after 45 days, raise a dispute with the bureau to rectify the error.

It is essential to have a high credit score and to attain this, you need to make sure your credit report is up-to-date and error-free. So, generate your credit report regularly and make sure your credit score is not affected by any of the errors mentioned above.

Also Read :  Why CIBIL Score is Important

How to Improve Your CIBIL Score?

Having a low score despite an accurate report means that you need to make some changes to your credit behaviour. With most lenders, a credit score of 750 or above may be helpful in negotiating favourable loan terms. To get there, here is how to correct the CIBIL score with disciplined actions:

  • Make timely payments of your EMIs and credit card bills
  • Raise a dispute with the bureau if you detect any errors in your report
  • Maintain older credit card accounts with excellent repayment patterns
  • Avoid applying for credit too frequently or with many lenders simultaneously
  • Don’t opt for the settlement option
  • Keep your credit utilisation ratio at an acceptable level of 30% or under

Having a healthy credit score can come in handy at any time, more so during emergencies. Therefore, build good credit habits to stay credit-ready. However, if you have a low score and need instant access to funds, you can apply for loans with lenders like Fibe.

At Fibe, we don’t rely on credit scores to gauge your creditworthiness and instead have an alternate credit scoring system. With the Fibe Instant Personal Loan, you can get cash of up to ₹5 lakhs at attractive interest rates and flexible tenures. Download our Personal Loan App or register on the website to apply seamlessly online.

FAQs on CIBIL Report Mistakes

How can I correct my CIBIL score mistake?

You can carry out the process of CIBIL score correction online by submitting the dispute form available on the credit bureau’s official website.

How long does it take to correct a CIBIL score?

Rectifying an error in your credit report and score can take up to 30 days.

What if my CIBIL report is wrong?

If your report has any inaccuracies or inconsistencies, you should immediately report the same by submitting a dispute form available on the official website.

How can I update CIBIL immediately?

Rectification of the errors in your CIBIL report can take up to 30 days. As such, you cannot update the report immediately.

In how many days is the CIBIL score updated?

The credit bureau updates the information in your CIBIL report every 30 to 45 days. You can check your CIBIL report once a month or once every two months to get the updated information and score.

How to clear overdue amounts in CIBIL?

An overdue is the outstanding amount for the previous billing amount. Once you pay all your dues, including EMIs and credit card bills, the overdue amount reflected in your report will clear and your score will improve.

How to report the wrong CIBIL score?

Your CIBIL score is a culmination of the information in your report. As such, you cannot correct the score but rather any inaccurate information in your report. For this, you must learn how to correct a CIBIL report by raising a dispute through an online form. Generally, the bureau takes at least 30 days to offer a resolution.

What is the control number in a CIBIL dispute form?

A control number refers to the ten-digit number mentioned in your CIBIL score report.

How can I correct my CIBIL score immediately?

Two ways to improve your score are to fix credit report errors and pay outstanding EMIs and credit card bills. Even if you take these two approaches, your latest credit score will get updated in 30 to 45 days.

Is it possible to repair my CIBIL score?

Yes! Here are some ways you can achieve a correct CIBIL report:

  • Pay your EMIs and credit card bills on time by setting up autopay or reminders
  • Raise a dispute to fix any errors in your credit report
  • Avoid applying for loans and credit cards frequently
  • Opt for different types of credit
  • Keep your old credit accounts open

How to remove a closed account from your CIBIL report?

Depending on whether they have a positive or negative history, an old account can stay on your credit report for up to 10 years. To remove them, you can file for dispute or formally request your creditor to remove them.

Looking for consumer credit options in this economy? Here is how to do it.

Compiled By : Vimal Saboo, Chief Business Officer at Fibe

About Vimal: He is a Chartered Accountant and comes with an experience of 22 years in banking and credit domain. In his current role at Fibe, he focuses on building the Credit Risk Profiling system and spearhead Credit Risk, Analytics, Collection & Operations.

Retail consumer lending started to pick up momentum in 2000-2004 when private sector banks started focusing on consumer lending, but it had a setback due to the global recession in 2008. The industry came out of recession in 2-3 years and again started to pick up momentum from 2012. In the last 5 years, consumer lending has picked up significant momentum due to participation/innovation from Fintech. 

In India, there are approximately 30 crores individuals who have taken some form of credit from the organized market, and most of it is in the form of consumer durable loans or Kisan credit cards. Total consumer credit outstanding in India is approx. US$ 720 Billion (around Rs 52 lacs crores). Per capita, the average debt outstanding in India is around US$ 550 (Rs 40K) which is around 30% of per capita income.

In the USA, credit culture has been there among consumers for more than a few decades wherein people buy almost everything on credit card and pay in Equated Monthly Instalments. 

Just to give a few numbers, credit card outstanding in the USA is almost US$ 950 Billion translating to approx. US$ 6,500 per capita outstanding. In the US, almost 61% of people have at least one credit card and the average person has 4 credit cards. Mortgage outstanding in the US is around US$ 10 Trillion. An average personal debt carried by an American is around US$ 93,000 which is around 175% of per capita income.

Millennials and Gen Z are more willing to take credit to fulfill their aspirations/discretionary spends hence there will be more consumer credit growth in the next 10 years. Also, with more product innovation like short-term loans, Debit card EMI and buy now pay later (BNPL) in addition to traditional products for buying home, vehicles, credit is becoming more easily accessible by improving customer onboarding experience. 

Now customers have multiple choices for credits at various places like small credit being offered (around Rs 5-10K limit) at different e-commerce platforms to use while buying products/services and pay them in bulk/EMI OR buying the product at zero cost with help of merchants tying up with lenders. 

While the consumers have lots of options but at the same time, the consumer needs to behave rationally/responsibly while taking credit and/or repayment as he has been getting multiple tiny limits from various e-commerce platforms.

Although there is an increase in credit cost due to COVID 19 and its impact will still be seen for the next 2-4 quarters also especially coming from the SME/MSME sector. However, lenders are coming back and started lending aggressively with the introduction of newer products.

Let’s Make Our Finance Full of Colors

Excited to welcome spring and celebrate Holi, most colorful festival of the year? The festival not just reiterates the happiness of being together and embracing each other irrespective of our differences, but also reminds us to get over the evil. 
This year, you can make Holi more colorful and merry with your financial portfolio. As the festival of color is approaching, we share with you 5 ways to make your financial portfolio brighter and more colorful.

1)Get Rid of Bad Debt & Financial Clutter

First step towards financial happiness begins with decluttering. Just like the bonfire on the night before Holi marks the burning of Holika or victory of good over evil, begin with paying off bad debt. Cleaning financial clutter needs time but should be done quickly as they cost you more in terms of interest rate and also erode the potential tax benefits and poorly impact your credit score and creditworthiness. 

As a rule of thumb, steer clear of any form of bad debt or debt for debt, review your bank statements and credit card statement to trace financial clutter. This way you can improve your CIBIL score and get much better offers and interest rates on your future debt applications. It’s a double-edged sword which must be used with caution. However, if you face a cash crunch, stemming from temporary cash-flow problems or emergencies,  evaluate your options and choose the right lender. Borrow from reputed financial sources, such as banks or instant cash loan apps such as Fibe, that offer loans at rates as low as ₹9/day. 

2)Diversify your Assets

Get inspired from the hues of the festival and take a step towards portfolio diversification to reduce your risk exposure and increase return potential. Follow the age old saying- don’t put all your eggs in the same basket. 
A well diversified portfolio should have both market-linked assets which have earning potential of above-average returns and fixed income securities such as bonds, fixed deposits, etc. Some instruments for market-linked instruments are index funds, equities, Systematic Investment Plans or SIPs. This will make sure that your financial wealth grows with the variety of financial instruments just like your excitement from that assortment of gujiyas and laddus. Invest more, spend more!

3)Portfolio Monitoring and Evaluation

Wise spending and smart investing are just the tip of the iceberg. The real challenge is in maintaining a good portfolio and churning at the right time to maximise your wealth. Just as you get together with your friends and family to celebrate Holi amid your busy schedule, make sure you sit with your loved ones to discuss future financial goals, evaluate present investments and check if your portfolio is in sync with your goals and market movements. Check if your portfolio returns are beating inflation and if not, then they may need a churn.  

4)Value Investing 

Just like you check the goodness of sweets and quality of colors during Holi, make sure you check fundamentals such as vintage, credit rating in bonds and other funds, dividend history and most importantly the economic moat. Fundamental analysis can take you a long way in value investing and help you create wealth. 

5)Play safe

Market euphoria is a real phenomenon so watch out for the bubbles and hedge your market exposure accordingly. Follow the advice you give your kids on Holi, to play safe and not to be over enthusiastic. Evaluate your risk appetite and take money decisions accordingly. You can also take a financial advisor’s help to build a portfolio and play safe.
We hope this Holi is full of pretty purple, bright blue, and sun-kissed gulaal and so is your finance. Amid the pandemic, hold on to the spirit of the festival and add colors to your boring and morose portfolio with the above tips. 

Explore Fibe, and know how we can help you with financial wellness ideas, credit, or loans to fulfil instant cash needs, by downloading the Fibe app now.

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

Women Ruling The World

Compiled By: Xama Mehta

About Xama: She is an experienced, progressive Assistant Manager Human Resource at eInfochips. She has worked for over 9 years across several domains – Employee Relationships, HR Operations & engagement.

Ever wondered how a matriarch or the female-dominated world would look like? Well, growing up, I didn’t.
This decade, times seem to be changing, with us, women, successfully breaking the shackles of poverty, discrimination and biasedness. 

However, our objectification, body shaming, casual sexism, racism etc., still plague the society we all talk about making” safe” for us. Ironically, some of the decade-old, best Bollywood movies have brilliant(read: highly misogynist)dialogues. 

From late Sridevi to Kalki Koechlin, to Farhan Akhtar and Aamir Khan, today’s celebrities have begun questioning the patriarchal norms.  
The boss. The wife. The mother. The daughter. There’s hardly any role we haven’t played, hardly any battle we haven’t fought, any profession we’ve not been in. Still, especially in India, our leaving houses to pursue our dreams remains underappreciated.

We today do not want to snatch away the rights or roles of men, we want a middle ground: Equality.

Womenleaders  today, tomorrow

The most powerful women across the world: Jacinda Ardern, prime minister of New Zealand; Angela Merkel, chancellor of Germany; Damilola Odufuwa and Odunayo Eweniyi, women’s rights advocates, Nigeria; Kamala Harris, US vice president-elect, Sarah Gilbert, professor of vaccinology at University of Oxford and co-founder of Vaccitech, UK and many more, are our idols. They inspire us to grow, voice our opinions, and show how we can make an explosion even with a single match.

The Bright Side

Over the years, our political participation worldwide has continued to grow. 
As of July 2013, 35 countries, including nine in Africa, had national parliaments with at least 30% female representatives. 

Countries now comprise quotas to secure our political participation. Instances of women climbing up include –Hillary Clinton, Janet Yellen, Angela Merkel, Sheryl Sandberg and others — and on their terms, are increasingly more common.
Horrible statistics today about violence against us have a silver lining — that violence is being reported– contrary to centuries of hush and approval of the arm-twisting we’ve faced.

Women at work in 2021

Metoo and Time’s Up movements have strongly opposed misogyny and male chauvinism. 
We today are leaving no stone unturned to ascend the corporate ladder.
“You can find me somewhere in between inspiring others, working on myself, dodging negativity, and slaying my goals.” 
Nothing could have better condensed the lives of those employed amongst us than this Pinterest quote.

The persistent pandemic has compelled us all to reconsider working, thinking of downshifting, or quitting jobs altogether. Battling gender and racial discrimination for years, the locking down of schools and daycares has amplified the toils today.

Early AM, late or sleepless nights, cooking, retaining a healthful and active lifestyle, ensuring everyone at home has it easy, heeding work meetings – is our life in a nutshell.

The go-getter ones amongst us are trying their best to be hands-on mothers, mentors, and whatnot- being a jack of all trades and mastering them all with efficient time management.

Women in FinTech

FinTech undoubtedly seems to be a male-dominated industry. With only a small number of us working in FinTech with even fewer of us as Founders, we can say that we have an underrepresentation in this arena too.

We make up just 7% of the total pool in Fintech globally, which speaks volumes.
Louise Brett, Head of FinTech and Financial Services Innovation at Deloitte, believes that by identifying some necessary steps we can take to start levelling out these gender diversity issues, we can safeguard the fintech industry’s future. 

She adds in FemTech Partners: breaking down barriers, “we’re seeing some innovative solutions emerging already. One firm is offering double finder’s fees to employees that recommend successful female job candidates. 
Another is reviewing all its job descriptions to ensure the language appeals to female applicants.”

“We need to apply the same principles to solving this problem, as we do with our product: test and learn. The first step is to make a conscious effort to rebalance gender inequality in Fintech. Then we can start to identify what’s working.”
However, with women like Anna Maj – FinTech Leader at PwC and Senior Lecturer at CFTE, Cordelia Kafetz – Head of Fintech Hub at Bank of England Eva Wong – Co-founder and COO, Borrowell, and many more goddesses embodying strength and power, our future in  FinTech doesn’t seem very grim.Reflect and hear us.  
Listen to our struggles and dreams. 
Give us wings to fly, roots to grow, reasons to come back and watch us break free!

A Guide To Financial Wellness Program Key Performance Indicators (KPI)

Financial wellness programmes are gaining popularity these days as a key responsibility for employers and a necessity for employees. However, merely implementing a financial wellness program is hardly adequate in today’s times. It is also essential that the efficiency of such a program is routinely measured, with a review of several Key Performance Indicators from time to time. Else, it perhaps risks being relegated to the status of an enthusiastic fire drill we’ve all been part of at some point in our lives.
Without measuring the program’s outcomes, it is not possible to know if it helps in changing people’s attitudes and behaviours concerning money, in a way that produces lasting effects. Surely, if the program does not create lasting changes for employees, it isn’t just a waste of time and effort, but it’s eating into every other business metric – from the bottom line to even the intangibles such as brand reputation.

Let’s take a look at some of the basic key performance indicators or KPIs for financial wellness programmes:

1.   Participation Rates

Participation rates can be a wonderful KPI to judge the effectiveness of successful Financial Wellness programmes. Your enterprise can take into account the following numbers to judge your programme’s effectiveness. 

1)The Number of Employees Participating 

A good way to judge the effectiveness of a company’s financial wellness program is by keeping track of the number of people making use of the different services or participating in activities such as seminars, financial counselling, etc. 

2)Growth in the number of Users

This metric records the increase in the number of employees making use of the services on offer by your enterprise’s financial wellness programmes. This number could mean at least one of two things.
a.The program has provided successful results to your employees.  Only if the program is beneficial, your employees would recommend it to other colleagues 
b.Your enterprise is successful in communicating to the employees the benefits of the financial wellness program.

3)Rate of Return

This records the number of times employees came back to avail the services. This is also a good metric to judge a program’s effectiveness, but it depends on the program on effect.
For instance, a high rate of return to debt management seminars could mean that the seminar might not be adequate. On the other hand, return to a financial wellness partner for wealth generation points towards a positive impact.

4)The number of Courses, Seminars and Assessment Completed 

This determines the employees’ commitment level and interest in the program and an indicator of whether the employees find it useful.

5)Knowledge Gained: 

This compares the pre-program-implementation scores of employees’ financial awareness tests to the post-program-implementation score, to ascertain the level of educational seminars and workshops, etc have helped the employees.

2.   Employees’ Feedback Scores

The best way to ascertain the utility of any program or effort is to get feedback from the beneficiaries, in this case, the employees.

1)User Satisfaction Scores 

This score reflects the level of satisfaction the employees received from the implementation of the Financial wellness programmes. They measure the workforce’s response and give an idea to the employer how right or wrong they are going in the view of the employees.

2) Confidence Scores 

Through this users can be asked how comfortable they feel in their knowledge about certain topics before and after taking seminars or courses to assess if the programmes are working well and benefitting the employees.

3) Financial Stress Levels 

Financial stress can lead to a lot of different problems like anxiety, depression, productivity, etc. A good way to judge financial wellness programmes is by measuring how much they relieve employees of such debilitating stress.

3.  Employee benefits Utilisation 

Another good Key Performance Indicator to judge Financial Wellness programmes can be based on how aware they make employees, and how they induce them to make full use of the financial benefits offered by their organisation, like:

1) Retirement funds: 

This measures the number of employees who are investing their money in the company(or outside) retirement funds, which shows a level of awareness.

2) Loan Obtaining benefits: 

This measures the number of employees who take advantage of the loan-procuring help offered by their organisation.

3) Loan repayment perks: 

This keeps track of the number of employees who are aware enough to utilise organisational help, in whichever way offered, for the repayment of loans like personal loans.

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

How HR Can Help Millennial employees In Financial Planning

Financial stress is undoubtedly one of the most prevalent and widespread concerns among the working class, especially millennials who are inching closer to retirement every day and have not yet established or opened a retirement savings fund. 
Millennials are different from their predecessors in more ways than one- they have witnessed and pulled through two major recessions early in their careers, and the new pandemic fuelled recession is adding a new financial strain. This financial stress is amplified for millennials also because a majority of them face challenges such as student loan debt, high unemployment rates, and most recently, low financial literacy. 

A 2017 PWC Employee Financial Wellness Survey discovered that an astounding 65% of millennials reported being stressed and affected by the state of their finances. Approximately a third of the employees confessed to being distracted by personal financial issues at work, while a majority of them spent up to 3 hours a week handling these matters during work hours. 
Hence, it is no secret that financial stress can slowly trickle in and affect overall productivity in the workplace. Here’s how HR can help millennial employees in financial planning and ensure their overall well-being and better productivity at work!

  • Introducing financial literacy tools

One of the best ways HR can help millennials with financial planning and wellness is by introducing financial literacy tools and programs in the workplace as a means to teach and guide them. This is crucial as these financial literacy tools can help them understand their finances better, suggest a range of options for investing, and even get them out of a personal financial crisis. 
Educating employees about the foundations of personal finance, including sessions on how 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 millennials. This is because when employees have an accurate and good understanding of their finances and financial standing, they will make informed and better decisions to save and make the most of workplace resources to build a suitable retirement plan. 

  • Encouraging goal-based financial planning

Goal-based financial planning is another way HR can help their millennial employees plan their personal finances in a better and more efficient way. The goals should be prioritized and comprehensive workshops and programs that focus on how to go about goal-based financial planning are a must to help employees plan their finances better. 
A detailed financial plan will break down each goal into smaller, more concrete, and achievable milestones, and can help reduce the overwhelming burden of a personal financial crisis. 

  • Automated investing and smart budgeting

Automated investing and smart budgeting are associated with the actual execution of the financial plan drawn up by employees. This step matters the most, simply because the implementation is one of the most difficult steps when it comes to financial management. Digital tools can help in keeping them on track and accountable, by serving as constant reminders and acting as lucrative platforms for easier investing. 
Smart budgeting applications and platforms can help keep a track of the monthly expenditure and finances, while 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, employees save time because the saving and investing bit is taken care of automatically. 

  • Introduction to quick personal loans and salary advance loans

Finally, it is imperative to educate millennial employees about the latest financial tools and services available at their disposal, such as quick personal loan and salary advance loans. This is important simply because sometimes even the HR isn’t fully aware of their personal financial situation, and a simple introduction to these quick personal loans or salary advance loans can help them directly or indirectly in more ways than one can imagine. 
HR leaders need to support and help their millennial employees in financial planning and must chalk our detailed, strategic, and comprehensive programs and workshops to ensure their financial wellness. Quick personal loans, salary advance loans, automated investing, and smart budgeting tools are some of the latest advancements that can help millennial employees 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’re helping to help with financial wellness solutions.

Get on the EarlySalary app, and explore more financial wellness ideas, credit, or personal loans to get instant cash for all your needs.

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

Be Happy instead of Rich!

How many times were you ready to compromise your free time for making more money? Prioritizing money might deliver that temporary pleasure of fortune, but in the long run, it might actually undermine your happiness. Of course, this doesn’t mean you have to deny the salary raise you have been offered or give away all your wealth. It is true that making more money could give you happiness, but the way you utilize it shapes the joy you get out of it. 

A recent survey on more than 500 people in the UK, showed that people with more money in their savings account were happier than those who saw depressingly low numbers every time they visited the bank. Some people might argue saying wealthier people are happier, forgetting the fact that with increased wealth, there is a surge in the lifestyle. With the surplus money, you end up buying more and more things, and to make space for these, you might end up buying a bigger house, and the list goes on. You might eventually reach a point where the ‘surplus’ money, which was giving you happiness, isn’t even surplus anymore, due to the change in lifestyle. 

In that case, the idea of saving cash could be intimidating. You might get anxious about cutting down on your expenses, creating a budget plan, and might even end up sacrificing on things. Always ask yourself:

  • Is what I buy essential for me?
  • If not, is the expense genuinely worth it and brings happiness?

By this method of approach, you can cut down on unnecessary expenses and manage to maintain your money. Especially if your answer to the second question is no, you need to sit back and take a break from those expenses, at least for a few weeks. By now, most of you all might have this question in your head. Afterall, what is the right way to spend money, and still be happy?

Spend on experiences

It is normal for us to spend money on things that aren’t necessary for our survival. But, is it good? Is it worth it? If you are spending money on experiences that are going to give you a lifetime of memories to cherish, then definitely yes! Buying materialistic things such as clothes, gadgets, etc., might give you satisfaction for a while, until they get worn out. Experiences on the other hand, even though might seem a little expensive, gives you life-long happiness, rather than just being satisfactory at the moment. With the help of EarlySalary, you don’t have to worry about the expenditure. You can now pay all your bills and cover all the last minute-payments with the help of EarlySalary’s products. You can get instant cash loans up to Rs 5,00,000 for a tenure of up to 24 months. It comes with zero prepayment charge and you will get your loan amount transferred directly to your bank account.

Invest in time

In your busy lives, you might find it hard to make time for your leisure or have fun with your closed ones. Apart from your job, smaller things such as running errands for the home, cooking, etc. could consume a lot of time of your day. Instead, you can make use of delivery services to get your food, groceries, and other supplies delivered. There is no doubt you would be spending a little more money than how much you would have spent if you had done it by yourself. At the end of the day, you will be successful in buying yourself some quality time, so why not?

Invest in others

You could use your extra money in gifting something to someone, helping out a stranger facing some trouble, or even donating it to a charity or NGO. Although spending money on yourself is more tempting, several studies have proven that you are more likely to not regret spending money on someone else. Even research shows that giving away a little might also boost your mood. This might not apply to everybody. This is something somebody should do out of interest, and not because of any external force. 

The Fulfillment Curve

Source: pinterest 

The figure shown above is called The Fulfillment Curve. It depicts the level of happiness that comes along with more and more money. The curve consists of four parts. Let us look at each one of them in brief.

  • Survival

This simply means, you barely have money to buy necessities and even a little amount of money is going to bring in a lot of happiness. You will be much happier just by availing your basic needs such as food, clothes, and shelter.

  • Comforts

Once you start making enough money for basic necessities, you will start investing money on your comforts such as sofas, bed, extra pillows, second or third pair of jeans, etc. These purchases too, bring you immense joy and happiness as you get the satisfaction of making more than necessities. This section of the curve is still considered to be positive, where money is still bringing you happiness. At this point, you will start towards becoming rich.

  • Luxuries

Eventually, your comfort expenditure starts to expand. From buying one chair, to two or three extra chairs, from a small house to a bigger one, and probably ten extra pairs of jeans. These aren’t comforts anymore, they are luxuries. They make you so happy, that you will end up wanting more and more, eventually pushing yourself to the peak.

  • Overconsumption

Now that you are rich and you have reached the peak, you will start buying unwanted things and invest your money that might hardly give you any happiness. You uncontrollably start spending on things that are going to be a burden for you. The money which was once enough to buy you comforts and even luxuries, and make you happy, will push you further and further towards stress, in order to earn more money. If this goes on, it will be a never ending cycle, and you will end up with zero happiness with all the money that you’ve earned.The best section of the fulfillment curve is either the comfort or the luxuries section where you know you have enough. It is extremely important to know that you have enough money that would be sufficient to bring in happiness.

When will you know you have enough money?

When your spending and your happiness is equally balanced, and when all your necessities are fulfilled, that is when you know you have enough money to be happy. It is better to have enough money, than to be rich, that would eventually push you towards an unhappy life. You will feel content when you have enough, which is not too little, or not too much.Well, there is no simple answer to what ‘enough’ is. It’s a fairly subjective concept, after all. It is upto your realization, when you reach the luxuries section in the fulfillment curve, that you have enough money.Take time to analyse your income, your expenditure and what your ideal ‘enough ’would be. Work towards it, and never, ever, push it further ‘enough’.

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Money & Happiness: The Perfect Relationship

Ever asked friends and family the sutra to be happy? Relationships, values and other non-material things must have surely made it to that list. Plus, they would have also said that money can’t buy happiness. Guess what, a recent study shows that money can indeed make you happy. Yes, a study by Mathew Killingsworth corroborated another 2010 Princeton study and showed that increased earning equals increased happiness. The new study reveals that higher earners continue to experience greater “happiness” as their income increases beyond $75,000 and that well-being rises linearly with income.
In this blog, we unfold the perfect relationship between money and happiness and share ways you can be more satisfied with relation to money. 

1. There’s No Free Lunch

There’s nothing called free lunch in this world. After all, it is with money that you can fulfil the lower needs of food, shelter and security on Maslow’s Hierarchy of Needs pyramid. In purely economic terms, more money places you on a higher utility curve as you get more choices. Money can help you achieve success materialism and shift your mindset to enhance economic motivation that is your drive to work and improve your well-being. 

2. Financial and Emotional Well-being 

Tough times come to us when we least expect them and steal us of our happiness. However, when you have a rainy day fund,  you have a cushion against the worst and be in better control over the situation. Supporting your loved ones in crisis requires emotional and financial well-being and if you have both, they feel more reassured. 
The thumb rule is that you should have a buffer equivalent to 3 months of your basic salary to have greater autonomy whenever there’s a dilemma.  

3. Happiness of Giving

A 2008 study showed that money is correlated with happiness when spent on others. Remember that time when you gave her the first gift or took them for a vacation? Spending on others gives a sense of fulfilment and why not, we are all social animals who have an affinity for healthy relationships with others. After all, money is what you need for the joy of giving in philanthropy and for connecting better and stronger social ties.

Spending money on experiences makes you happy because you share those moments with your spouse, partner, friend or family. If you are waiting to buy an experience worth sharing but not sure how to fund it, get on to Fibe now to get the necessary financial support. We can help you with an instant loan so you don’t have to wing it alone. 

4. Golden Triangle of Happiness

The golden triangle of happiness puts relationships, financial control and sense of purpose at the core of satisfaction and wellbeing. If you are capable of meeting your financial commitments such as bills and payments, you feel more comfortable with your current situation. 
Savings help you enjoy life while building resilience for the future. Make sure you actively save, do budgeting and not spend mindlessly. You may or may not have been bestowed with a fortune but, you can build yourself wealth and close the gap through financial planning. 

5. Money is Just a Means and not an End

What matters the most is how you choose to spend and earn money. There are not many “millionaire next door” types, so you should know how to live within your means, save and invest money like it’s your second  job. In crazy times like these, where millions lost their jobs, saving and investment are worth their weight.  

Just put together all the studies and you’ll realise that it is safe to say that money and happiness can be the perfect relationship. Whilst, you should know that no amount of money can give you happiness if you don’t know how and where to spend it. Financial goal setting should be in line with your core values. There’s no cookie-cutter approach to it, so make sure your decisions support your life goals.

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Here’s How To Tackle Your Compulsive vs Impulsive Shopping Habit

To a great extent, we all get excited by consumerism but some fall prey to compulsive and impulsive shopping behaviors. While most of us think a lot about money- how much we have, how much we need, how to get more, etc., we still end up messing up our finances and budget. Given the importance of money for our own lives and of our loved ones, the one easy thing that you can do to take charge of your financial health is by tackling your compulsive and impulsive shopping habit. 

This blog will help you identify if you are a compulsive shopper, introduce various ways to tackle your shopping habits and help you avoid the most common mistakes that people make while making shopping decisions. 

Who is a Compulsive & Impulsive Shopper?

Compulsive shopping habits are addictive and make you spend more. It is more common among women and can even cause psychiatric disorders like anxiety and depression. The most common causes of this habit are perfectionism, OCD (obsessive-compulsive disorder), a way to fill a void in life or just the need to be in control. Some signs of a compulsive shopper are:

  • You think about shopping all the time
  • You tend to ignore loved ones and prioritise shopping over everything
  • You have failed to get over this behaviour and becoming anxious about it

On the other hand, impulsive shopping is buying without planning. For example, if you are enticed by the 4 letter word- Sale and end up buying without having planned for it or even without needing it, you are an impulsive shopper. If you succumb to an urge in the moment, then you may be guilty of this habit. Digital marketing and ecommerce mix emotions with data science and tap this behaviour. They help you channelise and cope up with your feelings through shopping and ordering and give you instant joy and satiate your temptation. 

How to Tackle Your Shopping Behavior

A. Track and Note your Spending Habits

Record every purchase you make to help you understand the pattern, triggers and times when you feel most tempted. This will also help you trace purchases made for needs vs those for wants. If you always break your monthly budget then this may be the best time to begin tracking purchases through a journal.

B. Avoid Flash Sales

The urge to shop is triggered more when there are sales. If you feel like kryptonite during sales, then mindful spending can be done by either carrying limited cash or limiting the spending limit on your credit or debit card can help you take control of impulsive shopping. Unsubscribe from the mailing lists that entice you with sales ads. 

C. Ask for Help

Prepare a list of items you need, handover your wallet to your loved one and ask them to ensure that no item you add to the cart is out of the listed ones. This way you make money access tougher, increase the time spent on buying and thereby, spend more time reflecting on the decision. Act on the root cause of your impulses and triggers, know whether it’s a weapon to express anger, to feel more secure or soothe yourself. Engage in some side hustle such as blogging, cooking, or any other hobby to look away to channel your energy elsewhere. If you are one of those for whom when the going gets tough, the tough goes shopping, then train your mind to do something else and avoid browsing shopping apps which make you more vulnerable. 
So the next time you face a major decision while shopping, keep in mind the above tips and make informed and hopefully, better choices. At a minimum, we believe that shopping decisions can impact your financial affairs, so take charge now and never succumb to these habits.   

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How To Take Care Of Your Women Employee In your workplace

While our country advances and the GDP of the country is on a steady rise ever since 1991, the participation of women in the workforce has been seeing a declining trend. From the year 2004- 2005 where it was 42.7 percent, it has fallen to a mere 23.3 percent in 2017 to 2018. According to the latest World Bank report, it has fallen to 20.3 percent in the year 2019. 

This just goes on to show that special efforts must be made to improve the position of women in the workforce. Women employees should be encouraged to progress and to excel in the so-called man’s world.

Tips to take care of women employees in the workplace

One of the most important functions of any organisation is to treat all its employees equally and take care of growth opportunities for all the people working there. Here are a few tips that you can keep in mind to promote the growth of women employees in your organisation:

a. Have pro-women policies at workplace 

The organisational setup and the policies are made keeping a predominantly male workforce in mind. Few changes need to be made to accommodate the women employees as well. This can go a long way in providing them the requisite impetus for further growth. 
For instance, Zomato India recently announced upto 10 leaves to the women and transgender employees on account of “Menstural Leave”. 
Other changes such as parity in incentives and pay, equal opportunity for promotion et al also needs to be ensured as the same are enshrined by way of a fundamental right in the Constitution of India itself. This would ensure that they can break the glass ceiling that is imposed on the growth of the women employees in various organisations. 

b. Flexible working options 

Most women employees have additional responsibilities at home and a bigger share of the household chores as compared to her male counterparts. Therefore, options like Work-from-home, flexible working hours and target based working. 

c. Onsite childcare facilities

As an extension to the previous point, the responsibility of childcare also falls predominantly on the women. The organisation can provide a creche or childcare facility in the office itself. This can really help women employees with young children to effectively manage their work with the responsibility of their child, especially in the metropolitan cities where most families have a nuclear family set up and do not have the extra hand of help with the childcare from their relatives.

d. Give extra importance to women safety

More and more women are working late nights and even opting for graveyard shifts. In such a case, the organisation should be proactive in placing a few checks to ensure that their women employees are able to safely reach their homes. A lot of organisations offer special cabs for pick up and drop of their employees, surveillance within the office and its compound etc, among other things. 
Not just this, the organisation should also have an effective system to keep a check against the sexual harassment at workplace. After the #Metoo movement, several cases of sexual harassment at workplace came to light in highly reputed organisations as well. 

Therefore, keeping up with the compliances under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 is a must. In addition to this, the HR should have an open door policy for any woman who wishes to complain of any act of such nature and utmost importance should be given to making a safe environment for her to talk about her experiences, without having to worry about any sort of backlash. 

Concluding words 

More and more women are stepping out from the comforts of their home and venturing out to have a career of their own. It is pivotal that apart from any other thing mentioned above, all employees, men or women, should be treated with respect and dignity. It is important to make the women employees feel that they are an equal to their male counterpart and that their contribution is equally paramount to the organisation. This is not only important for the organisation but for the country at large.  As it was rightly pointed out by Michelle Obama, 

“No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”

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