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Financial Wellness – All about having the financial freedom to make choices.

In the present evolving workforce, businesses are revaluating how they approach employee benefits. In the endeavors to draw in and hold top ability, organizations are meaning to make all the more engaging advantages programs. They are thinking about new, progressively extensive ways to deal with benefits. Considerably more significantly, they are pondering the make-up of their workforce and which benefits their employees’ worth most.

Millennial-age employees have various unique difficulties and are searching for specific advantages from their bosses. One of the worries of numerous millennial employees is financial wellness.
Financial wellbeing is about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.

Some of the signs of financial wellness include:

Being able to pay monthly EMIs or rent
A feeling of control over the financial situation
Having money for necessities
Can afford to maintain a good standard of living
Feeling of secure employment in the current job
Being able to pay for healthcare costs
Saving enough for retirement
Low level of financial stress
Ability to handle three months unpaid without problem (under emergency crisis)
Confident in ability to afford healthcare-related payments

It is important to note that salary and financial wellness are not entirely dependent on one-and-other. A higher salary does not really bring about better financial wellness. Financial wellness is related to giving your employees the assistance and knowledge they need to smoothly manage their finances.

Millennials are the largest generation in the workforce, and they battle with financial wellness significantly more than prior generations.

How Does Financial Wellness Impact Your Workplace?

Failure to put resources into your workforce’s financial wellness can have an adverse impact on your bottom line. The first concern is the financial stress your employees face daily. Businesses with the workforce that are worried about their finances suffer from:
Lower productivity
High attrition rate
Higher absenteeism
Low working morale

How To Help Employees Become Financially Well?

There are some systems and programs an organization can put in place to help its employees become more financially well.

Providing employees access to financial literacy helps empower them to take control of their personal finances. For this assist them with a benefits package that includes financial advice, investment assistance, and help in financial management is highly desirable.

In today’s digital age, employers making work easy for them is accorded a higher priority rather than a higher salary, although good pay certainly remains desirable. Further, employees also like to be cared for, and attractive benefits packages show that the employers care. Employee benefits are, therefore, very important to attract and retain a skilled workforce. There are many instant loan apps available in the market which comes handy while managing the financial crisis.

In addition to all these if possible, get them access to some credible financial coaches. Offering access to a dedicated advisor can give employees peace of mind knowing they have a finance expert to turn to for advice.

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, and be a part of the #OneInAMillion experience.

The Convergence of Machine Learning and Big Data In Credit Risk Management

Compiled By: Balakrishnan Narayanan
About Bala: He is the head of analytics at Fibe, with over 15 years of extensive experience within the banking and finance industry. At EarlySalary he is responsible for building machine learning and analytical capabilities within the risk, marketing, and customer analytics. For Bala’s passion for solving complex business problems, in 2019, he got listed in the top 100 Data Scientists in Asia at Machinecon, Singapore.

Sources of credit – banks, financial institutions, and more – play a crucial role in sustaining economies and keeping cash flowing in the market. Any miss-assessment – via policies, market trends, etc – not only harms these sources, but their repercussions severely intensify in case of a wide-scale credit blunder. A historical example of such far-reaching chaos is the 2008 housing bubble market crash that traces its origin back to bad credit decisions and flawed lending judgments. The subsequent global financial horrors and the recession period is a trauma from which the market still hasn’t entirely recovered. Therefore it becomes critical for financial institutions to deal in credit whose risk has been adequately assessed.

Primarily, institutions have a credit risk management system in place to check such miscalculations and avoid any high risk involved credit permission. A credit risk management system assesses the risk in granting credit to a customer, whether an individual or a company, based on their credit score, financial standings, and banking history. The efficiency of the credit risk management system in India might have saved us from a fiasco like the aforementioned 2008 crash, but like every other system and entity, credit risk management is also an area open to upgrades. Tech developments like Big data and Machine Learning (ML) have brought much-needed advancements in the field of credit risk management systems. These aren’t new paradigms, despite their recent terminology. Even as early as 2014, 45% of bankers found data analytics to be useful in preventing fraud and non-repayment.

Now, more than half a decade later – how has our hold on data evolved? The answer lies in taking a deeper dive into big data and machine learning.

Big Data

We are now, more than ever, living in an age of data. Each and every activity of ours, whether in the real world or the digital realm, contribute to the formulation of our personal data. Compound this for each and every individual and you generate humongous stockpiles that are beyond the capacity of regular, or even moderately advanced data-processing tools. The field of big data comes to our rescue here, with capabilities in processing and analyzing the massive amounts of data we generate. Its incorporation in credit risk management has opened an infinite supply of crucial insights that goes beyond the general banking and assets related information. This helps in improving the credit risk management assessment.

With additional data, like an individual’s payment behavior, interaction with other financial portals, and their projection of financial endowment on social media, we’re assisted in assessing their credibility and crafting better interest rates. For example – does this person often splurge on items unusually expensive for their income level? Do they follow betting pages on their social media? There is data to generate everywhere we look.
Data also helps people with no prior credit history in getting loans through similar analysis of their social media activity and other real-world non-financial activities.
The availability of vast data forms an excellent source to analyze the behavioral and financial activities of non-customer individuals and companies and then offering them customized loans based on the result of credit risk management and getting new customers. Recently, in the aftermath of Covid-19’s initial stages, we were able to analyze customer data to assess how Indians were moving across the country prior to the lockdown. This gave us valuable insights into where to offer our services, and fine-tune our loans for specific regions.

Big data thus offers an in-depth look at customers’ activities and evaluates their legitimacy in being a good credit prospect. On the other end, machine learning analyses our data for future trends and predictions.

Machine Learning

Machine learning provides superior analytical frameworks in examining data clearly and identifying the key patterns in relation to the customer behavior under vivid circumstances. This involves running different ML techniques to gauge necessary results based on risk assessment.

Improved future predictions on customers’ ability and willingness to pay based on current data.
Identifying patterns driving the financial activities of the customer.
Constructing the financial behavioral profile of the customer in various circumstances.

Machine learning can involve self-improving and recursive algorithms via a range of techniques – supervised, unsupervised, and reinforcement learning. Without diving too deep into them – these concepts allow our tools to study data and learn from them on their own. For example, our data may be quick to dismiss customers with an interest in betting as worthy borrowers, but insights from machine learning may well reveal that in some special circumstances, such as when the candidate is from a mathematical background, they happen to be fairly skilled in the field, generate steady income and are excellent borrowers.

The convergence of Big Data and Machine Learning

The convergence of Big Data and Machine learning, therefore, is revolutionary assimilation to credit risk management. Their disruptiveness has not only improved the credit risk management system but aided in the expansion of the credit industry overall. The following is just a glimpse of their consequences in the credit sector:

Authorization of good credit, and a safety net for banks from the debacles of bad credit.
Crucial insights for penetrating the ‘New to Credit’ segment with no credit history, with a personalized marketing strategy based on simulations. This can heavily expand the customer base.
Accurate fraud detection with pattern recognition.

Since Big Data and ML are elaborating credit risk management systems, it is time to look at a key question.

The Future of Credit Risk Management System

The credit risk management systems of today should thrive when propelled by big data and machine learning. The inclusion of artificial intelligence (AI) in the system will also offer crucial insights into how financial institutions may improve customer acceptance rates, and offer them accurate rates of interest. Together with the advancements in the individual technologies, a more specialized credit risk management system is on the horizon.

A key fact that needs to be acknowledged is that these technologies are themselves in a stage of infancy and continue to see upgrades – both small and big leaps – with passing each day. We continue to suffer from biases in data that creep in every now and then in our algorithms. But as many would agree – this will only be improved as we feed our systems more data to fine-tune themselves. As a result, these biases will diminish over time and offer us the opportunity to work with more evolved and capable credit risk management systems. Technology is a field of anticipations and subsequent awes. Let’s see what the future holds for credit risk management.

Get your loan approved within minutes with instant cash loan apps

In the post-Covid-19 period, with the pandemic’s negative impact on our finances, running from pillar to post for loan applications and approvals is the last scenario you’d want to deal with. Fret not, though, as in this age, with all services digitised, borrowing online is now easy. With dozens of lenders advancing loans online, instant cash loan apps have emerged as one of the most convenient options for borrowing.

While we all plan every penny of our earned income, slip-ups and financial emergencies are unpredictable. However, the old conventional financial products are now evolving to suit different needs, whether spontaneous purchases or essential medical emergencies. Instant cash loan apps can now help with all your personal loan needs.

In this article, we will tell you about the benefits associated with these apps that can help you fight a cash crunch and loan application eligibility in today’s age!

How to apply for an Instant Cash Loan and get instant approval

You can complete the entire borrowing process online with instant cash loan apps. You can also check your eligibility for a loan without submitting any documents!

Apply for an instant loan online by:

Registering on an instant loan app,
Uploading your address proof,
Uploading an identity proof (preferably a PAN card),
Providing your employment and salary details,
Giving your bank account details.

Instant loan apps like Fibe are generally password protected and so is every transaction made through them. This ensures your data security against identity theft. Plus, even if someone cracks your password, the money can only be transferred to your account. No third party can change the account details.

Once your loan is approved on the app, you usually need to upload a canceled cheque leaf from the salary account. Your loan agreement is mailed to you soon after successfully uploading these documents. For instance, Fibe may take 8 to 24 hours to process a personal loan, even though the loan amount is usually transferred within minutes of loan approval to the borrower’s account.

The Internet and smartphones have made getting loans in India super easy. With over a dozen instant loan apps in the market, getting cash loans within minutes of your application is no longer a utopian scenario. A quick comparison between the various lending apps regarding interest rates and repayment options can bring up several choices ranging from an instant loan to a salary advance loan, which will help you manage your money crunch.

Advantages of Instant Cash Loan Apps

Famous athlete and Olympic Gold medalist Carl Lewis once said, “Life is all about timing”. So when the time is just right for various pursuits, or in times of great uncertainty, it’s important not to let a lack of funds stop you.

Here’s a look at how a quick loan approval from an instant loan app can help you.

Hassle-free application process

Instant cash loan apps have an open registration and application process. Doing your homework by checking loan eligibility and EMIs with an online EMI calculator provides higher chances of loan approval. With on-the-go access and instant personal loan approval, cash loan apps can help you whenever there is an emergency. Simply open Play Store/ App Store, dig out a reliable money loan app like Fibe and upload the required documents to get the funds transferred to your bank account directly.

No middleman

The biggest advantage of an instant cash loan app is privacy and security. On Fibe, OTPs and fingerprints verify every request or transaction made. There is no risk of losing your personal information. Your data is secured through encryption. In-app permissions ensure that you share only necessary information, no more, no less.

Disbursal in minutes

eKYC, online documentation, and online loan approval reduce the time taken by instant cash loan apps to disburse the loan. The lending process is simple and the decision to lend or not is typically made within minutes of your application and the amount is transferred directly to your bank account.

Get an instant personal loan with a low CIBIL score

Short-term financial constraints may affect your credit score. However, the risk of rejection of a cash loan based on your credit score is much lower in the case of instant loan apps. For instance, with Fibe, you can apply for an instant personal loan with low CIBIL score! Plus, you can also calculate your EMI using the in-app EMI calculator.

To sum it all up – the Fibe instant cash loan app offers credit when you want it, wherever you want it with no prepayment charges and flexible repayment options thrown in as well.

Download the personal loan app, and be a part of the #OneInAMillion experience.

Returning to Work after COVID-19: A Guide

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at Fibe, with 10+ years of international experience in HR across industries.

Remember the rush in the crowded metros at the office hours? Remember the group meetings of the corporate projects? Remember those long office hours at the workplace?

Now, that phase of our life has become something of the past. This pandemic has impacted our lives and our way of living. Earlier, being social was considered to be a critical aspect of our lives, almost a skill. But with the recent turn of events, being at home is the best decision one could make.

But sooner or later, all of us will move past this COVID-19 pandemic. This may not happen tomorrow or one week from now. Hence, we should accept the fact that returning to a normal routine would take a lot of time. Encouragingly, countries like China and South Korea are gradually beginning to come back to their ordinary lives.

A key question that would arise is what “normal” would be like after the COVID-19 pandemic. As per the current scenario, the Indian workforce is compelled to operate from home.

Setting up a workplace would be a challenging task after the pandemic. To prop tasks up while limiting the hazards, most organizations have adopted new and better approaches for employees that have left their workplaces, production lines, stores, and different offices generally unfilled.

What changes could be implemented after COVID-19 with respect to workplaces?

According to Apex Leadership, some changes that could be observed in workplaces are:

General Changes

If the workplace re-opens after the situation becomes normal, the very first few changes would include the comfort of being alone rather than being with a group.

General protocols would be impacted and questions like, ‘Is there any important reason to perform this operation online?’ would be changed to ‘Is there any valid justification to do this face to face?’

Screening at office gates

A fairly essential suggestion – organizations will try to operate virtually but workplaces, where physical attendance is compulsory, will certainly consider the concept of thermal screening of employees at the office gates. Checking employees and guests for fever before entering the workplace would be mandatory, and having rules like leaving some seats empty and making workstations far apart from each other would be some steps that would be taken up by organizations after the situation becomes normal.

Work From Home Culture.

The coronavirus did what years of digital transformation could not – we figured out how to work remotely over the internet after the onset of the pandemic. And this change may be here to stay. The work from the home model would be the primary choice for both employees and organizations and this may compel industry-wide mass adoption, even for those that were not in favor of having a virtual workforce. It is, after all, a leaner, more flexible model.

Additionally, WFH proves to be a cost-cutting method for companies as office rent, and multiple other overheads are reduced significantly from the company’s expenditure.

Replacement of Traditional Models

Being the first to arrive at the workplace and the last one to leave was already a flawed way to look at productivity, and it’ll certainly not be considered an indicator of the productivity of an individual going forward. In a post-COVID-19 world, employees will be evaluated on the work they complete in a given time frame, rather than just sitting for long office hours.

Interaction with Customers and Stakeholders

The most impacted aspects of the workplace would include interactions with customers and stakeholders. The current scenario might change how organizations meet with customers and stakeholders, alongside everyday tasks. Perhaps the trickiest part of the new working environment will be the way organizations connect with their customers and stakeholders. Customary interpersonal meetings have already been replaced with video calls.

Introduction to online communication courses

Most organizations will try to train their teams for the new normal. Modules on remote working, management, should see a steady video conference course to use for customers, stakeholders, and others. But finding the correct harmony between the face to face and virtual gatherings is vital.

To Sum up

Are organizations equipped to handle a new working environment? No one has witnessed changes of this magnitude in their lives. While most organizations have business continuity plans set up for calamitous occasions like fire, seismic tremors, and floods, etc, only a few organizations were prepared for the degree of disturbance brought about by COVID-19. It’s why hiring freezes and even downsizing are in effect.

How our work environments will change once this pandemic is over and the world returns to normalcy is yet to be seen. But it’s a reasonable guess that the new normal will be more inclined towards a work from home environment.

Download the instant loan app here, and be a part of the #OneInAMillion experience.

The Relationship Between Yoga & Financial Wellness

“Do not save what is left after spending, but spend what is left after saving”. This infamous quote by investing tycoon and philanthropist Warren Buffet summarises the criticality of managing your finances effectively and consistently. Financial wellness or financial well-being can be summarised as efficiently managing one’s economic life. It includes many factors such as rational and controlled spending, being well-equipped for financial emergencies, having adequate access to resources to manage and make feasible financial decisions, and planning for the future. Yoga is often known as a ‘physical exercise’, with different asanas and positions that require flexibility and practice. However, it is a discipline that results in mental as well as physical well-being, if done regularly and properly. On the occasion of World Yoga Day 2020, we explore the relationship with Yoga & Financial Wellness – which is both an enabler of both mental and physical harmony.

In our fast-paced world, mental health, in particular, has taken a back seat. This truth is out there for everyone to see:

Mental illnesses affect over 19% of the adult population, but less than half of the affected people actually do something about it.
The two most common mental illnesses are anxiety disorders and mood disorders. More than 18% of adults suffer each year from anxiety disorders such as obsessive-compulsive disorder, panic disorder, and general anxiety disorder.
Mood disorders such as depression and bipolar depression affect nearly 10% of adults each year, and the numbers are rising.

Hence, it’s important to recognize mental health as essential as physical health. Yoga has proven to improve mental health significantly. After all, it increases body awareness, relieves stress, reduces muscle tension, inflammation, sharpens attention and concentration, and calms the nervous system.

Yoga and financial wellness have an unconventional relationship. Finances are one of the leading causes of stress, and to gain overall wellness, one’s mind, body, and money should be in order. Yoga is a well-known stress reliever, but that’s not all. Here are a few ways in which yoga can enhance and improve financial wellness:

Assessing and acknowledging difficult financial situations

The first step to financial well-being is acknowledging our existing problems and shortcomings, such as debts, unpaid loans, especially personal loans, etc. and assessing the situation in order to have a broad idea about your overall financial standing. Yoga asanas such as Savaasna and Sukhasna aid you in relaxing and contemplating. Thinking about difficult financial situations can be stressful and overwhelming.

However, incorporating yoga can help in reducing stress, alleviate pressure, and has an important role in making sure that you are financially fit and thriving. At EarlySalary, we’ve long been keen on assisting professionals in evaluating and managing their finances to promote better productivity at work.

Formulating a financial plan

One of the many principles of Yoga is aligning the mind, the body, and the spirit. These three are essential to the overall well-being of a person. We can draw a parallel in the financial world by drawing a balance between return requirement, risk appetite, and liquidity needs. These are important for efficient financial management. Formulating a detailed and well-balanced financial plan that takes into account your existing assets and liabilities, and helps you being well-aligned to your short term and long term goals is key to financial well being. EarlySalary has partnered with more than 250 companies and assisted over 4 million employees in overcoming their financial worries.

Calming and relaxing the mind for rational thinking

Being calm and composed is imperative to making rational and sane financial decisions. Yoga has principles such as:

Sattave, a state of harmony and
Tamas, a state of inertia,

that help in relaxing the body and the mind to make room for reasonable, calculated contemplation and decision making.

Being able to take a step back and assessing your financial situation, along with taking a break from the daily stress of hectic work life can help take a huge burden off and make you more patient and mindful while managing your finances. Financial stress also leads to the issues of employee turnover and absenteeism on part of the employees. With partners such as Bajaj Allianz, Apollo Munich, and Coverfox, EarlySalary ensures that the premium of insurance plans is paid on time. It also assists employees in times of medical emergencies by providing emergency loans to cover hospital bills and to pay EMIs of previous loans.

Adopting a positive and optimistic mindset

“The positive thinker sees the invisible, feels the intangible, and achieves the impossible.” This quote by Winston Churchill summarises the importance of positive thinking and the power of an optimistic mindset. To stay on the right track, one needs to be focussed.

Asanas such as Vrikshaasna and Bakasana help you improve your concentration and focus. These help you stay on track and regularly follow up with your overall plan.
A positive mind is a healthy mind, and optimism empowers you and makes you confident enough to make major financial changes that you might have been avoiding.

Clearly, yoga contributes significantly in making you more optimistic and helps you make positive financial decisions.

Yoga Is As Essential As Financial Wellness

Financial wellness is closely connected to your physical and mental well-being. The overall purpose of yoga is to release one’s body and mind of stress and tension that might be a product of poor finances or a financial crisis. Yoga gives you the time and space to set your goals and be thankful for what you have, making it easier for you to point out your financial goals and map effective plans that equip you to manage your money well.

Download the personal loan app here, and be a part of the #OneInAMillion experience.

This Father’s Day, Let’s Remember His Financial Advice With #PapaKehteHain

In many homes across the world, especially within our nation, fathers have been traditionally responsible for the financial well-being of their children. This has extended to their role of teaching a child how to sustain themselves when they are on their own. This Father’s Day, let’s celebrate some of the absolutely vital, key pieces of advice that our fathers remembered to share with us!

#1 Save

A fairly obvious piece of advice that fathers would never forget to announce – the act of saving is essential if you want to sustain your wealth throughout life, and opposed to those who live a lavish lifestyle and then struggle to make do. Fathers are usually the first ones to inculcate the concept of saving money in every child. This financial advice can prove to be the deal-breaker for many kids as they grow up. It is often the father who urges their child to begin saving a chunk of their salary, from the very first paycheck!

#2 Invest

“No risk, no reward!” – a statement that is often heavily emphasized by fathers, especially when it comes to generating more wealth for oneself. The financial advice of investing along with where and what to invest in is often felt like a cardinal role by many financially equipped fathers. The importance of having your monetary feet in many wells is essential to create wealth beyond your immediate capacity.

#3 Pay on time

Perhaps a moral lesson because of the stigma attached to it – “Don’t be a defaulter!” goes a long way. Whether it is to avoid bad debt or to understand the consequences of late payment or just to inculcate good principles. Timely payment is a piece of advice that can change the life of those who follow it religiously. From banks taking away collateral to loan sharks, there are a variety of unpleasant scenarios that can arise from paying your bills late or rather not adhering to the concept of timely payment. Fortunately, new age instant loan apps like Fibe aren’t harsh on borrowers and offer flexible repayment options.

#4 Financial Independence

Weaning off the financial dependence on your family, or even partner is a dream many would like to live as quickly as possible. Fathers hope to make that dream come true by never forgetting to share the importance of being financially independent, right from when we start earning.

#5 Financial Prudence

“Don’t buy anything until you can afford it twice.” A famous principle to live by. Living life under your budget is hinted at from an early age when we’re not allowed to buy sweets just because we want them. Throughout our life, we have to balance our investment and savings, the way of life of buying “just what you need” is important. Purchasing and owning the quality that is required rather than what is marketed better or what might get one social point is essential to have a bigger savings account; one of the most valuable financial advice given by our fathers!

#6 Property

This may be last on the list but we’re sure it’s an idea that’s certainly drilled into our heads by our fathers. Investing in a property after a few years into your career is a concept many fathers champion. They’d often even say – the earlier you start, the lower is your EMI for the same amount of loan.

This Father’s Day, let’s come together to thank our fathers for their priceless financial advice. Share your fatherly stories with us by using the hashtag #PapKehteHain and tagging us.

Download the Fibe app here, and be a part of the #OneInAMillion experience.

Different Ways To Get a Personal Loan Online

Personal Loans are arguably the one-size-fits-all solution for all urgent and uncategorized needs for money. Unlike specified loans – like a home loan or an auto loan – these loans are usually unsecured, which essentially means that you can get them without any collateral and the money can be utilized for any purpose. The flexibility in terms of utilization of the loan is what makes it so attractive – put them on covering wedding expenses, to fund your foreign travel or any contingent expenses which may come your way.

In addition to being easy to get, they are much more economical as compared to borrowing via a credit card, as there is a difference of almost 2x in their interest rates. Plus, credit card debts adversely impact your credit score and also are subject to a credit limit, which is highly variable, and likely annoying. You don’t want to run out of money on a foreign trip or in the middle of a wedding shopping spree, do you?

Tapping on the growing need for personal loans in contemporary times, Several banking and non-banking financial entities have made the process of getting personal loans simpler and in some cases, instant. Some of the popular avenues that you can explore to get a personal loan are mentioned below:

Through a Commercial Bank

All traditional banks have the option of granting personal loans to existing clients as well as new ones. The reach of these banks is much more than any other institution. In fact, more bank accounts have been created in India in the last year than all the bank accounts in the US.

Most of the banks follow a set pattern for the application process of the personal loan. Almost all provide various different plans depending upon factors like the amount of the loan, the duration, previous credit history, nature of the loan among others. Earlier, most of the banks had a tedious process for this which involved a mountain of paperwork and other formalities.

However, in recent times, they have simplified this process to a large extent and have created a single-window application process. They have even moved forward from all the paperwork and allow getting the personal loan using net banking, through the Bank website or the ATM, sitting comfortably at home. An example of this is HDFC or SBI Saral Personal Loan.

Through a Cooperative Bank

Even though these banks operate at a smaller rate and have a comparatively smaller user base as compared to commercial banks, most cooperative banks have the provision of granting a personal loan. The benefit of availing a personal loan from such a bank is that the formalities are simplified, as they are regulated by RBI and work for giving additional benefits to the society instead of being run for a profit motive. Also, as opposed to commercial banks, their average interest rate lies between 14% to 18%. Additionally, the processing fee is fairly low in such personal loans.

However, there are certain shortcomings attached to taking a loan from these banks. They are:

More often than not, these are only available to targeted groups like women, MSMEs, or agriculturists.
The maximum limit of loans is also significantly lower ie. usually only up to 5 lacs.
A personal loan application is valid as long as you are a member of that cooperative, which means you have to buy the shares of that particular bank.
They have a restricted number of options that one can avail

However, owing to the less stringent regulations, getting a personal loan from these banks is an attractive avenue, especially in case you want a small loan or if you are in a rural area. Some of the popular cooperatives offering personal loans are Abhyudaya Bank and Saraswat Cooperative bank, among others.

Online Lenders

Rapid advancements in the India fintech sector has enabled a whole new market of personal loans in the country, while simultaneously taking the entire banking industry by storm. In fact, it is touted that in due course of time, it’s argued that Indian fintech may give conventional banks a run for their money, pun intended.

The reason for their growing popularity is simple. Fintech offerings personal loans:

Are easily accessible,
Give you a loan at a great interest rate,
Are quick, with rapid disbursement right into your account.

All of this, without making you run from pillar to post. What’s not to love? Even Todd Nelson, senior vice president of online lender LightStream agrees when he says “There’s no need to go to a bank branch, fill out paperwork, then wait to get an answer and finally receive your funds. You can get a loan at your convenience via a computer, tablet, or smart device.”

The Indian market is swarming with these portals giving instant personal loans at a simple click. They are collateral-free and require next to zero formalities for the disbursement of personal loan. It is important to make a wise and important choice when you are spoiled for choices with lenders like EarlySalary and others. You can check out the best money lending app in our previous post.

EarlySalary is one of the market leaders on personal loans in the country, with great features such as a flexible repayment option, instant loan disbursement, and incredibly low-interest rates to name a few. There are a number of additional advantages EarlySalary offers that your bank just won’t. So, log into Fibe and put an end to your money woes now!

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, and be a part of the #OneInAMillion experience.

Financial Wellness: The New Must-Have Employee Benefit

The employer-employee relationship has come a long way in today’s time, having evolved from being merely a linear chain of command in the workplace to a dynamic and multi-faceted relationship transcending the boundaries of a workplace.

In times where financial wellness and financial planning are an inalienable part of every individual’s life not just in the professional sphere but also the personal one, it becomes pertinent for the employers to make certain stipulations to take care of it. A well-rounded way to do so is by way of providing them with a financial wellness program.

What does a Financial Wellness Program mean?

Evolved out of the growing need to handle complex financial situations of organizations as well as individuals, a financial wellness program aims to provide adequate information and assistance to employees with regards to handling their personal financial situations. It includes assistance on matters like consumer credit building, financial goal setting, financial crisis management, personal and household budgeting among others.

With the right guidance, employees will be able to take care of their personal goals and also effectively contribute more towards the organizations’ goals. However, there is no straight-jacket formula to launch and maintain a successful financial wellness program. It involves several facets, such as:

Workshops and training programs by financial professionals
Dedicated Portfolio managers for individual financial needs
Partnership with Financial wellness organizations
Easy loan schemes and tie-up with Banks
E- support by way of an online portal, AI or even an App

Why Financial Wellness Programs are critical

Financial wellness is a prerequisite for a productive employee. In fact, according to a 2017 report on optimizing financial wellness programs, employees with low financial wellness and high financial stress cost their employers directly, in the range of tens of thousands of INR per employee, annually.

This financial stress is detrimental to the efficient functioning of any organization. This was clearly illustrated by a 2018 report by the firm John Hancock which observed that 69% of the workforce was stressed about their finances, with 72% admitting to worrying about their personal finances at work, and one in three doing so more than once a week. This directly affects their health and also their productivity at work.

It is clear as day that the traditional approach to employee benefit is no longer effective and if the growing needs of the employees are not taken care of, it seems to have dire effects on the overall performance of the organization.

What do financial wellness programs bring to the table?

Even though it may seem to many that handling personal finances of individuals may lie outside the scope of the workplace, this isn’t necessarily true in today’s evolving work scenarios. In fact, as employers move towards rolling out financial wellness programs, they are also routinely expanding its already existing contours. The reasons for this are obvious. Even back in 2018, ASSOCHAM estimated a savings of over $20 billion for Indian organizations adopting financial wellness programs. Meanwhile in the West, according to research from the Bank of America, half of the employers (53%) in the US now offer such programs compared to only 24% in 2015. This goes on to prove that the benefits of the said program accrue to both the employer and the employee. Some of the major benefits to employees include:

Lower stress to the individuals about financial wellness
Easier asset creation in terms of real estate, investments among others with the assistance of the employer
Better planned long term investments for post-retirement security
Easy repayment for personal loans
Elevated job satisfaction

All of these contribute to making an individual professional more focussed, efficient, and dedicated. As an HR professional would know, this not only helps in personal growth but also assists teams with the bigger picture.

Apart from the obvious benefit of having a dedicated workforce, some other benefits which accrue to the employers include:

Increased employee productivity leading to better results
Improved task force management
Lower employee absenteeism
Lower employee turnover
A conducive work environment that attracts better prospective employees and goodwill in the market
Lesser need for paycheck garnishment
Stability in the organization attract better clients and investors
Increases the prospects of expansion

Executed correctly, it can be a win-win situation for both employees and the organization.

Having clearly understood the importance of financial wellness programs and the kind of benefits that accrue from it, it is a no brainer and all organizations should include it as a sine qua non in their employee benefits scheme. In fact, that is precisely the reason why an increasing number of organizations are enthusiastically opting for it.

However, the next very important aspect to be considered is that the program should not just merely be one launched to check the box off your list of initiatives. Your employees should actually, truly derive the intended benefits. In today’s time, with several of these programs available, finding the right one can be a tough choice. Fibe recognized this need early on and offered corporates a simplified solution with the Fibe financial wellness programme. With features like instant advance salary, school fee financing, provisions for medical emergencies, it is a one-stop solution for all financial needs for the employees in these uncertain times.

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, and bring on the new vibe of finance.

How India Moved Amidst The COVID-19 Pandemic: The Migration of White-Collared Professionals

Compiled By: Balakrishnan Narayanan
About Bala: He is the head of analytics at Fibe, with over 15 years of extensive experience within the banking and finance industry. At Fibe he is responsible for building machine learning and analytical capabilities within the risk, marketing, and customer analytics. For Bala’s passion for solving complex business problems, in 2019, he got listed in the top 100 Data Scientists in Asia at Machinecon, Singapore.

COVID-19 has no doubt disrupted almost all economies globally, and the livelihood of millions of people across the world. Like any other concerned enterprise, we’ve been curious to know the precise impact of this on our customers, and their response to the situation. But simply drawing conclusions based on concepts and ideas could turn out to be a wildly inaccurate move. To paraphrase the distinguished statistician – Edward Deming – without data, we’d just be another person with an opinion. So we, at EarlySalary, figured that this would be an ideal time to conduct a study on how much this ordeal has affected white-collared migrant professionals (individuals moving to other states or cities for their job), backed by real data. It’d help us draw useful insights and conclusions on our customers, and position ourselves to serve them in better, quicker and more efficient ways. We decided to analyze our active customers, spanning across multiple industries in an attempt to understand how people working in various key cities from various industries have responded and reacted to the COVID pandemic. Here’s what we found:

Customer Demographics

Ours being a service for salaried folks, our study focused on salaried individuals primarily from metro cities, and other key cities – like Bangalore, National Capital Region, Hyderabad, Mumbai, Chennai, Pune, Ahmedabad, Kolkata, and Jaipur, among others. These customers were predominantly from 9 industries, namely:

IT & ITES, BPOs
Banking and financial sector
Manufacturing and engineering
Healthcare
Manpower and recruiting
Insurance
Education
Retail, automobile and
Online platforms/ startups

From the data we collected, we noted that the majority of the migrant professionals belonged to IT & ITES, manufacturing and engineering, and the automobile industries.

Here are some of the findings of this analysis

22% of our customers were able to move back to their hometowns before the lockdown came into effect on the 25^th of March 2020.

People moved all across the country: from an operational base of 19 cities, our customers have moved to over 200 cities.
Bengaluru, NCR, Pune, Chennai, and Hyderabad saw the most number of people moving away from the state. Delhi, Mumbai, and Kolkata retained most of their people.

Our analysis showed that young people, who are at most 25 years old, were the ones who migrated and moved the most.
The migration rate of people who are 35 yrs or above is comparably less than half of that of 25 years or lesser. A fairly interesting trend.

City-wise Bifurcation of Customers’Movement Patterns

Bengaluru

During this pandemic, customers moved out of the state, but primarily to other southern parts of India. The city also saw the most movement, which is likely due to most customers here being in the IT & ITES sector. Top cities of the movement included Mysore, Coimbatore, Chennai & Hyderabad.

Pune

The migrant movement happened only within the state of Maharashtra, to and from cities like Nashik, Mumbai, Aurangabad, Sholapur among others.

NCR

We observed movement to majorly towards the other Northern parts of India like Jaipur, Agra, Lucknow, and Kanpur among other cities but geographic spending is very large.

Hyderabad

Movement from Hyderabad has been mostly within 100 kilometers and within state limits.

Chennai

Movement from Chennai has also been limited to southern India, although some movement across states has been noticed.

Our Thoughts

The age factor: It’s interesting to note that younger people exhibited a tendency to travel long distances during this period, as compared to relatively older folks. This may be because of the tendency of people to settle down and build a home in the same city as their work when they start to get older.

Localized activity: It is also interesting to note that a majority of the migration patterns are primarily restricted within set zones and regions. This points towards the tendency of people to not usually move to different zones of the country to seek job opportunities, but rather restrict themselves to one part of the country.

Sectoral insights: The IT & ITES sector features the maximum number of people migrating back to their hometowns. This may be, in part, due to the readily available option to work from home without facing as much hassle as some of the other industries. It also explains why cities like Bengaluru and Hyderabad, home to this sector, witnessed the most migration. Similarly, this looks like an opportunity for these towns to now become smaller tech hubs or mini-hubs in days to come. On the same lines, lenders’ ability to collect will now need to be increased from key metros to now to the entire length & breadth of the country.

The COVID-19 pandemic has induced severe changes in customer behavior, business outlooks, and credit patterns. The primary priority of the customers will currently be necessities and essentials as opposed to lifestyle upgrades. While customers continue to work from home, and businesses across all sectors looking for a way to enable remote working in some form or the other, to the extent possible, it is highly likely that the customer base will no longer be concentrated primarily in metro or key cities, but rather tend to be much more diverse and spread across all over the country. To all of them, and everyone else too – the EarlySalary team is here for you, at your service.

6 Expenses You Can Easily Finance With An Instant Personal Loan

Personal loans come with no end-use restriction, which means you can channel these funds for various purposes. You can use them to cover expenses relating to medical emergencies, travelling, weddings and so on. You can also buy home appliances using a personal loan.

For instance, you can buy a refrigerator on EMI using the funds received through personal loans. In a similar way, you can buy a washing machine on credit.

Here are 6 expenses you can easily finance with your instant personal loan.

Medical Emergencies

Medical emergencies can come knocking on your door at any time. While the quality of healthcare is improving by leaps and bounds, the cost of medical treatment also seems to be on an upward trajectory.

An Instant Personal Loan can prove crucial during times when you need funds for urgent healthcare. The quick disbursement offered by instant loan apps can help you pay medical bills stress-free.

For instance, Fibe’s Medical Loan allows you to get up to ₹5 lakhs to finance any treatment that you or a loved one needs. All you need to do is meet the simple eligibility criteria and apply online. Getting a medical loan in India has never been this easy!

Travel Expenses

Whether it is a weekend getaway or a leisurely solo or group trip, travel can enrich your life, give you a break from the daily grind and expand your horizons. No matter how much in advance you plan a domestic or international holiday, its cost can burn a hole in your pocket.

Right from the tickets and the hotel to the food, entertainment and other expenses, it can sometimes get overwhelming. Instant personal loans come to the rescue here. By getting an instant travel loan online, you can address all of these costs hassle-free.

Appliances and Digital Gadgets

Consumer durables are an important part of life and whether it is a smartphone, TV or AC, new features have made them a must-have. With each new year, these gadgets are upgraded and the latest models can come with price tags that can be exorbitant. To ensure you get the best without putting a strain on your income, you can rely on instant loan apps that offer quick financing for such purchases.

Speedy kitchen loans for home appliances through instant loan apps help you buy a refrigerator on EMI or an air conditioner on EMI. You can access these instant consumer durable loans online and even get specialised loans for specific needs. For instance, you can avail of an AC Loan if you want to purchase an air conditioner on EMI or opt for refrigerator financing to buy the latest model.

The Fibe Consumer Durable Loan allows you to repay the funds in up to 730 days and repay the amount comfortably. What’s more, you do not have to worry about prepayment or foreclosure charges!

Vehicles

Owning a vehicle is liberating, offering you the freedom to be anywhere without relying on public transportation. Plus, a vehicle can greatly empower us in times of an emergency. Owning a vehicle is thus far from a luxury but rather a necessity.

To finance your purchase, you can get customised financing from an instant personal loan app such as Fibe. With our Auto Loan or Two-Wheeler Loan, you can get the necessary funds to buy

your favourite vehicle.

Education

A good quality education is the precursor to great opportunities and every parent wishes to provide only the best for their child. However, high tuition costs can often be a hindrance.

An education loan can be a great solution in such cases.

Through instant personal loan apps, you can get student loans with flexible EMIs. For instance, Fibe offers Personal Loans for Education at affordable interest rates with an easy repayment schedule. Use it to finance course fees, accommodation, travel, books and other necessities with ease.

Daily and Monthly Expenditure

Unchecked expenditure during the festive season or to finance a personal emergency can disrupt your monthly budget. For a salaried individual, this can be a challenge when it comes to paying your fixed expenses, such as rent, groceries and more. Here’s where a personal loan that is easy to get and allows you to spend without any restrictions is a boon.

This is exactly what you get from Fibe. Our Instant Cash Loan simplifies borrowing and gives you the freedom to use it as per your wishes, no questions asked.

As you can see, Fibe’s instant financing solutions cover the gamut from medical needs to consumer durables. Use our Instant Personal Loan to buy a refrigerator on EMI or use it like an AC Loan or a Travel Loan. To get started, download our Personal Loan App here or register on our website.

FAQs on Financing Your Expenses with Instant Personal Loans

How can I buy a refrigerator on EMI?

To buy a refrigerator on EMI, you can get an instant personal loan from Fibe. We offer loans up to ₹5 lakhs for all your personal needs without any end-use restrictions.

Can you get a loan for appliances?

Yes, a home appliances loan is a personal loan that you can take to refurbish your home with the latest appliances.

Can I buy home appliances on EMI?

Yes, with the Fibe Instant Personal Loan, you can get a home appliances finance solution and

shop for refrigerators, washing machines, microwaves and air conditioners on EMI.

How to take a washing machine on loan?

To apply for a washing machine loan, download the Fibe Personal Loan App and register. Once your application for an instant loan is approved, you can use the funds to shop for a washing machine of your choice.

Can I get a consumer durable loan?

Yes, on Fibe, you can get consumer durable finance in just two minutes with easy-to-meet eligibility criteria and minimum paperwork.