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Personal Loan for Low CIBIL Score: How to Get Approved in 2026

You can get a personal loan with a low CIBIL score in 2026, but approval may depend on more than your score alone. Lenders can also assess your income, employment stability, repayment capacity, current EMIs, banking behaviour and overall financial discipline. A low CIBIL score may reduce approval chances or lead to stricter terms, but it does not always mean automatic rejection.

For example, a salaried employee with a score of 620 but regular salary credits, low existing EMIs and no recent bounced payments may still have a stronger application than someone with a higher score but unstable income. Similarly, a self-employed applicant with a low score can improve eligibility by submitting bank statements, ITRs and proof of consistent business income.

Personal loans can help during urgent financial needs such as medical expenses, home repairs, wedding costs, education fees or debt consolidation. Since they are unsecured loans, lenders carefully check your creditworthiness before approval.

What is a Low CIBIL Score for a Personal Loan?

A CIBIL score is a 3-digit number that reflects your credit history and repayment behaviour. It generally ranges from 300 to 900. For most personal loans, a score of 750 and above is considered strong because it shows responsible credit behaviour. A score below 650 is usually seen as low and may indicate delayed payments, high credit utilisation, multiple loan enquiries or limited credit history.

However, credit scores are not the only factor. RBI’s credit information framework recognises the role of credit information reports in fresh credit decisions, while also giving consumers the right to access their credit report and seek corrections in case of errors. This is important because an incorrect overdue entry or wrongly reported loan can affect your loan eligibility.

CIBIL Score Ranges and Their Impact on Personal Loan Approval

CIBIL Score Range	Credit Health	Impact on Personal Loan Approval
750–900	Excellent	Higher approval chances, better loan terms and possibly lower interest rates
700–749	Good	Good approval chances, subject to income and lender policy
650–699	Fair	Approval may be possible, but rates or documentation needs may be higher
600–649	Low	Higher rejection risk; lender may ask for stronger income proof
Below 600	Poor	Approval can be difficult; secured loan or co-applicant may help
No credit history	New to credit	Approval depends on income, employment and alternate assessment

Know CIBIL Score and Its Impact on Personal Loans

Your CIBIL score gives lenders a quick view of how you have handled past credit. It is influenced by repayment history, outstanding dues, credit utilisation, credit mix and recent enquiries. TransUnion CIBIL’s personal loan score framework considers factors such as overdue amount and repayment behaviour to assess credit risk.

Here’s how it usually impacts your application:

High score = better approval odds: A score of 750+ can improve your chances of approval and may help you get better terms.

Low score = higher lender risk: A score below 650 can lead to stricter checks, higher interest rates or rejection.

Mid-range score = conditional approval: Scores between 650 and 749 may still be accepted if your income and repayment capacity are strong.

Real-life scenario

Suppose Ravi earns ₹55,000 per month and already pays ₹22,000 in EMIs. Even if his score is 690, a lender may hesitate because nearly 40% of his income is already going towards debt. On the other hand, Neha has a score of 640 but earns ₹70,000 per month, has only one small EMI and maintains stable bank balances. Her approval chances may be better because her repayment capacity looks stronger.

How to Get a Personal Loan Without Relying Only on Your Credit Score?

Even with a low score, you can strengthen your loan application by proving that you can repay comfortably.

1. Show Stable Income Proof

Submit recent salary slips, bank statements, Form 16 or ITRs. Regular income reassures lenders that you can manage EMIs.

Example: If your CIBIL score is 610 but your bank statement shows regular salary credits and sufficient balance after expenses, your profile may still be considered.

2. Apply for a Lower Loan Amount

A smaller loan reduces lender risk. Instead of applying for ₹5 lakhs immediately, applying for ₹1 lakh or ₹1.5 lakhs may improve approval chances.

3. Add a Co-applicant or Guarantor

If your score is low, a co-applicant with a good credit score and stable income can support your application.

Example: A newly employed borrower with a limited credit history may apply with a parent or spouse who has a stronger repayment record.

4. Maintain a Healthy Debt-to-Income Ratio

Try to keep total EMIs within 40–45% of your monthly income. This shows that you are not overburdened.

5. Avoid Multiple Loan Applications

Every hard enquiry can affect your credit profile. Multiple applications in a short period may signal credit hunger and reduce approval chances.

6. Choose Lenders with Alternate Credit Assessment

Some digital lenders assess income, banking patterns, employment stability and repayment ability along with your CIBIL score.

7. Consider Secured Loan Options

If an unsecured personal loan is difficult, you may explore loans against FD, gold or other collateral. Since the loan is backed by security, approval may be easier.

How to Improve Your CIBIL Score for a Personal Loan?

Improving your CIBIL score takes time, but consistent repayment habits can make a visible difference.

1. Pay EMIs and Credit Card Bills on Time

Payment delays can affect your score. Set auto-debit reminders to avoid missing due dates.

2. Reduce Credit Card Utilisation

Try to keep usage below 30% of your credit limit. If your limit is ₹1,00,000, keeping outstanding dues below ₹30,000 is a healthier practice.

3. Clear Overdue Amounts First

If you have pending dues, clear them as soon as possible. Overdue amounts are a red flag for lenders.

4. Avoid Frequent Loan Enquiries

Apply only after checking basic eligibility. Too many enquiries can make lenders cautious.

5. Check Your Credit Report Regularly

RBI has highlighted the importance of access to credit reports for individuals. Review your report for errors such as closed loans showing active, incorrect overdue amounts or duplicate accounts.

6. Raise Disputes for Incorrect Entries

If you find an error, raise a correction request with the credit bureau or lender. An incorrect negative entry can affect your personal loan eligibility.

7. Build a Positive Repayment Track Record

Start small, repay on time and gradually build trust with lenders. For new-to-credit users, even small credit products can help create a repayment history.

Why Choose Fibe for a Personal Loan with Low CIBIL Score?

Fibe makes the personal loan journey faster, simpler and more accessible for eligible customers. Instead of evaluating only one factor, Fibe may assess your broader repayment ability to help you access credit when you need it.

Key advantages include:

Personal loan of up to ₹10 lakhs, based on eligibility

Quick digital application process with minimal paperwork

Fast approval and disbursal for eligible customers

Flexible repayment options to manage EMIs comfortably

Useful for urgent needs such as medical bills, travel, education, home repairs or debt consolidation

Alternate eligibility assessment that may consider more than just your CIBIL score

A low CIBIL score should not stop you from exploring responsible credit options. With the right documents, realistic loan amount and disciplined repayments, you can manage your current need and work towards improving your credit health.

FAQs on Personal Loans with a Low CIBIL Score

1.How to get an NBFC personal loan with a poor credit score?

You can apply with an NBFC or digital lender that considers alternate data points along with your credit score. Fibe assesses your eligibility and repayment ability before offering a personal loan.

2. What is the optimal credit score required when availing a personal loan?

A CIBIL score of 750 or above is generally considered ideal. However, some lenders may also consider lower scores if your income, employment stability and repayment capacity are strong.

3.What is considered the lowest score for personal loan approval?

There is no universal lowest score for all lenders. Many banks may be cautious below 600, while some NBFCs or digital lenders may still evaluate your profile based on other eligibility factors.

4.Can I improve my CIBIL score?

Yes. Pay EMIs on time, clear overdue dues, reduce credit card utilisation, avoid multiple applications and check your credit report regularly.

5.Can I get a personal loan with a CIBIL score of 550?

It may be difficult, but not impossible. You may need strong income proof, a lower loan amount, a co-applicant or a lender that uses alternate credit assessment.

6.What documents are required for a personal loan with a low CIBIL score?

Common documents include PAN card, Aadhaar card, address proof, salary slips, bank statements and income proof. Self-employed applicants may also need ITRs or business income proof.

7.Does Fibe check CIBIL score for personal loan approval?

Fibe may check your credit profile as part of the loan evaluation process. However, it may also consider other factors such as income, employment details, banking behaviour and repayment capacity before making a decision.

Fulfill Your Wedding Dream With Fibe’s Wedding Loan

wedding loan, personal loan, weddings, personal loan for weddings

Wedding season is around the corner, and no one does weddings better than we Indians do with the whole “big fat Indian wedding” – a larger than life setup, designer outfits, extensive guest list, and a never-ending food menu. Since weddings are arguably one of the most memorable days for the bride and the groom and their near and dear ones, it deserves to be celebrated on a grand scale, fulfilling the couple’s lifelong dreams.

At the outset, planning a wedding may seem like a simple affair, but it is a herculean task, in reality. A costly one at that in today’s times. Gone are the days when even an extravagant marriage ceremony could be done with a handful of family members. In today’s time, it involves a grandiose setup, multiple outfit options, or perhaps even a destination wedding just like how most celebrity couples are doing these days. All of this involves a considerable amount of expenditure. This does not even begin to list down thousands of other contingent expenditures; you are both to incur while planning your wedding.

Why you should go for a personal loan for weddings

Since a wedding is one of the most anticipated events in anyone’s life, it is evident that most people and their parents will start financial planning and saving for the dream wedding. That being said, actually planning a wedding is a whole different ball game altogether. You may encounter several unforeseen expenses or an unprecedented increase in the prices of some commodities due to general inflation. But, fret not as this is where a personal loan for weddings, or what we call a wedding loan, comes to your rescue.

Essentially, wedding loans are nothing but usually an unsecured personal loan for wedding expenditures specifically. Instead of borrowing from relatives or liquidating your investment, a personal loan for weddings may be a better choice, especially from an online lender. While there are several ways of availing a personal loan from an online lender like Fibe instead of a commercial bank or a co-operative bank, a dedicated wedding loan from such online lenders is the one-size-fits-all solution to all your wedding expenditure, and you should go ahead with it because of the following reasons:

Easy and hassle-free Application and repayment procedure

With the recent overhauling in the fintech sector, getting wedding loans has become as easy as online shopping. All you have to do is download the app from a financial provider like Fibe and follow quick steps to get your loan. To know more about how to get a personal loan in less than 5 minutes, click here.

Instant disbursement

Now you don’t have to fill out a mountain of paperwork and wait for several days for your loan to get approved. After filling out the form online, an instant disbursement of upto 5 lakhs is made directly into your bank account.

No need for any collateral or security

Since they are essentially an unsecured personal loan for weddings, there is no requirement of any security or collateral to take the loan and saves you from a ton of paperwork for the same as well. In today’s time, unsecured loans are surging in popularity.

Things to be kept in mind before you take a wedding loan

While it is clear as day that a wedding loan is a one-stop solution for all your wedding planning needs, you should not just take a blind leap into any financial commitment, no matter how lucrative it may seem. So, keep the following things insight before you take a wedding loan and go on to celebrate the wedding of your dreams:

The interest rate on the loan

The interest rate upon your loan can be an important determinant factor in taking the loan. Ensure that you do your market research well and choose a lender that suits your needs the best. To know more about what factors help determine the interest rate in personal loans.

Eligibility criteria and other technical reasons

These are the prerequisites of taking a loan and depend upon the lender to the lender. Make sure to carefully go through the eligibility criteria to save yourself from the hassle of rejection of your application.
Apart from them, factors like a previous rejection of the application, poor credit history, among others, can also lead to rejection. So, make sure to cover all ground as far as terms and conditions go.

Concluding words

At Fibe (Formerly EarlySalary), we take care of all your wedding loan needs in an instant to make your wedding the most memorable day of your life. With fixed and low-interest rates, easy repayment options, and simple eligibility criteria, we are the first choice as far as personal loan is concerned. Visit our Wedding Loans offer and make all your wedding dreams come true in just a click.

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

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

Long Term Or Short Term Loans: Which should you choose?

With online personal loan applications, you can receive quick credit with minimal paperwork. The interest rates you get differ depending on various factors like your credit score and the lender.

Some lenders also provide salaried individuals with personal loans pre-approved up to a certain amount. All such loans, though, can be categorised into short-term personal loans and long-term personal loans. Read on to know how to choose between a long-term and short-term loan online.

Guide to short-term personal loan and long-term personal loan

What is short-term loan?

A short-term personal loan is generally appropriate for small, immediate monetary requirements. Usually, the short-term loan period of repayment is one year or less. Such a loan is usually unsecured and requires no assets to be pledged as collateral. You can get a short-term loan online without much paperwork from any lender like Fibe.

The interest rate in this case may be lower as the loan tenure is shorter. Loans under this category include credit card loans, instant cash loan, advance salary loans, etc. Digital portals like Fibe provide you with an instant short-term loan without any hassles!

What is long-term loan?

A long-term personal loan has a longer repayment tenure ranging anywhere from 24 months to 7 years. This loan is generally suited for borrowing large amounts and meeting big-ticket expenses.

The interest rate of a long-term personal loan is generally higher in this case than short-term loans. Loans under this category include large personal loans. If you move away from the personal loan category, you can get long-term secured loans like home loans, car loans and more.

Short-term loans vs long-term loans: How do they differ?

There are many differences between a short-term personal loan and a long-term personal loan. Your unique requirements will help you determine the type of loan most suitable for your needs.

You can choose the type of loan you want by using the information in the table below as well as based on your needs, budget and comparison of lenders.

Characteristics	Long-term Loans	Short-term Loans
Repayment duration	Unsecured: Over a year and may go up to 7 yearsSecured: Up to 30 years	From 90 – 360 days
Rate of interest	Interest rate of these loans is higher since the tenure is longer	Interest rates are generally lower because tenures are shorter but this depends on your eligibility as well
Documentation	If secured, lenders request additional documentation based on the collateral	Minimal documentation, based on the lender and at Fibe, there’s zero paperwork
Collateral	Collateral is generally required, and, in most cases, you have to submit security documents to the lender	Usually, no need for collateral
Accessibility	You can start the application process online, but offline verification is usually involved so the approval timelines are longer as there are more rigorous documentation checks, especially related to collateral	You can apply for short-term loans easily online; loans are usually dispersed within a few days
EMI Amount	The payment is dispersed over several months, so the EMI amount is lower per month	May have high EMIs because they have a short repayment period

Which loan should you choose?

The type of loan you choose depends on your need for finance and your monthly expenses and obligations. A short-term personal loan is affordable as the total interest you pay is less compared to a long-term personal loan. However, the monthly payment of such a loan is higher as you have to repay quickly. You can also get an instant short-term loan very quickly online by submitting basic paperwork.

If your monthly budget is limited, you can opt for a long-term personal loan. Your total interest payment will be higher but your EMIs will be affordable. A long-term loan may also require more documents and take a longer time to apply for.

So, you can choose a long-term personal loan if you require more funds and a short-term loan if you need a small amount. Remember, for your credit history, a long-term personal loan is better as your loan extends over a long time. Regularly paying your EMIs over a long tenure has a positive effect on credit scores.

Based on these features, you can choose the right type of personal loan for yourself. For a stress-free experience, choose Fibe. You can apply for an instant personal loan with us online in just 2 minutes. Download our instant loan app or register on our website to meet your needs conveniently.

FAQs on short-term and long-term loans

What are short-term loans and long-term loans examples?

A home loan is an example of a long-term loan. A long-term loan comes with a repayment tenure of up to 30 years. When it comes to personal loans, the longest tenure is usually up to 7 years, but most lenders offer such tenures of 5 years.

What is the difference between long-term and short-term borrowing?

A long-term loan has a longer repayment tenure and short-term loans are spread over a shorter term. The interest rate depends on your credit score, income and other eligibility terms of the lender.

Can I get a loan for 10 years?

Yes, you can get a long-term loan for 10 years, provided you meet the eligibility criteria set by the lender.

Can I get a personal loan for 7 years?

While most personal loans have a repayment tenure of up to 5 years, you can get one for a tenure of 7 years too. These are called long-term personal loans.

What is a short-term loan with example?

A short-term loan has a shorter repayment tenure. For example, you can repay a short-term personal loan in just 3 months.

What are the 3 types of term loans?

These are the 3 types of term loans:

Short-term loans: Can be repaid quickly, in less than 1 year
Intermediate loans: Can be repaid in 1-3 years in general
Long-term loans: Can be repaid in up to 25-30 years

Who is eligible for a long-term loan?

Both salaried and self-employed applicants with good credit scores and sufficient income are eligible for long-term loans. The terms vary from one lender to another.

What is an example of a long-term loan?

A home loan is an example of a long-term loan. Lenders generally allow you to repay these loans in up to 30 years.

Which is better: short-term or long-term loans?

The choice between these loans depends on your requirement for the loan amount, monthly earnings, the interest rate offered by the lender and use of funds.

Why are short-term loans better?

Short-term loans can be a better choice as they allow you to meet small-ticket expenses with ease and repay quickly. So, you can be free of your debt burden in no time.

What is the time period of a short-term loan?

Usually, short-term loans allow you to repay within 1 year.

Why choose a long-term loan?

You can choose a long-term loan when you want to borrow a substantial amount. A long-term loan also allows you to repay more comfortably, and your instalments are split between more time.

What is the main difference between short-term & long-term loans?

The main difference between short-term and long-term loans is the repayment tenure.

Why is a long-term loan better than a short-term loan?

A long-term loan may be more affordable as a longer tenure lowers your EMI burden. However, it can be costly overall, as you end up paying more interest than a short-term loan.

Here’s How To Find The Right Balance Between Saving, Investing, and Spending

Have you ever found yourself in situations where juggling between the many expenditures, investments, and savings just seems impossible? It often happens that in our busy everyday lives, we may not have a sense of how much we are spending. But for some of us, it is only when we run into financial troubles like budget shortfalls that we realize that we have not found the right balance between saving, investing, and spending.

For the most part, the prospect of striking this perfect balance does not seem too difficult. All one needs to do is chart out an effective financial plan based on personal goals and allocate the budget accordingly into these three streams. But sometimes, people can find themselves in tricky situations and that is where financial advice may be needed.

To truly understand this trilemma, let us take an example. Consider a scenario where someone might wish to buy a laptop but their monthly budget just isn’t allowing. Should they go ahead anyway and use up their savings? Should they skip their monthly SIP investment and withdraw from the scheme? Or should they just postpone buying a laptop? In all these cases, the opportunity cost is huge. Using up savings that you have set aside for a different purpose, say, a medical emergency, is not really advisable. Missing out on investments and withdrawing from schemes can disrupt your investment goals and lead to losses. At the same time, putting off buying that laptop could mean losing out on projects, online courses, upgrading a skill, or even office work.

How, then, do we navigate such situations? To answer this, we first need to understand why both savings and investments are important, and how together, they help to create an effective financial plan.

#1 Saving and Investing – Risk versus Returns

While the concept of spending requires little introduction, saving and investing often requires a bit of clarification. Investing is something that people indulge in to obtain larger returns on their wealth. For this reason, investment often involves a relatively higher amount of risk. Investment, therefore, is done to achieve larger goals such as buying a house or creating a retirement fund. On the other hand, saving is for smaller goals. It involves a negligible amount of risk and negligible returns. Therefore, between savings and investments, there is a bit of a trade-off when it comes to risks and returns. But since the goals of both are different, one cannot be a replacement for the other. To attain a good balance, both are equally important.

#2 Liquidity

Another aspect here is liquidity. Savings in banks are more liquid than investments. Higher liquidity means that those funds are available more easily. This is particularly important for emergency expenditures like visits to the hospital, urgent travel requirements, etc. Allocating adequate amounts to bank savings and liquid investment funds is imperative while also investing in long-term investments since they provide higher returns.

#3 A Financial Plan that Creates the Perfect Balance

This brings to the most important step – creating the financial plan. The foremost thing would be to analyze your short-term and long-term goals, select appropriate investment vehicles, and allocate the amounts accordingly. Generally, monthly investments are a better option compared to lump-sum investments since they have the advantage of dollar-cost averaging and it is easier to pay smaller amounts every month. In addition to this, a certain amount must also be allocated to savings. As far as expenditure is concerned, it is always best to spend within one’s limits. Here are a few tips to consider.

Make a distinction between essential and non-essential expenditures and set your priorities.
Diversify your investment avenues and look into tax saving plans.
Look into new-age credit options such as Fibe to meet short-term demands.
Be receptive to changes and adapt accordingly. Sometimes, making adjustments to the original plan becomes necessary.
Evaluate your finances and estimate your returns.

Conclusion

Now that we understand how to strike a balance between saving, investing, and spending, we can find a better solution to the example presented earlier. For a person who wishes to buy a laptop from their monthly budget, using up all savings or withdrawing from investment schemes can both be unadvisable options. This is where new-age options like instant credit or no-cost EMIs from Fibe can offer a way out and allow customers to spend without adverse effects on their savings or investments.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

As an Employee, Why Should You Care About Financial Wellness Benefits?

Financial Wellness, job satisfaction, employee satisfaction

In today’s time, financial wellness benefits have become a sine qua non for employee job satisfaction, no matter the designation, salary, or the industry. The importance of ensuring employee financial wellness is being recognized by every organization, be it a small startup or a multinational corporate organization. In fact, to know more about how great companies deliver the best financial wellness programs, read our previous blog post here.

What exactly is a financial wellness program?

Broadly speaking, a financial wellness program is a support or assistance given by the employer to their employees in matters of personal finance and wealth management. It is a collection of services offered directly by the employer or through a third-party expert like Fibe (Formerly EarlySalary). These services can include workshops on building a balanced personal finance portfolio or financial crisis management, providing contingency funds in cases of emergency to the employees, or offering rebates or discounts in the day-to-day expenditures of its employees.

Why is financial wellness important?

In this generation, employee satisfaction is higher up on the priority list for companies than ever before. In Gallup’s State of the Workplace Report, it was seen that all organizations that made employee satisfaction an integrated goal within their business strategy saw impeccable results in terms of increase in productivity, reduction in employee absenteeism, and reduction in employee turnover. It is important that due care and attention is given to all aspects of employee wellness – mental, social as well as financial. Therefore, financial wellness programs assume importance from the viewpoint of both the organization as well as the employees. To know more about the importance of financial wellness from an organizational viewpoint, refer to one of our previous posts.

As an employee, why should you care about financial wellness benefits?

A sound financial wellness program is one that helps both parties involved – the employer and the employee. In fact, according to Salary Finance’s Survey, businesses in America suffer losses of $500 billion USD per year on account of employees’ personal financial stress.

Therefore, while the former gets a more focused and driven workforce as well as goodwill in the industry, it is the latter which enjoys more direct benefits from a well-rounded financial wellness program. The following points highlight the crucial role a good financial wellness program plays in aiding you, as an employee, to get the best from your job. Here’s how:

Lower stress related to financial health

In a 2019 survey, it was clearly illustrated that as many as 69% of workers had stress due to their shaky financial position. It is a universal fact that financial stress is one of the major factors adversely affecting not only your personal health as an employee but also the organization, indirectly. So, by offering a sound financial wellness program, this stress can be better managed and you can focus on performing better at work without having to worry about how to meet the next EMI or rent deadline.

Easier asset creation

Asset creation in terms of big investments in real estate, cars, and market instruments, among others, is one of the most important personal goals for any individual. By either providing financial assistance to you in the form of salary advances, loans at a lower rate of interest, or giving you cognitive assistance by way of workshops, seminars, or professional assistance in financial goal setting and wealth management, the employer can make asset creation an easier and hassle-free process.

Post-retirement security

Even though most countries have some form of post-retirement security schemes in one form or the other in the public sector, it is not as prevalent in the private sector. A sound financial wellness program, therefore, helps in financial goal setting and encourages better financial management, helping you to manage finances on a macro level, and ensure your financial stability in the long run.

Easy repayment for personal loans

A comprehensive financial wellness program, apart from making an individual better at managing their personal finances, can also involve making loans available at lower rates than the market, or even zero interest (which consequently makes their repayment easier). It can also include easier repayment options for internal loans and deferred EMI options, making the repayment of loans less stressful. In addition to a smoother repayment, it also helps in credit score building which is also a contributing factor in getting an economical repayment plan with banks or other financial institutions in the market.

Elevated job satisfaction

As already discussed, financial wellness is one of the driving forces behind an employee’s productivity at the workplace. In fact, with the stress that can be caused to you as an employee, there can be a dire impact on your performance and job satisfaction. Further, according to EBRI’s Employer Approaches to Financial Wellbeing Solutions Survey, as many as 39 percent of employees seem to think that the best way to measure if the organization is offering a comprehensive financial wellness program is overall improved job satisfaction.

Since, according to Maslow’s Theory of Need, job satisfaction is a major component of an individual’s social and security needs and has a great impact on self-esteem, it is pertinent that you look into the financial wellness program that your employer is offering you and to what extent is it adequately aiding in achieving higher job satisfaction.

Parting Thoughts

It is clear as day that an exhaustive financial wellness program is required not only to benefit the employees but also the organization and society at large. However, putting together a program like that can pose to be a serious challenge to any organization on account of lack of specialized knowledge about finances, lack of dedicated and trained staff to enforce it, and alterations required to meet the requirements on an individual level. That’s where the role of a specialized financial services provider like Fibe comes into the picture. It offers a wide range of benefits to employees and can curate the same as per individual needs and wants. A team of specialized professionals can assist you at every step which is why increasing numbers of organizations are enthusiastically opting for it. Contact us, or send a referral to your HR, to put an end to your financial wellness woes at once!

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

5‌ ‌Personal‌ ‌Finance‌ ‌Mistakes‌ ‌Young‌ ‌Professionals‌ ‌Make‌

In essence, the term young professional commonly refers to people in their 20s-30s working in any profession or a white-collar occupation. It is a general notion that young professionals who have just started their professional life usually face a lot of challenges in terms of managing their personal finance.
There are essentially two reasons for this:

One, they come to terms with relatively low pay when they’ve just begun working, which becomes challenging to manage.
Second, it takes a certain amount of time to get a grasp of the real-life expenses and handle them responsibly.

Most young professionals have a feeling that their financial career has just started, and therefore, they have a lot of time to dwell on personal finance decisions and planning.

However, there are ways how one can dodge personal finance mistakes.

This post will guide young professionals to recognize the financial mistakes, and ways they can overcome the errors. If you want to know more about why this is the time you should focus more on your finances, read our previous blog here.

Mistakes committed while managing personal finance

When it is about finances, we all make mistakes and poor decisions, especially in our youth. There is a dire need for young professionals to organize and manage their personal finances. If you do not have prior knowledge about the financial mistakes one could make, then it is best to refer to an expert like Fibe (Formerly EarlySalary). Here are the most common personal finance mistakes that people make while earning in their early 20s and 30s.

Spending more than they earn – One of the most widely made mistakes is spending more than your income. In an ideal situation, you should spend in such a manner that while your needs are met, you can also keep aside a certain amount as your savings and emergency fund. Overspending every month will hamper your financial stability in the long run.
Falling into the debt-trap – In recent times, young professionals are drawn to the idea of quick success without thinking much about the probable drawback of that. Once you fall into the debt-trap in your early career years, it will become exceedingly difficult to bring back your personal finance on track.
Making investments in depreciating assets – Most young professionals are seen to be interested in assets that are depreciating like cars, trendy gadgets, bikes, expensive clothing, etc. Instead of investing in depreciating assets if the same money is invested in appreciating ones like bonds, gold, securities, and land, then the amount you invest will come back to you along with the interest amount.
No long term financial goal – Financial goals should be set and outlined as soon as a young professional starts earning. For a fact, you cannot manage your personal finances without knowing where you finally want to stand financially. Personal finance is closely related to having proper financial long term goals.
Misuse of credit cards – The connection between a credit card and young professionals are almost unbreakable. Young professionals take credit cards for granted and misuse them for any purpose. Owning a credit card is not a bad idea but using it carelessly is a notable personal finance mistake of young professionals.

Ways to avoid personal finance mistakes

Knowing how to dodge personal finance mistakes can be a tricky task, especially if you are just getting started in your career. Following a few simple points can significantly help you in dealing with your personal finances. Below are five ways young professionals can avoid making personal finance mistakes.

Have a personal budget – Planning a budget is the first step towards managing personal finance. Unfortunately, most of the young professionals overlook the importance of a monthly planned budget. You need to know how to adjust your budget in times of crisis. An ideal budget will help you understand how you should spend our money throughout the entire month. A budget is the most beneficial tool to gain control over your personal finance.
Focus on saving and investing – It is difficult to come across young professionals who are interested in saving and investing. Since at this period, you earn more while responsibilities on you are less, it is the best time to invest and save. Later you may earn more; however, your responsibilities and financial liabilities will also increase.
Plan before getting a loan – A major mistake that young professionals make is going ahead with opting for a loan, without prior planning. Doing this can cause them to lose out on their personal finance while repaying the loan. Young professionals must research lenders before opting for a loan. One of the trusted lending platforms to consider is Fibe.
Don’t ignore small expenses – There are several small expenditures which young professionals keep on making, believing that spending small amounts will not result in a huge change in expenses. It is the biggest mistake one can make. Small but consecutive expenditures are the masked enemies who will hit your wallet without your knowledge.
Get an understanding of taxes – Filing income tax might be difficult for many new young professionals. At times, they make several mistakes that later on reflect on their personal finance. Not filing your income or investment creates lots of confusion while filing for returns of income tax.

Remember

A critical point that young professionals need to remember is that you don’t require a fancy degree or an impressive educational background to avoid making personal finance mistakes. If you know the common mistakes and ways to prevent them, then you can very efficiently manage your personal finance. Knowing the pitfalls and their escape will not only help you with your personal finance but will also guide you to have a more secure long term financial success plan. However, managing personal finance is a challenging task, and more than often, you could feel the need to seek professional help. It’s here that the role of a specialized financial service provider like Fibe comes into play. We offer a wide range of financial assistance to put an end to the financial worries of young professionals like yourself!

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

This Children’s Day, Gift Your Child the Habit of Saving

The best gift to your children on this children’s day could be inspiring a quest to achieve financial interdependence by imparting the knowledge of savings and investments. Kids pick habits of their parents, be it their shopping custom or any financial activity they do. Teaching the children the art of saving is one of the first steps you can take to help them on their journey of financial independence, however long it may be.

At Fibe, we’re not just about loans and credit. We’re passionate about a financially strong, resilient society. It’s why we offer instant education loans to enable parents in making the most prudent investment for their children – in their learning. It’s also why we couldn’t help ourselves in sharing some ways through which the habit of saving can be inculcated in your children. Here they are:

Fixed pocket money: With great money comes greater responsibility. Instructing children not to spend everything as soon as they receive money, whether verbally or by action, is one of the easiest steps to take. An incentive can also be given, not necessarily money, for their good deeds like helping with house chores, being at their best behavior, or completing their assigned work.

Teach them to be accountable: Ask them to keep a note of all their ‘expenses’ and their ‘income,’ from buying a notebook to receiving money as a token of love from relatives. The money is supposed to be kept in a safe place, which should be taken care of. They should learn to be accountable for expenses without taking it as a burden.

Opening a bank account: Opening a bank account should be top on the list after your child turns 18, or if you can open one during their childhood, the better. Teach the benefits of keeping the money in the bank; describe its safe nature, the possibility of earning interest, etc. Encourage them to deposit their money in a savings account, which could be their piggy bank, with all their pocket money or any kind of gift money received from relatives.

Financial awareness: During weekends and holidays, parents can sit with their children and describe some of the financial world’s nuances in simple terms. Talk about this as if they were stories or tales. Teach them about the basics of savings and investments and give good illustrations to support your ‘tale.’ This will ensure that the kids grow up to be more financially aware. As they grow older, discuss some financial decisions like taking a new gadget, car, or planning a vacation. Allow them to put in their suggestions.

Setting goals: As they grow older, seed in your children the thought about their future wants and needs, and they should be encouraged to work for it. For example, your child wishes to have an RC-helicopter worth Rs.1,000, encourage them to save for their desire, and of course, add something from your side so that they can achieve their desire.

Teach about comparison: A toy might cost a certain amount at one place, while it may cost lesser elsewhere. Let the kids prepare a list and compare the prices of those items over different places. The advantages are obvious – this will teach them to get the most out of the money, and any kind of hefty pricing wouldn’t dupe them. Share your experiences and show how you shop by comparing across different platforms.

The importance of giving: Earning and spending are aspects of life that come into one’s behavior without teaching. But helping the less fortunate should also be among the top lessons to be seeded in your children. This will teach them to be grateful for their upbringing and develop a sense of empathy in them. Find ways for them to help others. If they are fond of animals, take them to animal-shelters or if they are environment-conscious, ask them to donate something for that cause.

Money management is one of the most valuable skills you can give your children. The best way to do that is by demonstrating it yourself. And perhaps the best time is Children’s Day. As they say, when the foundation is strong, the whole structure will stand on its own. For more financial insights, head to the EarlySalary blog.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

Some Classic Money Management Tips For This Festive Season

2020 has been a challenging year for many on multiple fronts, be it mental, physical, emotional, or financial. With most activities being brought to a standstill due to a nationwide lockdown being imposed for almost 4 months, it is high time to try to get back a semblance of our normal lives (while keeping in mind social distancing, of course).

With the festive season just around the corner, even the outbreak of the COVID-19 pandemic should not put a damper on our holiday spirits. With a slew of regional festivals already having started since mid-October, it is the appropriate time to put money matters in perspective, especially in light of the economic difficulties a lot of people may be facing as an aftermath of the pandemic.

Tips to be kept in mind to make the most of this festive season

Here are a few tips and tricks you can use to make the most of this festive season without any money woes:

Plan your gift list in advance

Most of us usually end up spending a king’s ransom on gifts every festive season. While there is nothing more heartwarming than pampering your near and dear ones with special presents to make them feel loved, a lot of us get carried away while doing so. Think of those long lost friends and distant relatives and the yearly “Diwali ritual” a lot of us may have. Such unnecessary spending can be easily curbed with something as simple as a pen and paper.

Make a list of people that you want to give something to and possibly also think of a suitable gifting option for them. You can shortlist gifting options based upon your budget, their likings and preferences, and your closeness to them. This helps save not only time, money, and efforts, but the person may get a more thoughtful gift than just another run of the mill dinner set or flower vase.

Do not get carried away with festive sales

While browsing various online or brick-and-mortar stores is a great way to pass the time, you are not doing your pocket a huge favor by indulging in retail therapy. With most e-commerce giants like Amazon and Flipkart and every other major brand having festive season sales and their periodic flash sales, it is highly likely that a lot of us will end up buying a lot of things just because “we need gifts” and “it was so cheap that I could not resist”. But the truth is, impulsive buying can really culminate into serious money problems. Therefore, sticking to your gifting list and not giving in to impulsive or panic buys is a wise choice. Or if you really must purchase items, like the latest iPhones for example, remember to grab the right deals!

Wrap your own gifts

Wrapping your own gifts not only is penny-wise and saves you a lot of money on professional packaging, but it also adds a personalized touch and can have great sentimental value. You can also go green and ditch those regular plastic wrapping sheets, and ribbons for organic paper sheets or even make your own wrapping sheets using old newspapers and other things kept at home and help the environment along the process.

Make smarter choices for entertaining guests

While socializing and having those Diwali card parties almost every other night is one of the parts of a festive season a lot of us look forward to the most, it can also be the most financially draining part. With COVID, hosting parties is also highly irresponsible, as they can act as silent spreaders. So, make smarter choices while entertaining guests to save yourselves from money and health woes. For instance, consider online parties that respect social distancing guidelines, and invite-only select people to your homes. Switch to quick home-cooked recipes instead of hiring a professional caterer for your party or simply host a potluck dinner.

Use a Money Management App

Since a lot of us may get carried away while gearing up for the festive season, it is important to keep a track of our expenses. A good money management app can help you do just that. Click here to find the list of best money management apps we have especially curated for you to fix the financial fixes.

Say no to credit cards

While shopping with a credit card may seem quick and easy, it does you more harm than good. It not only encourages impulsive buys and unnecessary expenditures, but the exorbitant interest rates also put a wrench in proper money management. Therefore, instead of credit cards, stick to cash payments. You can also try using debit cards and UPI/e-Wallets which may offer you some cashback or rewards.

In case you still have to buy something that you may not currently have cash available for, consider services like a low-interest shopping loan or an easy salary advance from third-party apps like Fibe.

Parting thoughts

The festive season is that time of the year when every one of us should sit back and relax and keep all our troubles aside rather than adding to our money woes. So, enjoy this season to the fullest and check out the Fibe website to put an end to all your money troubles!

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

Celebrate Big with Budget-Friendly Diwali Shopping

Looking for ways to enjoy Diwali without overspending? Then this space is for you. The festival season often comes with gift shopping, home décor, family bonuses and endless celebrations. All of which can make your budget spiral out of control.

Here’s a guide that will show you how to:

Plan a practical Diwali shopping list

Create a Diwali items list with price for better expense tracking

Use discounts and deals wisely

Explore EMI and financing options for Diwali shopping

Celebrate stress-free while staying debt-smart

Let’s dive in!

Step 1: Create Your Diwali Shopping List

Start with a detailed Diwali shopping list, it’s the simplest way to manage your money and avoid impulse buying.

Include these in your list:

Gifts for family, friends, and staff.

Festive décor (candles, diyas, lights).

Household accessories or furniture upgrades.

Personal shopping (clothes, shoes, jewelry).

Rough Diwali items list with price so you know how much you’ll spend per category.

Pro Tip: Use budgeting tools or calculators to track spending and see where you can save or adjust your budget before heading out to shop.

Step 2: Choose the Right Gifts

Gifting is a big part of Diwali, but you don’t have to overspend to make it meaningful.
Here’s how to choose smartly:

Match gifts with the recipient’s interests, practical gifts are always appreciated.

Unsure? Go for bulk-buy options like cookware sets, diyas, candles, or combo packs.

Compare prices on multiple platforms before buying to stick to your Diwali shopping list.

Visit wholesale markets for better deals, especially when buying in bulk.

Prepare a Diwali items list with price to make sure everything fits your budget.

Step 3: Use Discounts — The Smart Way

Sales and offers pop up everywhere during the festive season. Don’t let the excitement trick you into overspending.

Follow these smart shopping rules:

Verify the original price before falling for a ‘big discount’

Check for taxes, they can add up and surprise you at checkout

Compare discounts across e-commerce platforms and offline stores

Use gift cards to save extra money

Step 4: Shop Smart & Avoid Last-Minute Rush

A little planning can save you from panic-buying and overspending.

Finish shopping at least 5 days before Diwali to avoid last-minute price hikes.

Double-check bills to ensure everything matches your Diwali shopping list.

Stay mindful when swiping cards – overspending can throw your budget off.

Use budgeting apps to keep real-time track of your expenses.

If using credit cards, repay on time to avoid high-interest charges.

Step 5: Be Debt-Smart With Financing Options

Running low on cash but don’t want to compromise on celebrations? Explore EMI and financing options for Diwali shopping. Retailers often offer no-cost EMI on electronics, appliances and more. This way, you can shop for everything on your list without dipping into your emergency savings.

Final Thoughts

Diwali is all about joy, togetherness and celebration and not financial stress. With a solid plan, a well-prepared Diwali shopping list and smart spending decisions, you can enjoy the festival without worrying about your wallet.

And if you need instant cash to complete your celebrations, Fibe is here to help with quick personal loan. You can get up to ₹5 lakhs in no time with 0 foreclosure charges and flexible repayment options that just fit your budget right.

The Biggest Advantages of Using an EMI Calculator Before Your Personal Loan

With technology advancing rapidly with every passing day, the way that you access financial services is changing too. In fact, access to loans and other financial services is now possible from the comfort of home. This extends to helpful tools like the EMI calculator.

One of the biggest advantages of an EMI calculator is that you can accurately plan your loan based on the terms offered. As such, you can adjust your outgo for maximum affordability, savings or a perfect balance between the two.

Read on to learn more about the advantages of the calculator for EMI calculations, how it works and more.

Why is the EMI Calculator Needed for a Personal Loan?

The simplest reason to use the EMI calculator for a personal loan is to know if you can manage the monthly payments. You need the tool to know exactly how much you need to pay and it helps you calculate this figure with ease.

This is also one of the key benefits of an EMI calculator, as it eliminates the need for any manual calculations. You simply input the values and get accurate results every time. As such, calculating EMI for a personal loan before applying for it is a smart way to begin the process.

Determining how much EMI you would be paying during your loan tenure can help you better understand how a personal loan will affect your finances.

How Does an EMI Calculator Work?

The instant cash loan EMI calculator is a simple algorithm-based tool. To provide an estimate of your EMIs, it considers your loan terms, which include:

The loan amount
Loan tenure
Interest rate

Once you enter these values into the calculator, it automatically calculates your EMI and the total interest you will pay. You can change the values of the loan terms to compare different offers and assess the best deal.

How to Use the Fibe Personal Loan EMI Calculator

The Fibe EMI calculator is accessible on the website and the process is quick and easy. Here are the easy steps to follow:

Step 1: Go to the Fibe EMI calculator page
Step 2: Slide the toggle to choose your loan amount
Step 3: Do the same for interest rate and repayment tenure

Once you set all the values, you will see the EMI amount on the top. If you are satisfied with the terms, you can click on ‘Start Your Application’ and apply for the loan.

Also Read: Personal loan with low salary

What are the Advantages of EMI Calculator for Your Personal Loan?

Here are some of the top advantages of the EMI calculator:

It Helps Calculate EMI as Per Your Monthly Budget

As mentioned above, using a personal loan EMI calculator will give you an accurate estimate of the monthly outgo, for those terms. If the amount fits within your monthly budget, you can apply with just a few clicks.

If it does not, you can adjust the values until you find better-suited loan terms. This way, you can decide on a personal loan that does not burden your income or budget.

It Gives You an Opportunity to Increase Your Credit Score

Adding to the list of advantages of the calculator is that it helps you maintain and improve your creditworthiness. Since it helps you find the optimal repayment terms, you can ensure timely repayment. This helps you build and maintain your credit score.

It Helps You Save Time and Avoid Errors in Calculations

The personal loan EMI calculator performs complex calculations in seconds. It allows you to save valuable time that you’d otherwise have to spend doing strenuous calculations. On top of that, if you do the calculations manually, you could end up with errors.

Considering these factors, you can use the EMI calculator to assess your repayment capacity and enjoy a smooth borrowing experience. With Fibe, you don’t just get easy access to the EMI calculator but also easier access to personal loans.

You can get an Instant Loan of up to ₹5 lakhs in just a few minutes. Download our Personal Loan App or register on the website to get started.

FAQs on Advantages of Using an EMI Calculator

What are the benefits of an EMI calculator?

An EMI calculator is a free tool that helps you get an accurate estimate of your EMIs, which can help you plan your loan. By adjusting the terms, you can know which loan terms are ideal for your finances.

Why is an EMI calculator important in getting a personal loan?

With the EMI calculator, you can choose the right tenure for your loan, or even reassess the loan amount you need, based on the outgo. It is a tool that provides you with accurate information and this helps you make sound financial decisions.

Is the EMI option good or bad?

Your outlook on EMI depends on your financial capacity. EMI can be a good option if you don’t have the funds to repay the loan in a one-time payment without causing financial strain.

Is it good to increase EMI?

If you can pay the increased EMI without straining your finances, it can be a good idea as it may also help save on interest.

What is the benefit of no-cost EMI?

No-cost EMI is a facility where the financial institution does not charge any interest for offering the EMI facility. This can be a good way to make big-ticket purchases without increasing the final cost.