How To Find The Best Lender For All Your Financial Needs

Whether it’s a holiday, investment, or even something as small as purchasing an item online, we all have fallen short of having enough money at least once. The bigger challenge is, however, finding a trustworthy lender when the need arises. Of course, there are websites that allow us to apply for an online personal loan, but some may be dubious, keeping additional charges hidden. With lending becoming quite a hassle, there are signs you should look out for, a campaign on several social media platforms- #SafeSigns highlighted ‘signs’ that all consumers should be wary about.

Today, we’ll be showing you the problems borrowers face and how you can find a suitable lender. 

Problems Faced by Borrowers When Finding a Money Lender

Complicated Documentation and Formalities:

Borrowing money is a lengthy and comprehensive procedure involving an abundance of paperwork and documentation. Hence, this often becomes quite tiresome for borrowers as the paperwork process needs to be assessed accurately. 

Long Delays:

The processing time that lending institutions take is a major crisis for borrowers. It is possible that you might be stuck in the queue for a long time as several others may have also applied. 

Requiring Collateral:

Lenders often require collateral in order to provide money. Consequently, borrowers who do not have assets or security to offer or fear risking their assets are the ones who meet with difficulties when borrowing.  

Bad Credit Score:

Financial Institutions often inspect the credit score of the borrowers. Therefore, if you do not have a reasonable credit score, then your application will be unfortunately denied. This is why building a favorable credit score becomes incredibly significant. 

online personal loan

How To Find A Suitable Money Lender 

Look for a Quick Loan Approval

If we compare online lending organizations with the traditional lending system, the distinction between the two becomes tremendous. This is primarily because of the numerous features offered by online lending institutions. Of course, the most impressive feature is being able to get instant loans online – who doesn’t love the reduction of considerable time and paperwork? 

A lender that delivers quick approval facilities to clients is effectively selling convenience and a superior experience. An instant loan portal that is quick and paperless is also effortless. With a good online loan offering, customers can enjoy our comprehensive range of services. 

Don’t let Sites Waste your Time

Visiting a bank with the intention of acquiring a loan is one of the greatest obstacles that borrowers have to experience. Despite it being 2021, you may still have to stand in lengthy queues and go through rounds of checks till you ultimately have your loan approved. 

But you do realize you can skip this entire process, right? 

Look for sites that can approve your loan the same day of applying it. There are sites that take mere hours to have you verified and have the loan deposited in your bank account.

Find Loans Without Collateral

Lenders often require borrowers to input certain securities or assets to have lower risks for the lender to ensure repayment if in default. When you search for a moneylender, take a look beforehand at their T&C as a precaution. Instant loan options like Fibe do not require collateral, making borrowing far more convenient. 

Testimonials

Always check whether the lender’s site has feedback from prior customers and apply only where they’ve had a good experience. While most people undervalue this point, it is a vital aspect to check for authenticity. The campaign of #SafeSigns can be of help and give you information about customer experience to avoid scammers.  

Which Instant Loan Lender Is the Best for You?

EarlySalary offers several lending options that fit you and are approved within a short period. Moreover, EarlySalary is extra safe as we don’t require any collateral, so your assets are secured. So if you are tired of not getting authorized by banks for loans, just switch to EarlySalary, where your application will be accepted instantly. Not only do we make things easier with the most user-friendly service.

Feel free to contact 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.

It is Time To File Your Income Tax Return. What’s Changed This Year?

The global (along with the Indian) economy, has had a tumultuous journey in the past year due to the setbacks from the global COVID-19 pandemic. However, with the vaccination process underway, we’re returning back to normal and all activities are resuming in full swing. In the midst of this, the BJP-led Government announced its Union Budget for the Year 2021-22. To us, perhaps what was more relevant was – what changed for our taxes this year?

As discussed in detail by our Finance Minister Dr. Nirmala Sitharaman, the budget for the next financial year has brought about a few significant changes in the practices related to the area of Income Tax returns and its filing process. Even though there was no respite or change so far as the Income-tax slabs are concerned, several other positive changes were brought forth so as to provide some respite to a lot of vulnerable classes such as the senior citizens. 

Some of the most significant changes that were introduced by the Union budget are listed as follows: 

  • No income tax return filing for persons above the age of 75 years

Senior citizens do not need to file the Income Tax Return upon meeting a certain set of conditions such as 

  1. Their source of income should exclusively be Pension and Interest payments 
  2. The interest payment should be from the same bank in which the pension is being deposited 
  3. Bank has to be within the list of banks which will be notified by the government to claim this exemption 
  4. A declaration to the effect of allowing the bank to perform the necessary functions will have to be furnished by the Assessee. 

This essentially means that the senior citizens are not exempted from filing income tax returns in toto. Rather, the bank will fill it on their behalf and give them the benefits under Chapter VI A and Section 87A of the Income Tax Act, 1951. 

  • Pre-filled information in the Income Tax return forms:

In order to simplify the Tax filing procedure for the Taxpayers, a lot of information such as the dividend from listed securities, salary income, TDS among other things, will be prefilled in the Income Tax return forms. This would make the filing of Income Tax returns much easier for even the people who are not from the finance industry and thus will positively impact compliance. 

The time frame to file the belated or the revised income tax returns has been shortened by 3 months. It essentially means that for the upcoming financial year, it has to be filed by 31st December 2021 instead of March 2022. 

  • Additional Tax liability upon Employee Provident Fund

From the next financial year, the interest upon the Employee’s share to EPF exceeding the amount of 2.5 Lacs will also be taxed. This was done with the motive to discourage the practice of Voluntary Provident fund contributions and to increase the flow of money in the economy. 

  • Changes in the Tax Audit system 

In the last budget, the tax audit limit for an individual carrying on a business was increased from one crore to five crores annual turnover in cases wherein the total cash receipts and payments did not exceed its 5%. This threshold has again been increased to 10 crores in the upcoming financial year. This was done so as to give digital payments a boost in the business sector and to give a push towards a digital economy. 

  • Exemption of trusts from TDS 

The payment of TDS on dividend coming from either the Real Estate Investment Trusts or Infrastructural investment trusts has been exempted so as to simplify the procedure of payment of advance tax as well as to incentivize investment in the economy. 

  • Exemption of LTC Cash Schemes from Income Tax

Exclusively for the next financial year, the union budget has declared that any sum received as Leave Travel Concession Allowance will be exempt from taxation so as to give tourism a much-needed boost within the country. 

  • Increase TDS and TCS for Income Tax filing defaulter

With the insertion of Section 206AB in the Income Tax Act, 1961 by the union budget, double the amount of TDS will be charged from the people who default in the filing of Income Tax returns. A similar provision is also inserted by way of Section 206AA for the increase in the TCS in such a scenario. This has been done to increase the rate of compliance. 

Parting thoughts 

The union budget in the post-COVID times needed to bring about several significant changes to resurrect the Indian economy. Even though this budget has proposed several such changes which will help in boosting the economy, its success or failure still largely is dependent upon its overall compliance. 

The budget has proposed several ways through which money can be injected back into the economy along with providing impetus to investment activities. With the new changes, there are several ways by which an individual can get more money back from its Income Tax Return filing or save on tax legally.

It is pertinent to mention here that personal loans can also be used as a tool for decreasing your tax liability and it is one such way to save your money. 

We, at Fibe, provide instant personal loans with no hassle and at just a click of a button. What are you waiting for? 

Get started on the Fibe experience now!

Want to talk to us about credit, loans, and your instant cash needs?

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

Things to Look Out for in Your Salary Slip

Excited to see those figures in your salary slip but confused why the credited amount does not match? Well, there is a difference between your take-home/ net and gross salary and the CTC (Cost to Company). If you are puzzled by these terms, then keep reading this blog as we break down each component on your salary slip and explain what it means for you. You may not need documentation like your salary slip for an instant loan at Fibe, but you still ought to know the specifics of your compensation, right?

Before that, let’s understand the difference between CTC and Take-Home salary. Your CTC is inclusive of your fixed and variable pay. It includes: 

  • House Rent Allowance (HRA), 
  • Provident Fund (PF), 
  • Medical Insurance, 
  • subsidized loans, 
  • free meals or meal coupons, such as Sodexo and 
  • Other allowances added to the basic salary. 

All these elements when combined together constitute Cost to Company. Your take-home salary is income after deducting income tax at source (TDS) and other deductions as per the relevant company policy.

Components on Your Salary Slip

Your salary slip has information like company name, employee name, designation and employee code, etc. The salary components can be classified into three benefits: direct benefits, indirect benefits, and savings contributions. Direct benefits include Basic Salary, DA, conveyance allowance, HRA, medical allowance, LTA, bonus, and other special allowances. Further, the salary components may either fall in the Income/Earnings and Deductions category. 

Your CTC is a summation of Direct Benefits, Indirect Benefits, and Savings Contributions. Gross salary includes indirect benefits such as employee provident fund (EPF) and gratuity. It also includes bonuses, overtime pay, holiday pay, and other differentials. To put it simply, this is the amount paid before tax or other deductions.  

EPF is an employee-benefit scheme prescribed by the Ministry of Labour. Your employer is mandated to contribute at least 12% of your salary towards EPF. This amount can be withdrawn fully at the time of retirement or when you attain the age of 55 years. Gratuity is a percentage of the basic salary and generally amounts to 4.81% of your basic salary. EPF, gratuity, and superannuation benefits are savings contributions.

Now let’s delve deeper into the salary break-down: 

  • Basic Salary

The basic salary is the fixed component which will not vary unless you get a performance appraisal. This fixed amount is the common denominator as a percentage of which other variables are calculated. This amount will always be part of your in-hand salary and usually comprises about 35% to 40% of the total.

As part of your salary structure, either all or some of your allowances are given to help you take care of your basic needs. These include:

  • House Rent Allowance (HRA)

HRA is part of CTC and also comes with tax benefits up to a specific limit. Your tax rebate would be the minimum of the following:

  1. Annual Rent paid minus ten percent of the Basic and Dearness Allowance pay 
  2. Actual HRA received
  3. If you are located in Mumbai, Kolkata, Chennai, Delhi then 50% of (Basic + DA) and in case the location of other cities then 40% of ((Basic + DA) in case.
  • Leave Travel Allowance (LTA)

This is another salary component that is tax-exempted upto a limit. This allowance is to cover your and your immediate family’s travel expenses when you travel anywhere in India. Note that LTA pays only for the travel allowance and not other expenditures on food, stay, etc. Remember to keep proof of the journey to avail tax deduction subject to specific limits. 

  • Dearness Allowance (DA)

As inflation changes, your salary is also adjusted to help you keep up with the rising price levels. Dearness Allowances are a cost of living adjustment.

  • Bonus

Bonus is paid once or twice a year after performance appraisal and is a fully taxable amount.

The bottom line is that your salary slip isn’t as complicated as it is made out to be. It is important to choose smartly from competing job offers, review each component to optimize for tax liability, your credit limit, and eligibility.

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Financial Wellness Programs: Perks or Necessity?

With salaries getting simultaneously competitive and harder-to-live-on, financial wellness is a term we’re all increasingly becoming familiar with. It’s also being rolled out as part of the policy in many corporates. While it isn’t exactly a fresh concept, many are still divided on whether financial wellness programs are an additional perk or a core expectation from professionals. 

The Argument for Financial Wellness Programs:

Financial stress is a problem almost all professionals experience at some point or the other. Of course, this has severe effects on one’s mental and emotional health. It becomes necessary for professionals to not just earn well, but also to know how to handle income, invest, and optimize their earnings. 

They should also be well equipped to deal with their previous student loans, medical loans, etc, the options of financial counseling or advice should be made available to them, as well as other financial wellness benefits like medical insurance, financial education workshops, seminars, etc.  

financial wellness

Image source: uwash.edu

Moreover, as employees dedicate their time and energy towards an organization, the organization needs to reciprocate, and take some responsibility towards its employees, other than just providing good working conditions and reasonable remunerations.

Financial wellness programs benefit professionals by making them more monetarily aware, simply put. This, in turn, adds value to the organization in the long run by increasing productivity, and consequently, even total output. 

Most of all, it contributes to the creation of a superior, financially-informed world that knows how to deal with money. What’s not to love?

Of course, as a result, people are able to achieve their financial goals easier than otherwise, because of the knowledge, help, and tools they are provided with. 

financial wellness

The importance and necessity of financial wellness programs are clearly presented in the Employers Workplace Benefits Report of Merrill Lynch, where:

  1. 59% of employers feel “an increased sense of responsibility towards their employee’s overall financial wellbeing.”
  2. 53% of employers “feel their responsibility includes providing both financial benefits plans and access to financial education and advice. In contrast, just 14% perceive their responsibility as only providing a paycheck.”
  3. Moreover, 68% of employers feel that these programs/benefits help them attract talent, 76% feel that it helps them retain it, and 68% say that they do it out of concern for their employee’s well-being.
  4. Other reasons were:
    64% feel that it is part of their company’s core values
    38% feel that it helps them remain competitive 
    39% say that it makes employees  more productive

Thus we see how even employers seem to prefer and be in support of these programs. Since this report was made the numbers have only increased.

Case Against Financial Wellness Programs:

Some employers, like the 14% in the above statistics, may feel that their responsibility towards their employees ends at handing them a well-deserved pay cheque at the end of the month. This, in their view, will undoubtedly make financial wellness programs perks instead of essentials. This old-school view may not seem incorrect to them, but it is turning out to be just that.

The Reality of the Situation:

In an ideal world, the above presumption would be true. But in reality, well-qualified individuals ready for jobs tend to have near-zero financial literacy as they enter the job market. They may make reasonable amounts of money, sure. But unless they are taught and trained to optimize their finances they will never be able to reap the full benefit of their income.

This, coupled with the fact that these programs elevate productivity, reduce stress and result in a better quality of life, are the biggest reasons why financial wellness programs are essential.

The Sensible Conclusion

It would be a questionable stance, therefore, to argue that especially after the Covid 19 pandemic and the consequent lockdown (which led to severe salary cuts and job cuts), financial wellness programs offered by companies are only perks. Now, more than ever, they become essentials and a boon to employees in times where they have very few avenues to rely on.

EarlySalary understands the necessity for financial wellness programs on offer by employers, and that’s why we strive to provide organizations with all the necessary tools. 

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.

Credit Card Vs Instant Cash Loan: Which is the better option for you?

As consumers, ideally, we want to be able to fulfill all our wants with our salary whilst preserving a rainy day backup.  But in reality, most of us have little option but to borrow to bridge the gap. As financial institutions carpet bomb you with loan offers, mailers, and SMS, it is important to differentiate between each instrument. While deciding to take credit is one decision, choosing between an instant loan and a credit card loan is another. Both give you the option to structure credit and its terms, but there are differences.

A credit card loan is generally recommended for short-term debt and instant cash loans when you need a longer repayment tenure to pay back the debt.  Having said that, there’s more to it. 

Read here to find out how instant cash loans vs credit card loans compare, and which one is better suited for you. 

  • Ticket-Size

Credit Card Loan: Generally, the credit card loan limit varies between two to three times your monthly salary. If you earn Rs 25,000 per month, your credit card loan limit will vary between Rs 50,000 and Rs 75,000.

For instant loans, there is no fixed limit as there are several other determinants that decide the loan amount. You can get a bigger loan amount sanctioned and the ticket size generally varies between Rs 1 lakh to Rs 15,00,000. The most commonly evaluated determinants are your debt-to-income ratio, job stability, credit score, etc. The higher your income is, the better chances you have at getting loan approval.

Looking to finance a bigger expense? Consider the Fibe instant loan. The minimum salary requirement that makes you eligible for personal loans in rural areas is INR 15,000 and if you reside in a metro city, it is INR 20,000 per month.

  • Unsecured Loan

Need credit but don’t have collateral? Worry not, you can take an instant personal loan or credit card loan. Both are unsecured and there is no collateral or security. However, be mindful of the loan agreement and the fine print before opting for either of these. Understand the case of non-repayment & delayed payments as they are a tad different from traditional loans. 

  • Expenses

A credit card loan works only with vendors who accept card payments. This may limit the use case unless you get hard cash against it (which comes at a higher interest rate fee).

On the contrary, a cash loan does not have a caveat on spending. You can use it anywhere as the disbursed amount is transferred directly to your bank account. This is helpful for large ticket-size loan requirements like significant home repairs, exotic holidays, etc. 

  • Installment Debt and Revolving Debt

A credit card loan is associated with revolving debt where repayment is open-ended and tied to an interest rate charge that varies with the monthly dues. Consider, for example, a credit card with Rs 50,000 spending limit and you have dues amounting to Rs 40,000 (on the verge of being maxed out). In this case, your monthly interest rate will be higher, and it’ll fluctuate until you have settled dues. 

These types of loans are associated with installment debt where you have to pay fixed installments every month. Here, the interest rates are fixed irrespective of the sanctioned amount used.

  • Tenures

A credit card is better suited for small purchases and its repayment tenure ranges from 30 days to 45 days. Non-repayment or delayed payments attract high-interest rates on the outstanding amount.

The tenure to repay the loan amount varies from 3 months to 24 months. If you need to borrow against a longer time frame, it is best to choose an instant cash loan. 

How to choose between cash loans and credit card loans?

If it’s a smaller sum, choose a credit card as it is faster to pay off and if you have excellent credit, you may even get a lower rate or may qualify for a 0% introductory APR on a new credit card. However, if you are a spendthrift, a cash loan can keep you out of the vicious cycle of debt. It’s also better if you need a substantial credit amount.

Clearly, there’s no one-size-fits-all with respect to cash loans or credit card loans. If you need a loan, the instant loan app can help. The process is simple and quick. All you have to do is download the Fibe app and register to apply!

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

FAQs on personal loan vs credit card

Which one is better: a loan or credit card?

While both options are common to most people’s financial toolkits, you can choose between them based on the amount you require and your repayment timeline. Take a loan for a larger loan amount and a longer tenure and a credit card for a small amount and a shorter tenure.

Is it smarter to get a loan or credit card?

Take a call based on your need for finance. Both options help you get access to funds and build your credit score if you can repay what you borrow or use on time.

Which interest is higher – a credit card or a personal loan?

Usually, credit cards come with a higher interest rate as compared to personal loans. However, you only pay interest on credit cards if you do not clear your dues on time.

What are the advantages of using a quick loan vs a credit card?

A quick loan gives you a higher loan amount and comes with a flexible repayment duration that you can choose based on your finances. A credit card gives you 30-45 days to clear your past dues and offers you revolving credit, attractive offers and deals.

What is cheaper, a loan or credit card?

A credit card can be more affordable as you can avoid interest charges as long as you can pay your bill in full. If you cannot, then a credit card generally has a higher interest rate as compared to a loan.

What is difference between personal loan and credit card loan?

A personal loan requires you to meet the lender’s eligibility criteria, fill in an online application form, submit the required documents and then repay the loan amount in EMIs over a time of your choosing. Applying for a credit card may involve the same procedure or be easier if you are an existing customer or receive an offer. However, the interest rate is higher on any pending dues in comparison to a loan.

Is it better to have a credit card or a loan?

Consider both options and compare their features based on the amount you can borrow, restrictions on use, repayment timeline, and eligibility.

How can you make your Valentine’s day special but in a pocket-friendly way?

The month of love has begun, with couples eagerly looking forward to celebrating Valentine’s day. The day can be really notorious for making you overspend, and can be quite expensive.  This is especially true if you’re looking to buy gifts for your Valentine, take your Valentine to a decent restaurant, or are planning a road trip somewhere. As important as Valentine’s day can be in a healthy relationship, it is important that you plan your finances well in advance, to ensure a truly stress-free and romantic Valentine’s. 

However, if you haven’t planned something in advance, and if you’re on a tight budget, here are some tips that can make your Valentine’s day special without spending a lot of money. 

Take a tech detox

Keep your phone and laptop aside for a day. 
Give rest to your eyes and time to your relationship. It’s subtle, but it can perform as a romantic gesture. Give more time to your partner rather than just scrolling down your social media feed. Choosing social media over love doesn’t sound like an intelligent decision, does it? 

Starting your day by making breakfast

Wake up before your partner and prepare a beautiful and delicious breakfast. What would be a better start to a lovely day with a lovely breakfast? As soon as your love wakes up, surprise them with your special breakfast.

Book your vacations in advance

Covid did pretty much hit the travel industry hard. But 2021 looks far brighter, and we may finally get to satiate the wanderers in us again. Take full advantage of this opportunity, and book your vacation tickets much in advance. You’ll get a good deal, and there’s always Fibe travel loans to assist you as well!

Cook together

“Couples who cook together stay together“. Cooking together is often considered acute activity. Cooking together gives more time to the couple to interact with each other and share some moments which may result in a more healthy relationship between the two. Cook together more often to create a deeper bond and strengthen your relationship.

Play some board/card games 

Enough of those online multiplayer games with your friends now it’s time to take some time off for your love. Playing board and card games also increases interaction between couples and it’s a great time spend too.

Still, want materialistic gifts? Grab those online coupons 

If it’s the latest and greatest items – tech gadgets, home decor, or even fashion – that you want to gift your Valentine, you might as well grab some coupons on those while you’re at it. Keep an eye on the offers and discounts. And of course, there are Fibe shopping loans to enable any purchase you desire.

Have a candlelight dinner 

At the end of a lovely day, what’s better than a romantic candlelight dinner with the love of your life? No need to pay expensive bills at restaurants, have your candlelight dinner at home only. Surround your house with a romantic aroma, turn on some romantic music,  light up some candles, prepare some delicious dishes and there you go.

The Fibe Way

With products such as cash loans and the Salary Card, Fibe is happy to play a role in ensuring you don’t have to worry about cash on Valentine’s. With shopping loans allowing you to purchase directly from eCommerce platforms like Amazon or Flipkart, you can ensure you purchase the perfect gift for your partner. Or better, you can plan a trip in the future, after the risk of COVID is mitigated, with travel loans in partnership with MakeMyTrip. 

What are you waiting for?
Get started on the Fibe experience now!

Want to talk to us about credit, loans, and your instant cash needs?

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

This Valentine’s Day, Go Sweet On Financial Planning With Your Loved Ones

It’s February, and with Valentine’s Day approaching, exotic holidays, chocolates, dates are the common denominator.  Irrespective of your age, gender, and marital status, the sheer joy of gifting something special to your loved one are priceless. However, it should not be limited to social splurges. This time consider a financial gift and experience the joy of pleasant memories for years to come.

This V-Day, go sweet on financial planning for the financial well being of your loved ones. Make this extra special and usher futuristic financial planning with the following tips.

  • Financial Union

It is important to involve your loved ones and especially your significant other in your financial decisions for a holistic robust financial plan. Keep the retirement age and other major life goals in view before buying any financial product. Have an open and honest conversation, define goals for a thorough analysis of your financial position. Budgeting is an important exercise to map your savings, expenditures, and incomes. This should not mean controlling their finances, but rather help one another to achieve the bigger life goals together.  The financial union should give you a birds-eye view of your financial position, which puts you in a better position to make any financial decision.

You may also have a joint bank account as a couple. It is especially helpful if you are married and want to make investments or take loans.  If you both are working, then you can even avail of tax concessions.

  • Have a Contingency Fund 

Make hay while the sun shines. Fund allocation in risky financial products and investments must be made only after you have created a buffer for yourself. Ideally, you should have 2 months of your salary or 3-6 months of living expenses as a contingency fund. Be mindful of your spendings, don’t start scrimping but reduce unnecessary expenditures like cancel any subscriptions, not in use or controlling impulsive shopping behavior.

  • Taking Care in Your Absence

As much as one wants to know what lies in the future, life is unpredictable. However, what you can do is have adequate life and health insurance cover if your partner depends on you. You can choose a term plan if you’re in your 40s to early ’50s. This will take off some burden from your loved one’s back and protect your joint assets in a medical emergency.

You must always have nominee/ nominees for all your financial assets, and they must also know about it. There’s nothing worse than not having a nominee or not telling about being chosen as one. Ensure they know how to log into your bank and Demat accounts and other relevant details like payment dues to avoid loss of financial value. 

Simplify your InvestmentsOnce you have evaluated the current financial ground you stand on, it’s time to identify opportunities and diversify the investment portfolio without sacrificing quality. Smoothen your spending graph by having fewer monthly dues/ payments or bundling them. If there is a barrage of repayments or other forms of credit coming your way, it is high time to take stock of the situation and move towards debt consolidation. This way, it is easier to track the repayments. 

  • Taking Credit to Achieve your Goals

Financial planning can give you financial freedom, but you may not always be able to do it all independently. Hence, taking credit for your dream wedding, exotic holiday or shopping is all worth it if it makes them happy. With all features like credit cards, salary advances, instant personal loans, and the Buy on EMI option, all integrated with one place, Fibe can help you make your financial planning a cakewalk. We provide you quick response time, easy processing, and instant approval of credit and support you when you need us the most. 

Parting Thoughts

A relationship is a partnership of equals, and financial planning is also the responsibility of two equals. The common goal should be to build a financial plan that helps you both achieve life goals. So this V-Day, express your love and financial goals without any hesitation to be financially happy ever after! 

Want to talk to us about credit, loans, and your instant cash needs?

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Fibe Insights: Why is Cancer Treatment Still so Expensive?

It has been over 20 years since we began observing World Cancer Day, and ever since, it is observed annually on the 4th of February to increase global awareness of cancer. It is an important day for people battling this terrible disease, survivors, patients who have succumbed to it, and their families, to encourage its prevention, detection, and most importantly, treatment. The World Health Organization has labeled cancer as one of the leading causes of death worldwide. In 2018, an estimated 9.5 million people died of cancer all across the globe. 

Moreover, the overall number of cases of cancer is set to grow to an astounding 27.5 million annually by 2040, with over 36 types of cancers present in over 185 countries. 

However, there is one thing that has contributed to the stress that comes with this disease – cancer is expensive. In India, the burden of this crippling disease has doubled over the past 25 years and this number is only set to increase. This is due to several factors which include epidemiological and demographic transition, along with an overall increase in case detection. 

The growing burden of cancer in India is concerning for oncologists, and even more so for public health experts due to the skyrocketing costs associated with cancer care. There are several evident and hidden expenditures when it comes to cancer treatment that makes it inconveniently expensive and widely inaccessible. Some of them are as follows: 

  • Medical and non-medical expenses

These expenses include inpatient and outpatient services levied by patients and are involved in all stages, from detection to treatment. About 90% of the total cancer care costs are incurred for medical services such as consultancy fees, medicines, diagnostic tests, bed charges, and other expensive procedures such as blood transfusion and oxygen supply. The non-medical expenses, which are often not covered in medical insurance policies include food, transportation, employing a caregiver, and arranging transportation facilities for other family members. It’s often a medical loan that comes to the rescue.

  • Out of pocket expenditure 

This is one of the most concerning and worrying expenditures related to cancer care in India. Out of pocket expenditures or OOPs can be defined as direct payments made by people to healthcare providers at the time of levying a particular service. It is important to note that this does not include any prepayments for health payments, like insurance premiums and contributions, or taxes, and hence, is one of the most stressful and draining expenditures out there. 
Apart from the high costs of the overall treatment and medications involved, several other factors make cancer expensive in India, such as:

  • Uninsured population

According to Anil Chopra, the CEO of Bajaj Capital, only 15% of India’s vast population is covered under some health insurance. Moreover, those who have health covers are largely uninsured. To make this more understandable, the average policy amount for health plans in 2011 was about INR 1.9 lakhs. 

However, the average bill for cancer treatment was about INR 10 lakhs. There’s clearly a massive discrepancy between insurance policy covers and the actual costs that are incurred by the patients if they are even insured. Unsurprisingly, folks have to turn to medical loans to finance these expenses.

  • Insufficient accessibility of government initiatives

While the government has rolled out impressive initiatives to combat the growing demand for affordable and quality medical care, especially for illnesses such as cancer, they remain highly inaccessible and insufficient. 

For example, the cost OOP expenditure in states such as Telangana, Gujrat, Andra Pradesh, and Jharkhand, was five times less in a public health care facility when compared to a private one. However, the limited access, long waiting time, and insufficient resources make these initiatives less effective, especially for the poor. 

  • Lack of customized solutions

Another important reason which is often overlooked but is responsible for the high cost of cancer treatments in India is the lack of customized solutions for the Indian population. About 70% of the technology and devices used for treatment are imported by hospitals, and often, medical device companies fail to take into consideration the demands of the Indian market. Moreover, out of the 20 major drugs used in cancer care, only 2-3 are manufactured in India, which again, contributes significantly to the overall cost and financial burden of the disease. 

Cancer treatment, medical loan

The data makes it evident that a majority of cancer treatment payments are met through out of pocket expenses, which are often not covered by insurance policies and cannot be reimbursed. 

It’s why fintech pioneers such as Fibe provide instant loans with high approval rates and minimum conditions to help patients who are battling this terrible disease quickly and in a hassle-free manner. By providing these instant personal loans for grave medical emergencies, we hope to make treatments more timely and effective and contribute to the overall well-being of our valued users! 

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

EarlySalary’s SkillUp Fest: EdTech, Accelerated

If there’s one thing that’s as exciting as the fintech sector, it’s probably EdTech. The Edtech industry has been disrupting the traditional and diverse world of education, changing the way learners and instructors interact. Several enterprises are already relying on EdTech in some form or the other, and the popularity of this industry is only set to grow at a rapid rate. 

There are, of course, several challenges that Edtech helps overcome and several markets needs it meets. Since it’s a highly responsive form of learning, error correction and refining are two key advantages. In contrast to traditional forms of learning, which aren’t flexible, Edtech helps a person learn at his own pace, thereby saving a lot of time and confusion.

Most people spend most of their time in front of a computer, especially since the COVID-19 pandemic. Therefore, it only makes sense for business owners to integrate technology into every aspect of their operations, including training. 

The right method of learning advances employees’ skills and simultaneously elevates engagement in organizations. In a world where “soft skills” are equally critical, employees are taught only “hard skills”, which leads to an unbalanced work environment. An online training platform combats all these challenges and much more. There are a huge number of benefits in incorporating EdTech into employee training. Let’s look at some of them in detail now.

Better learning

The number of times our teams have had to rework something because they didn’t accurately understand expectations is not negligible. Not everyone learns as effectively through text-based training. However, an online platform that integrates audio, video, gamification, and more, enhances engagement and improves learning outcomes. 

Flexible Training

Employees today do not want their training process to be confined to a particular space or time. Personalized online training gives them the flexibility to choose the time and place of their learning, be it at home, during their commute, etc. Employees also have the freedom to learn at their own pace, which can significantly improve their understanding more.

Track progress

With online training platforms, there’s an added advantage of automatic and instant feedback. This enables the employees to identify where they lack in and work on those areas, which leads to faster development of the organization. 

Frequent Training

Organizations can ensure continued learning with personalized online training platforms while employees benefit from quick, on-demand information that ultimately leads to a faster pace of learning. 

Shorter learning modules that are frequent tend to be much more advantageous than particularly long ones that don’t deliver as much impact. This retains the employees’ attention and thus improves the overall learning experience. Online training platforms best serve this aspect and are an extremely practical option to go for. 

EarlySalary’s SkillUp Fest

The right skill set is crucial for professionals in any job anywhere in the world. Meeting expectations and working efficiently becomes exponentially easier when teams clearly understand requirements and pack in the right knowledge to meet them. This is exactly where EdTech solutions like Fibe (Formerly EarlySalary)’s SkillUp Fest come to the rescue. 

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

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

The relationship between investing in financial literacy and employee retention

Every healthy company culture is mindful of including programs and initiatives to contribute towards their employees’ overall well-being, especially when it comes to upskilling and educating them regarding important subjects such as financial literacy. Investing in financial literacy programs and workshops can help organizations relieve employee stress and significantly improve retention rates in the long run. Here’s how:

Lower financial stress for the employees

Financial literacy

The World Health Organization has declared stress as the ‘epidemic of the 21st century’ and it is already causing organizations across the globe billions of dollars every year. Stress is closely related to reduced productivity, and when it comes to financial stress, it can lead to a significant decline in the performance of your employees. 

This is where financial literacy saves the day and conducting programs that educate employees about their finances can help them in making more wise and informed financial decisions. Getting rid of financial stress is crucial because if employees are under immense financial burden, they will feel the need to change jobs more frequently. 

This can cause a significant drop in your company’s employee retention rate, as financial stress will drive them to look for opportunities and jobs that pay more and are outside of your organization. Moreover, it is essential for the well-being of your valued employees that they can successfully combat financial stress to perform better and lead healthier and happier lives. 

Better connect with the organization 

Financial literacy

When employees see that the organization they work for is allocating resources and conducting comprehensive training programs on important topics such as financial literacy, they feel more connected with the company personally. This also helps in building employee loyalty and creates a deeper and meaningful connection with the organization. 

Conducting workshops for introducing, explaining, and encouraging healthy financial practices is a crucial step towards boosting the financial literacy levels of your employees. This investment promises long-term returns in terms of increased allegiance with the organization, and your employees will feel more motivated to do better and perform better than before. 

Extending relations beyond productivity and performance

Financial literacy

A company’s relationship with its employees should never be just transactional. An organization should also be involved in every employee’s emotional and holistic development as it directly involves their performance and productivity. Investing in financial literacy helps make your employees more financially aware of different financial services they can levy in terms of emergencies such as quick instant loans and help them navigate tough financial situations. This is imperative as they will see your organization as more than just their workplace and associate it with a more positive, wholesome environment that cares about their needs and problems. They will see the value in working with your organization. which will help in boosting employee retention rates significantly. 

Better productivity and work satisfaction 

Financial literacy

Finally, when your employees are not preoccupied or losing sleep over money problems, their productivity is bound to improve. According to the 12th Annual U.S. Employee Benefit Trends Study, over 51% of employers agree that financial problems have contributed to the decline in productivity of their employees. Another study conducted by APA states that nearly 20% of employees feel that their financial stress negatively impacts the way they interact with their coworkers. These numbers show that financial stress can significantly impact how employees exist and engage in a workplace, and how crucial it is to implement financial literacy programs for their overall well being and peace of mind. How they cope mentally with their money problems will directly affect their overall productivity. Moreover, when organizations invest in programs to encourage and improve financial literacy for their employees, it also leads to increased workplace satisfaction, in addition to better performance at work. 

Several other benefits come with financial literacy programs in the workplace, such as better employee business acumen, help and assistance with recruitment, and attracting new and improved talent for your organization. In addition to paying adequately, you can help employees gain better control of their finances via financial literacy programs that add value to your organization and improve employee relations. 

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

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