Can I Apply for a Personal Loan Using an Aadhar Card?

With the recent advancements in the financial sphere, personal loans have been made readily available with little documentation required. Aadhar Card Loans have been rapidly rising in popularity as they allow consumers to acquire a personal loan without having to go through the hassle of complex paperwork. Unlike traditional bank loans, they are completely hassle-free. 

What documents do you need for Aadhar Card loans?

The introduction of the Aadhar Card as a viable paper-less e-KYC documentation has had a significant impact on the country. Aadhar Card automatically fills up the biometric information required for the eligibility criteria behind acquiring personal loans. You can use your Aadhar Card as ID proof or address proof during the documentation process. Therefore, the days of carrying a heap of files with you to the bank are long forgotten! However, you must carry your salary statements, PAN Card, and bank statements for the successful approval of your personal loan.

personal loan, aadhar card loan, financial wellness

Role of Aadhar Card in Personal Loans

A personal loan is every man’s savior during treacherous times. Whether it is a medical emergency or household requirements, you can easily apply for a personal loan to lend you a helping hand. Make sure you submit your KYC (Know Your Customer) documents before applying for a personal loan using your Aadhar Card. The KYC documentation ensures prevention against fraud and money laundering activities. The option of providing your Aadhar Card as a means of identity proof has made the process of acquiring personal loans twice as easy since the ordeal of going through biometric checks are a thing of the past. Personal loans are usually taken up during emergencies and the fast-track process of Aadhar Card verification ensures quick, timely approval of the personal loans. 

personal loan, aadhar card loan, financial wellness

Aadhar Card Loans on Fintech Platforms

Using an Aadhar Card for personal loan approval is easy. You just need to carefully go through a few steps and you’ll be good to go. Online banking processes have had a significant say in how loans function in the current world. 

Nowadays, the process has been made even easier with online methods of loan application coming up every day. Several fintech developers – like Fibe – have put their efforts into creating platforms where you can compare and contrast various personal loan deals along in a few simple and easy steps. Fintech companies work closely with their respective partner banks to ensure top deals and discounts, attractive offers, and low-interest rates curated for you. 

personal loan, aadhar card loan, financial wellness

How to apply for Personal Loans with an Aadhar Card?

You can apply for personal loans during emergencies and otherwise using a few simple steps. Here’s what you would need to do-

  • Download the Fibe (formerly EarlySalary) app.
  • Fill in your application for a personal loan. Enter the required personal details and specify your loan requirement. Your Aadhaar card details will be required here.
  • Submit the application upon its successful completion. 
  • Once your details get verified, your personal loan will get approved within minutes and the stipulated amount will be credited straight to your bank account.
personal loan, aadhar card loan, financial wellness

The process is relatively easy and cost-effective. It saves time and effort while delivering what it promises. Taking personal loans using your Aadhar Card is a wise choice in today’s world where everything is making a shift towards digitalization, and Aadhar Card has been deemed as highly important by the Indian Government.

Feel free to contact us for any questions on credit, loans, and your instant cash needs! We’re listening all

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

Frequently Asked Questions

Can I avail of a loan only with my Aadhaar card?

Yes, you can get financing on your Aadhaar card, however, is at the lender’s discretion. They may need a few other documents such as income proof in order to process your personal loan application.

How much loan amount can I get with an Aadhaar card?

With an Aadhaar Card, loan amount you can avail of depends on the financial institution’s policy and your creditworthiness. At Fibe, you can get instant cash of up to ₹5 lacs within minutes.

Can I get a CIBIL score with an Aadhaar card?

No, you need to submit your PAN Card, passport, voter ID, or driver’s license to check your CIBIL score.

Is Aadhaar mandatory for a personal loan?

No, an Aadhaar card is not a mandatory document to get a personal loan. But keeping your Aadhaar card handy while applying for a loan, makes the application process much easier.

Can the CIBIL score be checked by an Aadhaar card?

No, your PAN Card, passport, voter ID, or driver’s license is required to check your CIBIL score.

How Moms Staying At Home Can Become Money Masters

Let’s be honest, being a stay-at-home mom isn’t an easy life. Changing diapers, feeding your little one, and taking care of other chores at home makes the entire day seem like a blur for most. Moms who are enthusiastic about going out and working fail to make enough time to make the amount they need. 

So, how do they fix this? 
Simply enough, they find work from home mom jobs which allows them to flexibly work at their own pace. Thanks to the infamous lockdown as well, not only are moms working at corporations but are also establishing businesses themselves! 
Let’s look at some ways how you can too join the band and earn money, being a stay-at-home mom!

Be a Freelance Writer

One of the best ways you can make some cash behind a screen is freelancing, where there’s no commitment to work hefty hours. Just merely get in touch with a client who needs the content you can provide, write when your baby’s taking a sweet nap, and voila, you’ve just made an earning from it! It is basically a win-win situation for all!

Open Your Etsy Shop

Are you a creative mom and are usually complemented for your art and craft? Then this next pick will fit your bill just fine. You can try your hand at trading on Etsy. This is an e-commerce website that enables independent sellers to get together with clients. Here, you can sell various products such as jewelry, handmade items, vintage goods, crafting supplies, printables, and much more. 
This is perfect for a mom’s wanting to earn from something that she enjoys doing. You can start by creating an account and accordingly, Etsy will charge a small amount on every item listed for sale. And once you have finished setting up the profile, you can start selling! 

Start a blog

Blogging is probably one of the most flexible jobs from home mom jobs out there. You can just brainstorm and write about the stuff that interests you, ranging from cooking to parenting skills and tips. You can do this at your own pace and comfort rather than chasing deadlines. Several free websites would allow you to publish your blogs, for example, WordPress, Google Sites, and Blogger. 
Once you have set up your blog, you can start earning from it in multiple ways. At the outset, you can include affiliate (partnered) links into your content and earn commissions. The best thing is you don’t need to meet any deadlines because you set them yourself!

Become a Teacher

Ever wanted to experience what teaching is like? Well, good news, you can apply to be an online tutor. Even if you wish to work for yourself, you can set up online classes with hourly rates. Try organizing the classes in fields you’re best at (Art, Music, Language) and also ensure to keep no age restrictions so you attract more people interested in learning new skills.
To conclude, millions of mothers around the world have now switched to earning from home. Since most of these jobs are adaptable and quite straight forward. These were some ideas that could possibly help you earn a pretty decent income despite your hectic schedule. Especially, during the pandemic where several moms have tried these methods of earning and have progressively achieved a lot. Now so can you! 
Of course, some of these endeavors may require a bit of fund to begin with. For those needs, we at Fibe are more than happy to help. With instant loan options available right on your smartphone via the Fibe app, enabling your dreams is now a matter of a few touchscreen taps.

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

Republic Day Financial Pledge: Start Your Journey Towards Financial Freedom

Financial freedom isn’t about being super-rich. It’s about having enough savings, investments, or steady income to live life on your own terms without constantly worrying about money. If the question occurs, ‘what is financial freedom?’ Simply, it’s the confidence that your finances won’t hold you back from your dreams. It also means achieving financial security—where your money works for you, not the other way around. 

As we celebrate the 77th Republic Day on 26th January 2026, a day that stands for independence and responsibility, it’s the perfect time to take a fresh pledge — a pledge to become financially independent. With rising expenses and changing lifestyles, now is the right moment to rethink how you manage your money and learn how to get to financial freedom, one smart step at a time.

Why is Financial Freedom Important?

Financial freedom gives you control over your choices, your future and your peace of mind. It allows you to handle emergencies, plan big life goals and face uncertainties without panic. One major reason this matters today is inflation.

Why inflation affects your financial freedom is simple: as prices rise, your money’s purchasing power falls. Without proper planning, saving and investing, even a good income can feel insufficient.

Simple Tips to Achieve Financial Freedom

Here are some practical and achievable steps to get started:

  • Track your income and expenses

Knowing where your money goes helps you cut unnecessary spending and save more intentionally. You can track your income and expenses using budgeting apps like Walnut, Money View, or ET Money, or keep it simple with a monthly expense spreadsheet or a daily spend tracker.

  • Set clear short-term and long-term goals

Whether it’s travel, education, or retirement, defined goals keep you financially focused.

  • Build an emergency fund

Having a backup ensures sudden expenses don’t disturb your monthly finances or long-term plans.

  • Invest wisely with asset diversification

Asset diversification simply means not putting all your money in one place. Instead, spread it across options like mutual funds, fixed deposits, or RDs. A good starting point is to keep investments or savings equal to 3-6 months of your expenses as a safety net. This balance helps reduce risk and keeps your money growing steadily over time.
Remember, the ideal mix depends on your financial goals and how much risk you’re comfortable taking.

  • Manage debt responsibly

Loans can help when used wisely, but EMIs should always fit comfortably within your budget.

  • Review your financial plan regularly

Life changes, income changes but your financial plan should evolve with them.

Using Loans Smartly in Your Financial Journey

While savings and investments are crucial, there are times when expenses can’t wait. A well-planned loan can help bridge the gap without derailing your goals. The key is to borrow responsibly and ensure repayments are manageable.

Use Cases Where Loans Can Help You Move Forward

When used wisely, loans can support important life needs such as:

  • Education expenses to invest in long-term growth
  • Medical emergencies without exhausting your savings
  • Travel plans that don’t need to be postponed
  • Shopping or festive needs managed through easy EMIs
  • Bill payments or short-term cash gaps handled stress-free

Take the Republic Day Pledge

This Republic Day, let’s pledge to be more mindful of money. Save consistently, invest smartly, borrow responsibly and stay prepared for uncertainties. Financial freedom isn’t built overnight — it’s built through small, disciplined choices made every day.

At Fibe, we understand that life doesn’t always go as planned. That’s why we offer instant personal loans that are quick, transparent and flexible. 

With Fibe, you can get up to ₹10 lakhs in just a few minutes with flexible repayment tenures starting from 6 months to 36 months. Download the app today!

Frequently Asked Questions

What are the best money habits I should adopt this Republic Day?

Start budgeting, save regularly, diversify investments and avoid unnecessary debt.

What does financial freedom really mean in daily life?

It means covering expenses comfortably, handling emergencies calmly and making choices without constant money stress.

How can financial freedom reduce stress in my life?

When you’re financially prepared, unexpected expenses feel manageable instead of overwhelming.

How do I become financially independent in India?

By building disciplined saving habits, investing with diversification, managing debt responsibly and planning long-term.

Can taking a personal loan affect my financial freedom?

Not if used wisely. A well-planned personal loan can help manage important expenses without disturbing long-term financial stability.

How To Win Over The Impulse Of Online Shopping War

On average, 42% of us overspend online, later having to deal with the financial repercussions, according to a CouponFollow report. Many of us even use credit cards on such splurges, making the whole event even costlier, as not paying the full amount due will attract hefty interest rates. This may even lead to a vicious cycle of debt traps or worse, insolvency. We’ve already shared tips on how to get out of debt problems, but this article is focused more on proactive measures, rather than after-the-fact tips.

What makes this problem even worse is the fact that we might not have really needed, or wanted the product, but fell into the allure of clever marketing strategies by the giants in the eCommerce platform. 

If you’re one of the people prone to overspending, or a young adult looking for ways to avoid such mistakes in the future, you’re in the perfect place. Here are EarlySalary’s top 5 tips to win the war against the online shopping impulse. 

Make a Shopping List

In yesteryear times, making shopping lists for items that are required to be purchased from local, physical stores used to be a regular chore. However, with the ease of ordering online, the practice has slowly disappeared, ushering in an era of purchasing things that aren’t essentially necessary, nor affordable. Making a shopping list, before you visit the website (yes, website, you’ll understand the significance later) of your choice, can directly limit how much you spend on your shopping “trip”. 

Sticking to what you need can be easier when you have a physical list to adhere to, and as a bonus, you will have a rough idea of how much you’re about to spend before you even visit the platform. 

The 24 Hour Rule

The problem with splurges is the fact that they happen impulsively, without much thought put into whether or not it was necessary. While some of the impulses can be controlled by making a shopping list, you have to rely on these other tips when that fails. The 24-hour rule is simple. If you’re purchasing something online which is not on your shopping list or isn’t an emergency purchase, wait 24 hours before committing to the purchase. 

This period of 24 hours will let you have enough time to go over your budget at least once and let you decide if this purchase is something you really want to make. More importantly, this thinking time will reduce the impulse part of the purchase and will help you make rational purchase decisions.

The Alt ID lifehack

One of the common reasons we get sucked into the whirlpool of online spendings is because of the thousands of offer emails/messages we receive on a daily basis. That being said, we can not really afford to sign up with a valid email id or phone number, as they are essential to help your track your purchase and ensure safe delivery. 

The solution to this debacle is simple, sign up with an alternate email id and your secondary phone number. If you don’t have either, creating a new email id is free, and if you don’t have a secondary phone that you can use, try a spam filter that weeds out the offer messages that you get from the tech giants. As the often misquoted saying goes “what you don’t know, can’t hurt you”.

Uninstall, the mantra to success.

Another reason the whole process is impulsive is because of the instantaneous and intangible nature of online shopping. While going to a physical shop is the only way to tackle both of the problems at once, uninstalling the various shopping apps can go a long way. 

Yes, granted, sometimes, these platforms do provide an app-only offer, but if you really think about it, these offers often accomplish in making you spend more than you set off to. If you do really want to/have to shop online, having the extra friction of searching from websites definitely helps. Also, adding to the previous tip, uninstalling apps will mean fewer offer notifications, stopping you from visiting the platform in the first place.

If you’re gonna do it, be clever

For most of us, the last time we overspent, isn’t gonna be the last time overall. We may lapse again, and it’s completely fine. While we may lapse again, it is prudent to set up measures and outs to reduce the negative impacts of overspending. Such measures include:

  1. Opting for cash in delivery (increases tangibility, and the negative response associated with parting ways with hard-earned money)
  2. Using Debit cards (not credit)
  3. Using EMI cards, or shopping loans that are cheap (like Fibe shopping loans)

While the last tip won’t necessarily help you prevent all of the negatives from an impulsive purchase, it will help you go into “damage-control” mode, and often help you get back to being rational before the purchase is completed. 

Even if it isn’t the case, at least, you need not pay interest rates above 40%. The damage will be limited to the amount you spend, and cheap interest rates (as low as INR 9 a day), greatly reducing the impact of your impulse purchase. 

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.

Same Day Loans: Solution to Your Urgent Financial Needs

There may arise times when you have financial emergencies where urgent expenditures can’t wait. Half the people in the country are underprepared for medical emergencies. When you own a small business and need to buy machinery or pay your staff or come across a medical emergency, you need instant cash flow to fulfill your needs. It can be extremely difficult to gather funds on such short notice. 

Applying for a personal loan can seem like a viable option, but how soon are personal loans approved? Stats show that 32% of millennials’ credit loans were rejected in 2020. However, with the evolution of the banking sector, seeking financial assistance has become very easy & quick today. Same day loans can be lifesavers in getting you out of any such urgent financial jams.

What are the Same Day Loans?

Same Day loans or Instant cash loans are funding solutions available to people whose need for financing is high within a short span of time. They are short-term loans that are unsecured and largely work like personal loans. As evident from the name, same day loans give you access to funds on the very same day or (practically) within 2-3 business days that you apply for the loan. 

Some Features of Same Day loans

Immediate disbursal

Disbursal of the money is either done on the same day or within 2 to 3 business days maximum. This makes this type of loan one of the most sought after options when it comes to urgent money requirements. The maximum amount of money you can avail a loan for will vary based on various schemes. No more going to the banks for hours and hours of paperwork and undergoing the stress of all documentation required, which brings us to our next key feature.

Online Application

Same Day Loans can be applied online from the convenience of your home if you have a computer or even a phone. This feature helps you save a lot of time, commute expenses, and effort. Complete the process within minutes, get the loan approved within hours, and receive the money immediately. Same day loans are provided by neobanks (banks that operate exclusively online without physical branch networks) or lenders that have adopted fintech lending into their system.

Minimum Documentation

The main requirement to avail the same day loan is to have a bank account and share some minimum personal and financial details. These don’t require any extensive documentation as other traditional loans do. You also don’t need to disclose the purpose of the loan which reduces further documentation. 

No credit checks or collateral

These loans are often availed by middle and lower-middle-class people and thus, no credit checks, no collaterals, or guarantors are involved. Anyone can avail same day loans irrespective of their financial backgrounds. This particular feature is highly in favor of the borrowers. 

Some pitfalls to bear in mind

High-Interest Rates

Same Day Loans have extremely high-interest rates because of their key features. The interest rates are similar to payday loans – about 400% on average. While the interest rates per day may seem manageable, they skyrocket when annualized. To put that into perspective, many personal loans charge about 4-36% interest, while credit card interest ranges from about 12-30%.

Debt trap

Not being able to repay the loan on time, can put you into some serious trouble. The downward spirals of the debt cycle incur huge penalties and additional costs. This makes it impossible to repay going ahead, making the probability of a vicious debt cycle extremely dangerous.

Final Word

Same day loans are the quickest and most convenient way to raise funds in a short span of time. Don’t borrow more than your repaying capacity so that you don’t feel burdened while repaying it. Read all the terms and conditions carefully before you sign the loan agreement to ensure they are in favor of the borrowers. 

At Fibe, you can get instant cash right into your account by availing of loans for up to 5 lakhs. Witness how the power of fintech can make the same day loan application process faster and easier!

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.

How Much Personal Loan Can I Get Based On My Salary

A personal loan is a relatively easier loan to procure when you’re facing unprecedented financial emergencies and ensures that you have access to funds when you need them the most. However, the amount for which you can get personal loans can vary due to several reasons, mostly centered around why you need it and what your income or salary is. Instant personal loans are a convenient way of managing financial emergencies and expenses, and one of the reasons why they are is because they are usually unsecured. This means that you don’t usually have to pledge any asset or offer collateral while applying for personal loans. However, there are a host of factors that determine the amount for which you can get personal loans based on your salary, which are as follows: 

  • Monthly income

Your salary or your income is the first and the most important thing that is considered when you’re applying for an instant personal loan. Even though you don’t have to give any security or collateral against the personal loans you apply for, since they are unsecured, you need to have an income that gives the financial institution certainty that you will be able to pay back the loan over a decided period. 

The higher your income is, the better chances you have at getting your instant personal loan approved quickly by various lenders. Moreover, your salary will also determine how high or low the interest rate will be for your personal loans. Hence, if your income is above the risk limit, you can procure personal loans in a fairly easy manner. Usually, 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.

  • Credit score

A credit score refers to the three-digit number, ranging between 300 and 850, which is calculated using your credit report, credit history, and the debts you have. This reflects your overall credit history, and how diligent you have been when it comes to paying back loans on time. 

The higher your credit score is, the more creditworthy you appear to the lender you’re seeking an instant personal loan from. Your credit score will also determine one of the most important factors that you need to consider when taking out personal loans – the interest rate on the loan. Again, the higher your credit score is, the better the rate will be for your future personal loans. 

  • Age

Another important factor that is considered when you’re applying for an instant personal loan is your age. This is because the younger you are, the more working years you will have to repay the loan to the respective financial institution. A majority of financial institutions prefer personal loan applicants who fall within the age bracket of 23 and 58 years. If you’re an entrepreneur, the preferred age bracket is considered to be from 28 to 65 years. This is higher because you have the possibility of working even past the usual retirement age, primarily due to the self-employment factor. 

  • Size of the loan

The size of the instant personal loan also determines if you are eligible for it or not, and this differs in different financial institutions. Hence, when you’re applying for personal loans, factor in your current salary, and ensure that it is of a reasonable amount. Applying for an exorbitant loan may lead to subsequent rejection if your income or credit score is not proportionate or supportive of the magnitude of the loan. 

  • Current loans and liabilities 

Finally, another factor that is considered when you apply for a personal loan is your existing liabilities and loans that need to be repaid. If you have an existing loan that you’re currently repaying, the lender wants assurance that you will be able to pay back the new and existing loans on time. Hence, your monthly salary should be adequate to accommodate your current and potentially new loan repayments without any delays. 

Instant personal loans, such as the ones offered by Fibe, are becoming popular and are preferred over traditional personal loans due to their quick and convenient nature. Fibe is a pioneer in this regard as they simplify the application process by making it online, and requiring minimum documentation. If you’re thinking of applying for an instant personal loan due to a financial emergency, Fibe is your best bet as you get convenient and suitable repayment options with reasonable interest rates and no repayment fees, in case you repay the loan earlier than anticipated. 

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 be a part of the #OneSmallStep experience.

You Don’t Have To Wait To Build Your Dream Home

Everyone dreams of having the perfect ‘home sweet home’, but in the end, end up waiting. You could lose the opportunity to buy your dream home if you are waiting for property prices to come down or better days to come to buy that home. “Buyer paralysis” – or, as it is popularly known these days, the ‘wait-and-watch’ syndrome – is one the main reasons today why aspiring homeowners do not make their move. There are various reasons why people prefer to sit on the fence rather than in their dream home,” said Arvind Jain, managing director of Pride Group.

There could be several reasons why people wait for getting their homes. It could vary from person to person regarding expectations, and objectives. But once you get that home, there is a possibility of a reduction of your financial woes. Here are some of the tips which can be followed to get your dream home sooner.

  • Being financially disciplined: This is the most important factor to be considered. The down payment amount goes from their own pockets, and if they are empty, the dreams will be shattered. A fund should be created especially to pay your down-payment. This could be done by expanding the income portfolio, cutting on debts and extraordinary expenses. The down-payment value can range from anywhere between 10-25% of the property value, and accordingly, the fund should be set up.
  • Budgeting: Consider this moment of buying your dream home a crisis, and create a budget. Categorize your expenses into useful and non-useful. Follow some rules and try sticking to that budget. There are many ways through which one can improve their budgeting skills. Check out EarlySalary’s blog on tips for adjusting your budget when facing a crisis to help you with your budgeting needs.
  • Knowing your dream home: Find the exact details about your dream home. Does it have the required bedrooms? Does it have the additional facilities you wish? Is the location of the place suitable? Asking these questions and finding their answers would help in making your decisions very clear about your dream home. This will also help in determining the cost of your house. And the cost should be quite in line with your financial goals; otherwise, one might be troubled with paying EMIs later.
  • Save and invest: Saving is the primary objective while planning to get something. But just keeping money aside won’t help you reach your goals. It should also be invested. Depending on the type of savings deposit accounts, one may earn from 2-10% of interest on their amount. But on the other hand, investment in other modes like mutual funds can give you 10-15% of interest. Although the risk factor increases, the higher the risk, the higher the gains.
dream home
  • Future EMIs amount: If the amount for future EMIs can be set aside before-hand, it completely eases your shoulders of the financial burden. An EMI calculator will help in determining the amount to be paid at regular intervals. This could be done by channelizing your savings and investments. This will give you an idea of paying your bills soon.
  • Preparing for other expenses: Expenses like stamp duty, registration cost, title deed changes’ memorandum, water, and electricity connection, furnishing, etc. would naturally occur when you get your dream home. Given the several costs associated, the aggregate amount is not going to below. Although they are difficult to accurately estimate, a certain portion should also be set to prepare for these incoming expenses.
  • Availing tax benefits: Upto Rs 2 lakh can be claimed as a tax deduction on the interest paid on home loans under Section 24 of the Income Tax Act. And under section 80C, a deduction can be availed up to Rs 1.5 lakh on the principal amount repaid.

Buying your dream home is never an easy task, but delaying it would mean an increase in related expenditure despite increasing income. Finding good home loans on various sites and apps will help you in making certain decisions. India’s Largest Instant Personal Loan & Salary Advance Platform, Fibe provides instant cash loans up to Rs 5 lakh without any prepayment charges and a flexible repayment period. You can learn about applying for a house loan from here too applying for a Home Loan.

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

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

Let the Lohri Warmth Turn Your Debt Problem Away

The new year festivities are nearly not over and Lohri, another popular festival, is right around the corner. While it is all fun and frolic while the festivities are going on, all the expenditure during this time can burn a hole in your pocket. 

The new year shopping coupled with the financial hangover from the Christmas gifting has thrown the entire financial planning out of the window for most of us.  So, this Lohri, along with celebrating the end of the winter season and welcoming the spring season with open arms, throw all your debt problems out of the picture and embrace a more holistic and futuristic take on proper debt management and financial planning. 

Make the best amends in the current situation 

While the festive season is almost done, its impact is showing on the bank balance of most people. In order to get hold of the situation and to take the first step towards a more sound financial position, you can keep the following tips in mind: 

  • Do a thorough financial position analysis. Take stock of all your savings, expenditures, incomes et al and mentally map what has been done during the season. This will provide you with the requisite base to plan a more effective financial plan for the future. 
  • Start planning about savings and building an emergency fund for any rainy day to come. Start being mindful of where you are spending your money and try to cut down on as much unnecessary expenditure as you could. It may mean watching out the impulse buys online or random road trips with friends for at least a few months.
  • Make a tentative budget and stick to it for some time. A planned approach to handling finances goes a long way in making your financial conditions improve. 
  • While you are at it, try to pick up some alternative source of income, big or small. It can be a paid internship on the side or a freelance project that you could work on. Along with being great for your personal growth, it can go a long way in making up for the financial hangover caused by the festive season. 

How to manage your debt problems and move towards a more financially secure future 

After having evaluated the current financial ground that you stand on, taking care of the existing debt, and also evaluating the need for fresh credit comes to the focal point. 

Here are a few tips which can help you sail through your existing debt while showing you the avenues for a fresh line of credit if the situation so demands: 

  • If you are stuck in a situation of a debt trap, with the repayment of multiple loans and other forms of credit looming on your head, it is high time to take stock of the situation and probably take steps towards debt consolidation. It essentially ensures that the total number of lenders are significantly reduced and it becomes much easier to track the repayments and also negotiate for a lower interest rate. 
  • If you feel a dire shortage of liquid funds, you can always opt for instant cash loans. Organizations like Fibe can offer you instant cash loans with minimum formalities and very low-interest rates. It disburses the amount instantly directly to your bank accounts, at just a simple click. Visit their website to know more.  
  • Do some constructive financial planning which involves investment in diverse portfolios, setting up saving goals for the next year, or even plan the payment of your taxes ahead of time. All this will give you a birds-eye view of your financial position which puts you in a better position to make any major financial decision. 
  • Last, but not least, consider getting yourself a Credit suite.  A credit suite is a neatly packaged and carefully curated bunch of digital credit services. With all features like credit cards, salary advances, instant personal loans, and the Buy on EMI option, all integrated with one place, it can make your financial planning a cakewalk. 

While the concept of a credit suite is up and coming in the Indian Market, Fibe has already announced its first-ever Credit suite. Fibe is the market leader in this segment and offers all the abovementioned services, and more, all integrated on one platform. Its quick response time, easy processing, and instant approval of credit are what make Fibe the most preferred online loan lenders in India. 

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

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How To Invest Wisely For Your Child’s Goal

Bringing a new life into the world brings with it, a lot of responsibilities and financial liabilities. Children can be molded into their best versions through education and it’s one of the biggest cash outflows (not the only one) that a family has to plan for. According to a report by the Hong Kong and Shanghai Banking Corp. Ltd (HSBC), Indian parents spend an average of $18,909 (Rs 12.2 lakh approximately) on their child’s education. The global average is $44,221. 

Financial planning for your children’s future is no easy task. Saving and investing in an extemporary manner certainly won’t help. You need to identify the appropriate investment options at the right time to meet the financial goals set for your children. Here are some investment tips to follow for better financial planning for your children.

Start Early

With early saving and investing, comes the benefit of an extended tenure and the opportunity to earn higher. The best time to start financial planning for your children is when you know you are planning to have a child sometime in the near future. A delayed start can put other financial goals at stake. 

If you start early enough, you’ll have the best returns if you invest in long-term risky asset classes such as equities. By doing so, on top of you stockpiling a large sum, the money will gain from the power of compounding. The later you start, the better off you’ll be if you incline your portfolio towards the debt from equity.

Take Inflation into account

Stats reveal that the cost of any professional degree doubles in 6 years. Factoring the rate of inflation in the financial planning for your children is thus essential. Approximately calculating the amount required, taking into account the inflation, and working towards achieving that goal is highly advised. This will help the parents be mentally and financially prepared for the repercussions of inflation in the future. 

Opting to invest in a long-term mutual fund is the easiest way to invest in equities systematically, at regular intervals (through SIPs). One key feature of mutual funds is that they automatically correct the amounts in accordance with inflation. Mutual funds are professionally managed, tax-efficient, and also have a provision of working with smaller amounts. They are ideal for saving money for key milestones in your life like your child’s education or marriage. Investing in mutual fund schemes in the name of your child (no age limit) without any restriction on the investment amount can prove highly beneficial in the future. 

Insurance Policies that include Partial Withdrawal Plans

You may have invested in different asset classes to achieve good financial planning for your children. It’s equally important to have adequate insurance cover, to tackle unforeseen circumstances and dangers in their lives. While you’re at it, it never hurts to be well prepared for emergencies. Make contingency plans and put together a child education fund that helps you overcome your financial crunches easily. Choose to invest in such funds that at times of emergencies, they come with a provision of partial withdrawal. 

One of the most prudent financial instruments in the markets you can opt for is unit-linked insurance plans (ULIPs). They offer the dual advantage of both insurance and investment. ULIPs invest in the market through various funds of varying degrees of risk for long-term wealth creation and Partial withdrawal is among the several advantages offered. It allows you to withdraw money for your needs from the accumulated fund value.

Review your financial plans from time to time

Make it a point to review your financial strategies periodically to ensure better financial planning for your children. By doing so, you’re more likely to account for the factors that may eat at your potential savings in the future otherwise. You can account for an inflation rate change, cost of living change, and much more by reviewing your portfolio from time to time. Also, remember to rebalance your portfolio at the end of each year. Rebalancing essentially boils down to selling an outperforming asset and investing the proceeds in one that is underperforming.

One final piece of advice – five years before your goal, start shifting your money out of equities to the safety of debt.

Final Word

Financial planning for your children in the future goes far beyond just keeping aside money for their future. It’s important to invest wisely so that you double or even triple the amounts you keep aside for them. Start instilling the habit of saving in your children. Let your kids understand the worth of money so that they start spending wisely from childhood and help them understand the value of hard-earned money.

In the case of poor financial planning for your children or need for more money, you can always go for School FeES – a tuition fee loan provided by Fibe designed to ease the burden off parents’ shoulders.

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

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Know The Difference Between Credit Lock And Credit Freeze

Scammers opening a credit card or loan account in someone else’s name has become a rising concern. After all, the famous data breach at Equifax in 2017, which exposed the personal information of 147 million people, garnered worldwide media attention. 

When scammers open such accounts, they can run up purchases or take loans in your name and not pay the money owed. This can leave you with debt, which can eventually lead to bankruptcy or negatively affect your credit report. This affects your ability to acquire loans and other forms of credit in the future.

Luckily, there are ways to protect and block credit reports from swindlers, and two of them are by initiating a credit freeze and a credit lock. The terms “credit freeze” and “credit lock” are used interchangeably and understandably so, because they offer similar protections. However, there are some minor differences between them. To understand what is a credit lock and freeze, their differences and more, read on.

What is meant by Credit Lock and Credit Freeze?

Both credit lock and credit freeze restrict access to your credit report and help protect you from identity theft and/or fraud. When you freeze or lock credit report, it restricts lenders or creditors from accessing your credit file. This helps prevent new credit from being taken under your name.

You can get in touch with all the major credit bureaus to either freeze or unfreeze your credit. The main Indian credit bureaus are CIBIL, Experian, Equifax and CRIF High Mark. 

How to freeze/unfreeze your Credit?

The process of freezing your credit information is free and does not require any fee. To initiate a freeze with each of the major credit reporting bureaus, follow these steps:

  • Get in touch with the bureau and provide your personal information
  • Get a PIN, which you can use later to thaw or unfreeze your credit
  • Manage your credit freeze/unfreeze based on your requirements

If you cannot supply your PIN to unfreeze your credit, you can still lift the freeze, which will now need additional identity verification. Credit bureaus are required to freeze credit within 1 day from the date of getting a request. They are also required to lift the freeze within one hour of getting a request. 

How to lock/unlock your Credit?

  • Download the credit bureau app or visit the website
  • Log in with your username and password
  • Lock/unlock with just a tap

Unlike a credit freeze, a credit lock lets you control access to your credit report directly via smartphone apps or a secure website. This is an easier and more temporary way to protect your information with no delays. Credit locks make it easier to unblock your data when you want a lender or creditor to be able to check your credit.

Credit Freeze VS. Credit Lock

Here’s an overview of the difference between a credit freeze and a credit lock:

ParticularCredit LockCredit Freeze
PurposeA preventive measure to keep sensitive information secureWhen there is a high risk or suspicion of a data breach
FeeVaries depending on the bureauAvailable for free from all bureaus
Time takenImmediate24 hours to freeze and 1 hour to unfreeze 
Security levelComparatively low, using ID and passwordHigher, with PIN requirements

Why a Credit Freeze is a better choice?

It is comparatively simpler, easier and quicker to lock and unlock credit than freeze or unfreeze it. However, in most cases, putting a freeze on your credit is a better way to protect yourself from fraud. 

Here’s why.

  • Credit freezes are regulated by law 

This makes it a more secure option. On the other hand, a lock is regulated by the contract between you and credit bureaus. The contract may have terms and conditions that aren’t favourable for you. For instance, there may be an arbitration clause that prevents you from participating in a lawsuit. Moreover, a freeze offers better protection against liability in case a fraudster/scammer accesses your credit profile. 

  • Credit freezes are free 

This makes them a more cost-effective option, considering they also offer better security when compared to credit locks. The latter is expensive (since you have to pay a fee) and less secure.

Final Word

Now you know what is a credit freeze and a lock and the difference between them, decide on the one that works best for you. If you are likely to open new credit accounts frequently, credit locks would be much easier to manage your access to credit information. 

However, credit freezes are cost-effective and the more secure option. As a habit, checking and examining your credit report frequently can help you detect fraudulent activities before any damage is done. 

If you need a Personal Loan and your credit is locked or frozen, there are instant loans available at Fibe (Formerly EarlySalary), where your credit reports matter little.

With a 2-minute digital application, you can get funding of up to ₹5 lacs at an affordable cost enabling you to address instant cash needs without any hassles. Download our Instant Loan App or log in to our website to get started.

FAQs on Credit Lock vs Freeze

How to unblock my credit report?

The process to do so depends on the bureau with which you block your credit profile. Generally, you will need to log in to your account and provide the PIN to manage your freeze/unfreeze status. In case of a lock, you can take care of unlocking it by logging in with your user ID and password too. 

What is a credit lock vs a credit freeze?

While both allow you to block access to your credit profile, a credit freeze is governed by law. However, when you lock credit report, it is regulated by the contract you have with the bureau. Generally, a credit lock is a preventive measure, whereas a freeze is for when you suspect fraudulent activity.

Is it better to freeze or lock your credit?

The better option between the two depends on your purpose and use of credit. A freeze offers better protection, and as such, the process of unfreezing can be longer. A lock, on the other hand, is quicker to access and unlock but does not offer the same level of security. 

A freeze is a better option when you suspect fraudulent activity and want to completely block credit access. However, a credit lock is more of a preventive measure, ensuring access is available only when you want to.

What is a locked credit report?

A locked report is a way to block credit access, and you can manage it with a single tap or by logging into your account. It restricts lenders and other financial institutions from accessing your credit information and helps prevent any unauthorised activity. 

How to lock credit reports for free?

The cost of a credit lock depends on the bureau with whom you want to lock the report. However, initiating a credit freeze is free. 

How do you initiate a credit freeze?

To initiate a credit freeze, you can get in touch with the bureau’s service centre through the official website or app or ask them to initiate a freeze. 

Why should you lock your credit report?

Initiating a credit lock restricts unauthorised access to your credit profile, thereby helping you protect yourself from fraud or identity theft. 

Do both spouses need to freeze credit?

If you have joint credit accounts and one of you suspects fraudulent activity, then yes, both spouses can initiate a credit freeze. This is because the impact of identity theft in one account may affect the other’s creditworthiness. However, doing so is not mandatory.