Impulsive shopping habits hurting your budget? Introducing Shopping Loans

The idea of a satisfying shopping experience lies not in denying yourself of anything but in curbing the habit of impulsive spending. Many of us who use retail therapy to uplift our mood without thinking about money while shopping, later end up feeling guilty about ruined finances. 

Our emotions play a big role in our shopping decisions and this is what marketers around the world aim for when they work on promotional strategies. Hence, to resist and to keep more money in your pocket to fulfill your needs and wants, create a backup option to splurge when you want to. Here in this blog, we share strategies to help you beat the urge to spend mindlessly and balance your budget.

1. Plan the purchase 

The first step towards cutting down on unnecessary impulse shopping is staying within means with a list, and not randomly roam around the aisles looking for “bargains”. Understanding your sudden urges to refuse to buy something on an impulse will make you a smarter consumer and help you keep more of your money.

2. Differentiate between needs and wants

Whenever you are bitten by the shopping bug, ask yourself if the potential is a legitimate need or a want that can be fulfilled later. Spending decisions should be made with open eyes and mind. The golden rule is to remember that if you buy things that if you keep buying things that you do not need, you would soon end up selling things that you need. 

3. Time rule

Be patient and maintain a cooling-off period. If you see something that you like, make yourself wait for it. Take a walk, process all the information when your emotions have cooled and you’re thinking more rationally. If it would be for an impulse buy, you would forget about it, but if it was essential, you’ll remember it. 

4. Allot a portion of your budget to splurge

Budgeting depends on our saving behavior. If you successfully break the chain of hurtful impulse purchases that can cost you dearly in the long term, then you can comfortably give yourself a splurge budget. Clearance sales can be tempting, but no one wants to blow the monthly budget before the appraisals, would you?

It’s Ok to Make Impulse Purchases Sometimes

Impulsivity can become a problem if it starts to control your actions beyond rationality. However, sometimes it is fine to give in to your wants. With the growth in fintech, now you can easily avail an instant cash loan online. Online borrowing options such as a personal loan from Fibe can provide instant shopping loans without any documentation. 

Just download the Fibe app, upload your address proof, identity proof, and last three months’ salary slip. Your shopping loan will be credited in your bank account within 24 hours of your loan application. EarlySalary provides shopping loans at an interest rate as low as Rs 9/day and with flexible repayment terms and no prepayment charges.

Tie-ups with Amazon and Flipkart make your next online purchase affordable with flexible EMI options from Fibe. These loans can be used to shop anything ranging from fashion to smartphones, electrical appliances to gadgets, and a lot more. You can transfer your limit to the Flipkart wallet or Amazon Pay by redeeming gift cards, avail exclusive Fibe discounts during sales, and grab the latest deals.

Always borrow the amount that is sufficient enough to meet your current needs or requirements. In a world full of choices, it is easy to fall prey to decision fatigue and impulse shopping. Remember, each decision has a cost. Weigh your options and then put them in context!

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.

Remote Working Tips For Parents Working From Home During Covid-19

With our world turned upside down due to arguably the worst pandemic in history, all of us are struggling to keep going with our lives. The national lockdown has changed the way everything around us works, with a stunning proportion of organizations now looking to formally adopt a work-from-home structure for the long term. Life in lockdown is the new normal.

Even though there is a huge degree of flexibility that comes with the option of working from home, there are several allied problems that come along with it too. With schools being shut down all across the country in the wake of this outbreak, most parents working from home have been struggling with managing work commitments along with effective parenting and taking care of other chores.  All members of the family are stuck within the confines of their four walls, with the work-life balance out the window. 

However, the problem may not be as bad as it may seem and can be tackled efficiently if parents working from home take the following things into account:

  • Your partner is your best companion 

In a lot of families, with both the parents having their work lined up, it is critical that a sense of understanding is achieved wherein the task of taking care of the kids is equally divided. With chores clearly demarcated, it will be easier to manage both work and the kids. Both parents can mutually decide upon different working hours which would mean that at least one parent will be available for the kids while the other can work peacefully for that duration. 

  • Having a clear routine for kids as well as work 

Understandably, this time is no easier for the kids. With the schools closed and exams postponed indefinitely, there is a sense of chaos that prevails even in their lives. So, it would be helpful to have a proper time-table or a routine in place for them so that they are able to retain some sort of normalcy while not being a hindrance to the parents’ work. 

As a consequence of the kids following a set pattern for their lifestyle, the parent can effectively take care of the kids without undermining your work commitments. This can be done by opting for work timings during the late afternoon or early evening during which the kids are asleep or busy with some work after having their lunch. This way, they will not come in the way of the work, which can be dealt with, swiftly. 

  • Share your concerns and chores with the children 

With little or no external help for managing day-to-day chores at home, managing efficient work from the home session is more challenging than ever. To make things easier, you could share a few of the household responsibilities with your kids. It can be something as simple as watering the plants in the garden or organizing their bookshelf. This will surely take off a little load from you while delegating a task to the child to keep them occupied. 

Parents working from home
“Try and explain to the children as and when you are engaged with some important work. This way, you’ll be able to manage both your commitments – personal and professional – better.”
  • Encourage a hobby 

This may be an ideal time for parents working from home to encourage their kids to develop a skill or a hobby. Reading, playing an instrument, gardening, or cooking, developing a positive hobby will help channelize the children’s energy in the right direction and have a positive impact on their lives as well. Today, several online courses are also available which can not only stimulate and maintain interest from young ones but also help in their overall mental development.

  • Communicate clearly 

Having a clear discussion with your family about the issues that may be arising at present is important, now more than ever. This will not only ensure that they are dealt with in the most efficient manner, it will also mean that you can expect understanding from your kids when it comes to your office work. Try and explain to the children as and when you are engaged with some important work. This way, you’ll be able to manage both your commitments better. 

Last but not the least, it’s important to acknowledge that these are unprecedented times. The world needs to heal and so does every one of us. Don’t think of this as the only opportunity you’d ever have to showcase your productivity. Kick-off your shoes enjoy the slower pace of life for a while. Also, make sure to use this lockdown as an opportunity to spend some quality time with your near and dear ones. Take a break from your work and strengthen those family bonds, or focus on personal growth!

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.

Unsecured Loans Are Surging in Popularity. Here’s Why

If you have been following financial news anytime in the past couple of years, it is pretty evident that unsecured loans are gaining back some of the popularity they used to have in the yesteryears. The case used to be that the unsecured loans of those times lured people with low incomes to apply for loans that they couldn’t afford to repay. High-interest rates and a cruel penalty for non-repayment characterized the unsecured loans of the previous era. This often led to a vicious debt trap, from which people weren’t able to redeem themselves. That’s all changed now, and unsecured loans are now more than just viable. They’re popular.

So what has changed in a few years that has caused such a massive surge in the popularity of unsecured loans? Let’s find out!

Formalisation of The Sector

While it is true that unsecured loans are becoming popular, it would be more accurate to say that unsecured loans from established institutes have become popular. Banks and financial institutions have considerably changed their stance on unsecured loans in the past few years, allowing an increasing number of people to afford cheaper loans than what was possible before. Unsecured loans from loan sharks largely still remain unpopular and are used only by people without proper awareness, especially in rural areas. However, with the slow, but the steady formalization of the unsecured credit sector, people have largely gravitated towards unsecured loans, particularly instant loans online.

Development of Credit Scores

The development of credit scores provided by Transunion CIBIL, also called the CIBIL score, along with credit scores provided by other organizations is one of the more important reasons behind the change in the attitude of banks and financial institutions towards unsecured loans. Of course, the risk component that banks face on unsecured loans is considerably high, especially without collateral or security that they could fall back on in case of default. CIBIL scores, and other similar scores, give banks an idea of how credit-worthy an applicant is. This has made the risk analysis for the banks much easier, and with a reliable score to fall back onto, created a much better environment for the institutions to start allowing unsecured loans.

The Boom of Credit Cards

Credit cards are definitely an extremely important part of our day to day lives. The ability to purchase and enjoy now, and pay later which is a phenomenon brought in by the credit cards. It greatly improved the consumer lifestyle and mindset at large. Previously, lifestyle upgrades, or any upgrades for that matter, needed a lot of planning and saving up over a considerable amount of time. This hindrance, all of a sudden, is non-existent, and thus people flocked towards credit cards, and by extension,  unsecured loans. The massive popularity of credit cards sometimes led to consumers sometimes overdoing this and ending up having to pay a considerable sum as interest (around 3% per month is the industry average). This considerably costly interest penalty calls for a warning on getting too friendly with credit cards, but they remain a useful instrument in our daily life. 

Fintech Solutions & Online Loans: The Best Type of Unsecured Loans 

With the rapid rate of growth in technology, it has become possible for people to share data instantly without geographical barriers. This also means that it is now possible to apply for loans, upload the necessary documents, get the loans approved, and get the money transferred to your bank account possible within minutes. This also means no is wasted in physically going to a bank. The best part, however, has to be the cheap interest rates offered by Fintech companies. EarlySalary, the best instant loan app in India, offers quick and hassle-free loans with minimal documentation requirements and interest as cheap as INR 9 a day. Fintech solutions like instant loan apps have definitely made a lot of lives easier, and we have already compiled a list of the best instant loan apps available in India. We are immensely proud to be one of the reasons that unsecured loans, and by extension, people’s lifestyle has grown in our country.  

It is currently a strange world, with a lot of panic and stress caused due to the COVID pandemic. However, we are happy to announce that our services will continue running 24*7 for everyone in need of them. EarlySalary operates entirely online and will continue to support you throughout this dire period. Feel free to contact us if you’re in need of any financial assistance.

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.

What Will Blockchain Do To The Credit Market?

Compiled By: Anil Sinha
About Anil: He is the Head of Engineering at Fibe, with over 15 years of experience, Anil is passionate about technology and has strong Leadership skills driven by core human values. He has worked on various techno-functional leadership roles with hands-on code and delivered complex products in the space of distributed data processing, especially related to trade processing and risk analytics.

Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential
-Marc Kenigsberg, Founder Bitcoin Chaser 
Referred to as the next big thing after the internet, blockchain technology has amassed an ardent following across the globe, and Marc Kenigsberg rightfully substantiates the immense potential of this phenomenal technology. The rather attractive adoption curve of cryptocurrencies, especially by Bitcoin, the bellwether of the crypto industry, is a testimony to the revolutionary capabilities of this new generation miracle. 

The blockchain is often referred to as a ‘disruptive’ technology. The experiments on the integration of the blockchain in different industries, such as healthcare, insurance, telecom, or real estate have exhibited its potential in breaking traditional methods and establishing a new reformed way of operating. The results, early on at least, have been promising. They indicate the inevitable creation of a more transparent and decentralized model across industries. Of course, this is completely distinct from the ongoing private and centralized systems in place. 

One of the key industries where the blockchain-aware, and the enthusiasts, are expecting a paradigm-shifting change is the credit industry. Over the years, the credit market has undergone evolutionary (and revolutionary) changes with new innovations, and regulations in response to those innovations. In my view, the shift of the credit market from moneylenders to banks, which in turn work under the supervision of governments and global organizations has sculpted the modern economy. The statement that credit is a key component in the smooth functioning of the economy is wholly true since any economic turmoil is always felt first in the credit industry. 

Before we discuss the extent of impact blockchains will have on the credit market, we need to understand the current scenario in the credit industry. The credit market has undergone a significant transition from its early stages. The evolution of credit gave birth to the bond market, the credit-card market, and commodity loan markets such as a car or home loans. Their presence is critical since these spinoff financial industries keep modern economies afloat.

The evolution of the credit market has propelled the expansion of other industries as well. The intertwined nature of industries amongst themselves is therefore obvious. If integrating the blockchain with other industries delivers positive results, we can safely expect that the effect on the credit market will be equally positive. 

Coming to the blockchain-credit market association, I can’t imagine the kind of chaos that would ensue if the credit market based on any virtual internet-based system malfunctions and goes offline. Or a scenario where a malicious virus incision in system tampers records. The successful journey of cryptocurrencies so far indicates zero incident of downtime. This is by design since the blockchain is decentralized. Plus, the immutable nature of the distributed ledger system safeguards everyone’s data. Blockchain technology offers a reliable system for the credit market to operate. This is crucial, since a downtime, or any major fraud, can initiate a global market crash. In light of these features of blockchain, here are a few trends we might witness with a merger of blockchain technology with credit market:

Block-chain in Credit Market
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential “
-Marc Kenigsberg, Founder Bitcoin Chaser 
  • The incorporation of blockchain technology in the credit market could catalyze growth in the adoption of cryptocurrencies. Since paper money can’t be loaned in a blockchain network, virtual money will triumph in a post-blockchain-based credit industry.
  • Perhaps an outcome I’d be most excited about – the blockchain, by nature of being decentralized and immutable, could help us with insights into borrowers, their credit-worthiness, and much more. If borrower data were to be stored on blockchains, transparency would be consistent, and instant, for all lenders. As a result, delinquencies may fall, and interest rates may stabilize to more attractive levels as systems become efficient. 
  • The far reach and spread of blockchain users across the world may lead to mass participation in an international credit market. Borrowers would be relieved of the high-interest rates that may have persisted locally, since availing a loan internationally would now be possible.
  • Approval of credit requires collateral to proceed.  Once the credit is allowed through blockchain, the required collateral can be made available to the creditor on the distributed ledger through tokens. This system will give rise to the tokenization of real-world assets. 
  • In the post-blockchain-merged credit market, we’d be likely to witness a rise in the private credit sector. Users with surplus cryptocurrencies would be able to credit them to other users, guided by smart contracts – automated agreements that do not require trust between either party. We may witness a shift of the credit market from a regulated industry to an increasingly privatized sector.
  • With a surge in a privatized credit market, fluctuations in the interest rates charged may be a common scenario. The decentralized nature of blockchain eliminates the presence of regulated bodies, which could result in a surge of rates of interest in domestic markets due to the lack of governmental regulations. Of course, governments may be proactive and act.
  • One of the key lessons from the 2008 housing bubble was the need for a transparent system. Operating the credit market via blockchains will lead to the availability of data on all the history and ongoing transactions, on a level never seen before. This could be a turning point for the banking sector which has conventionally worked behind closed curtains. 

It is, of course, too early to confidently estimate the extent of influence this technology will have on the credit market. We must not forget that blockchain tech is still maturing. The manner in which it will unravel itself can border on speculatory at times. But since the credit markets are often the soul of economies, a wrong step could host major discomfort for the global economic ecosystem. I do strongly believe though – what is the use of tech advancements if they don’t liberate us from existing traditional systems and offer us a higher quality of life? A thoughtful and tested transition of the credit market to the blockchain can be a crucial evolutionary step that can change the face of the modern credit industry.

Fibe carES for Daily Wagers: Join Us and Donate Now

COVID 19 has caused extreme financial problems for even those with a steady income. The pangs of this pandemic have left no one, affecting all without discrimination of age, race, caste, gender, or social status. It certainly hasn’t differentiated between the rich and the poor, affecting everyone without mercy. While most of us are privileged enough to have some levels of financial stability to see this scare off, most daily wagers, who depend on the daily work for survival are left without anything at all. Food and other essentials elude the grasp of the underprivileged, leaving them to fight a much bigger war than the pandemic, the fight for their lives, all by themselves. Fibe recognizes and understands the dire straits of the underprivileged, have partnered with GiveIndia and CRY (an NGO) to help lead the fight for their lives. 

ES CarES

The Process

It is absolutely necessary that you understand how your funds will be utilized before you start donating. 

  • Our partner GiveIndia, receives profiles of beneficiaries and their needs from several trusted nonprofit partners and networks
  • In order to further verify the authenticity of their needs, GiveIndia further verifies the profiles and the validity of the monetary needs independently.
  • Wherever and whenever feasible (given the current situations), GiveIndia will also conduct physical verification.
  • Funds received are then distributed by our nonprofit partners, who will carefully adhere to GiveIndia’s diligence policies.
ES CarES

We also know it is not fair for us to put the entire burden of saving the needs of our benevolent donors. We will be with you, every step of the way. EarlySalary, as a donation incentive, will donate 50% for every INR 100 that you donate (a maximum of INR 100). Every single rupee will make a difference, and it is important to understand that no donation is too small. This may be one of the most overused proverbs, but it is overused for a reason. It is true. Little drops doth make a large ocean. You have the power to create a positive impact on the lives of many daily wagers, who are depending on your donations to survive. All donations made through this platform are tax-exempted under section 80G & 501(c)(3) of the Income Tax Act, 1961.

How Much of An Impact can I make?

For every INR 7000 that we gather and donate, one family can survive in a tier 1 city for a full month. Similarly, a family in a tier 2 city can survive for a month with INR 5000. Every single penny that is donated is to achieve a singular purpose – to help the daily wagers pay for their basic needs, like dry ration and other essentials. The sudden loss of their income because of the Coronavirus pandemic can be slightly alleviated with every single rupee that you donate. All funds raised from this campaign will go exclusively towards achieving this purpose, and no charge or fee is levied. Save the lives of thousands of daily wagers and donate now! Our current objective is to raise INR 30 Lakhs and help people from across the country from the negative impacts of the pandemic.

I Want to Make a Donation! Tell Me How

Great, you’re already past the first and the most difficult step. You can save the lives of thousands of people from the comfort of your home. All you have to do is head over to the Fibe website or the instant loan app and select the amount that you want to donate. Follow the on-screen instructions and done!
“Congratulations, you have taken a significant step in the battle against the cruel pandemic.”

ES CarES

Any feedback and suggestions are always welcome!

Kickstart Your Personal Growth During This Lockdown

An unprecedented worldwide lockdown is a history in the making. Extremely rare events such as this are witnessed only once in a lifetime or two. Although this is a very difficult time, with the Indian lockdown being extended once already to 3rd May 2020 and on the verge of being extended again, it is time we adapted to this environment. By adapting, I mean we must stop worrying about when this will all come to an end and start thinking about ways to get through this period better and unaffected as much as possible. 

There could be no better time for some personal development and growth than this. While many do realize this, some are confused as to what to do. Besides spending quality time with your family, completing household chores and just unwinding from the stress of work, here are some of the things you could do during the lockdown to improve yourself as a whole:

E-Learning

One of the most affected sectors due to the COVID-19 pandemic is the education sector with millions of students worldwide losing valuable school time and missing out on lessons. But, there are numerous ways to access their lessons online.

If you are a student or have kids who have missed lessons due to the lockdown, this is a great time to catch up and maybe even do some extra learning. Some great online learning platforms like Extramarks, Toppr, and Pearson offer amazing online classes for a multitude of competitive exams and grades. Online platforms like edX, Coursera, and Udemy offer online courses from top universities from all over the world for free. Utilizing these platforms to develop your skills and learning new things is a great way to reinvent yourself for the post-pandemic world. Shakira recently completed a philosophy course from the University of Pennsylvania during this lockdown. 

Other platforms like Skillshare, Brilliant, and Lynda offer you, online classes, to improve or learn new skills like design, art, photography, and filmmaking among many others. 

Reading

A fairly often repeated suggestion, but hear us out. Reading is exceedingly one of the most underrated activities nowadays as most remain hooked to TVs, phones, and computers binge-watching TV shows one after the other. This was our number one way to kill time even before the coronavirus and lockdowns. Reading is a great way to broaden perspectives and writing skills, while also learning a myriad of things you probably otherwise would not have. You could call it the indoor equivalent of traveling. Once you develop a reading habit, it will be one of the most enjoyable activities on any given day. Reading is also a great way to unwind and relieve stress. If you find reading through a book difficult, apps like Audible provide you a wide range of audiobooks to sit back and listen to while sipping on your evening coffee. 

Network digitally

If this is not the best time to utilize social media, there will never be any other. Using the internet and the plethora of social media platforms like Instagram, Twitter, and WhatsApp to socialize and keep in touch with your friends and family is a good utilization of your lockdown time. This is also a great way to start and develop relationships with acquaintances and new people and get to know them before you can meet them in person post the lockdown! Seeking out mutual friends and starting up a conversation with them could most definitely lead to new friendships. Catching up with old friends through social media is another great way to spend your time during the lockdown.

Personal Growth

Another great way to network digitally with friends or to make new friends is through the Houseparty app. This app lets you play several fun mobile games on your phone with your friends while also being on a video call with them simultaneously. The app also lets you join other random people and interact with them through video calling and games. This is as close as you can get to hanging out with your buddies in these troubled times! 

Popular online multiplayer games like PlayerUknown’s Battlegrounds Mobile(PUBGM), Catan, and Ludo King are fun ways to spend some time with friends and family. 

While some see this as a painful period to get through as quickly as possible, others consider this a great opportunity for self-development and personal growth. We have to realize that this is probably the most amount of time we could get to spend by ourselves in our lifetime. Making the most of it like a true opportunist would certainly help us in the long run in tremendous ways. 

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.

Covid-19 Has Been A Great Opportunity To Really Put Remote Working To Test

The ongoing Covid-19 crisis has restricted mass gatherings to curb the spread of this viral infection. To combat this, most offices and organizations have shifted to remote working structures to maintain business as usual. But while may have to adjust to the reality of lockdowns being the new normal, for a key number of global organizations and startups, remote working had always been a significant part of their office culture. Their successful work culture and systems are reflected in their attractive growth and success stories. Therefore a key question arises – should teleworking systems be adopted in place of the existing office setups? The task of determining the feasibility of this transition from traditional workspaces to setting up remote working teams falls on the shoulders of the HR function. Therefore it is critical to acquaint ourselves with ins and outs of remote working. 

What are the advantages of remote working?

Transitioning from traditional in house office systems to remote working is a paradigm shift. To get an assessment of all the pros involved is an understandable and justifiable need. Let’s see how telecommuting impacts your organization and workforce:

  • Increased Productivity

A Stanford study involving 16,000 call center employees indicated that remote working resulted in an increased productivity of 13 percent. Remote workers seem to get much more work done than their counterparts working in an office. The flexible schedule, freedom to take a break on will, and absence of long commutes to work aids in an enhanced quality and quantity of output. Added to this the lack of distractions caused due to impromptu meetings and conversations with coworkers makes for an ample of time to complete an assignment. A 2018 global survey by Owl Labs showed that individuals who worked remotely at least once a month were 24% more likely to be productive and happy. 

Remote working
  • A healthier and happier workforce

Being a part of the HR workforce, we are not unfamiliar with the high amount of stress levels caused by challenging interpersonal relationships and office politics. These not only account for an unhealthy work environment, but also for a disdained workforce. Also, the current office culture and systems are catalyzing the sedentary living of the employees. The long to and fro commute and hectic work routines drain employees on a daily basis. Remote workers, on the other hand, are shielded from the negative impact resulting from office rivalries and gossiping. Studies also indicate that with more time available, remote workers take better care of their health right from healthy eating to sufficient sleep. In a 2020 analysis by FlexJobs, 86% of people felt that working remotely reduced stress. Therefore remote employees enjoy a much happier and healthier lifestyle. 

  • Cost savings

In today’s time, the cost of setting up and working from an office space can be exorbitantly high. Obscenely expensive rates of real estate and elevated expenses in operating and maintaining offices can drain out an organization’s economic resources. Telecommuting, on the other hand, does not require the above-mentioned expenses. Therefore hiring remote workers can save excessive money. In a 2015 study by State of Telecommuting (US employee workforce), employers having teleworking work systems saved $44 billion in total.

  • Availability of large talent pool

The normal hiring procedure involves scouting for potential workers in local regions. With coaxing and enough money increment, we are able to convince workers to shift to another city to be a part of the office workforce. But still, this restricts our access to the local talent pool only. With teleworking this is not the case. You have an opportunity to hire from the global work pool. This results in an increment in the accessibility to the talent available. Also, a multicultural workforce promotes an enhanced level of bonding amongst employees. 

All in all teleworking can prove beneficial in terms of both the quality of the workforce and value generated by an organization. Before setting up a telecommuting wing of the workforce, as an HR representative, it becomes crucial to know about the future of remote working. 

The Future of Remote Working

Global analyses of existing remote working based organizations indicate revolutionary changes in the existing workspaces. In their 2019 future workforce report, Upwork showed that 73% of all company departments will have remote workers by 2028. Therefore before organizing a remote working team, it is necessary to update ourselves with upcoming trends and systems

  • A key number of companies including A-league global organizations will switch on to hybrid models of remote working. This involves a transition in phases to test and experiment with remote working for team feedback based on the challenges faced. 
  • The shift to an online work system has to be supported by necessary applications and tools to tackle needs like mass communication and personal work channels. Existing teleworking based companies are using indigenous applications to tackle these requirements. We can witness a rise of applications catering to these needs which will aid in establishing a better remote working environment.
  • Blockchain technology presents the means necessary to successfully run a telecommuting workforce. Its peer to peer model and availability of all the data shared on the platform can make it an ideal technology to rely on. For employees hired on a contract basis, smart contracts can present an ideal option to ensure smooth functioning. In the upcoming months, enterprises may want to be on a lookout for upcoming blockchain platforms specifically catering to work systems. 
  • Working in traditional offices reportedly induces demoralizing sense in generation-Z. According to Forbes, a regular 9-5 is not an ideal working condition sought by Gen-Z. Mass scale adaptability of remote working will, therefore, witness a rise in any workforce constituting Gen-Z professionals. Since a key workforce consisting of gen-Z and millennials will take over the baby boomers, establishing systems that are ideal for the upcoming workforce is a lucrative choice. 

Key Challenges to Tackle in a Remote Working System

To wholly realize the positive impact of remote working on our organization, it is crucial to know various challenges experienced by existing teleworking companies. The HR function will need to counter these hindrances to successfully run our remote working systems.

Remote working
  • Lack of proper communication channels:

The task assigned to the remote workers needs to be explained effectively. An absence of in-person interactions in emergency situations results in delayed work submissions. This necessitates the requirement of issuing detailed work guidelines and establishing channels for quick and easy communication. Systems and protocols to follow in case of emergency situations should be built and clearly communicated. 

  • Trust factor:

It is crucial to hire individuals we trust and then trust the employees we hire. A relation of mutual trust should be proactively built with our employees for better work culture and emotional health. This results in an increased commitment to the organization’s goals.

  • Lack of human experience and loneliness:

Since remote employees work from their homes, most of them are bound to experience a certain level of loneliness. An absence of human contact can take a toll on their emotional and mental health. The job, therefore, falls on our shoulders to establish a culture where bonds are encouraged and partnered assignments are promoted. Although video conferencing establishes a human connection, it lacks the essence of human contact. Therefore remote workers should be encouraged and adequately funded to work from co-working spaces where they can socialize and network. 

It is important to build a teleworking system that adequately counters these obstacles. We can learn from the existing remote working based companies such as Trello, Zapier, and HotJar, whose online guides on successfully running and managing a remote working workforce share useful methods and structures to build upon your own telecommuting systems. Executed correctly, organizations can retain top talent and also save expenses on setting up traditional office spaces. The Covid-19 situation is an ideal scenario to understand the impact of remote working on balance sheets. Of course, active feedback needs to be sought from our employees on such models and workflows while we iterate and improve. The integrated result of your efforts and feedback by employees will decide the course of your permanent shift to remote working. 

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.

5 Ways To Stay Financially Hopeful Amidst Covid-19

It’s been more than 50 days since the World Health Organisation announced the Coronavirus crisis as a global pandemic. Nations across the world have gone into lockdown, causing great deals of disruption to almost every single aspect of human life. What’s worse? It may not be over any time soon. Not to create a panic, but it is essential for us to be informed of the situation and the prognosis, to help us make optimal decisions. Even amidst all this, it is extremely possible for each and every single one of us to remain financially hopeful. Here are our top takes on ways to remain financially hopeful.

#1 Complete Your Taxes Faster

The Covid-19 pandemic has left most of us with one luxury that we probably didn’t have before – lots of extra time. We can use this to our benefit and save every penny that we can. Apart from budgeting and rationing efficiently to save money, one of the best ways to ensure that you save as much as possible is by ensuring that you plan for your taxes with this time and file your ITR at the earliest. We have a separate article on tax-saving tips, which you might want to read if you want to learn some tips on how best to plan your taxes. 

#2 Take Advantage Of Discount And Freebies

Covid-19 has not only affected individual lives but has also disrupted businesses (big & small) all across the world. Many companies are forced to sell their products and services at low prices to just stay alive and kicking. This has given rise to lots of outrageous discounts, offers, and freebies by various organizations across the globe. There are also several apps available on the internet which lets you keep track of all the offers currently available. If you see something that catches your eye which is on offer, now might be the best time for you to purchase them. 

#3 Take Bold Health Decisions

Now that we have a lot of time in our hands, along with the undivided attention and support of our family, a pleasant side effect of an otherwise dire situation, it is highly recommended that you make health decisions that you didn’t or couldn’t make otherwise. You may consider quitting smoking, reducing alcohol consumption, that you weren’t able to do previously. 

With the calm and comfort of home, it is probably the best time for you to quit your vices, and develop healthy habits in their stead. This may not seem like financial advice, but when you think about it, by taking better care of your body and mind now, you save yourself quite a fortune that you might end up spending on hospitals and medicine. And this is apart from the money you save which you’d otherwise spend on your vices. Take your time, talk to your family, and work out a regime, and stay healthy!

#4 Consider Investments

We, at EarlySalary, have emphasized the importance of Investments plenty of times in different posts in our blog. Investing small amounts of money regularly and religiously results in huge payoffs down the line. It is, however, essential that you take time and decide on what instruments you want to invest in, how much you want to invest in each of the instruments, and how better to diversify your portfolio. Generally, we don’t have enough time to analyze the various instruments available in the market, thus shying away from investing, losing us a lot of money in the long run. With time being in abundance now, it is high time that we start creating a long term strategy that will help us save and profit a lot more in the future. Right now, with the markets looking to recover, most of the instruments are available for purchase at very low rates, deviating from their fair market values, making this the perfect time to start investing. 

#5 Build an emergency fund for the future

COVID has taught us plenty of financial lessons, one of them being the importance of building a savings buffer. We had talked about the 50 30 20 rule in our post on International Happiness Day, and how it can be best used to build an emergency fund for the future. Ideally, building a safety buffer worth 2 months of our income should be enough to face out any emergency situation that may happen in the future, considering even the worst of the situations. If the safety fund is not enough for you to meet the emergency, we, at Fibe, are always happy to help out by disbursing cheap instant loans with zero hassles.  

The Coronavirus has created a dire environment for all of us to live in, but we human beings have the unique tendency to always look on the bright side, to hope, and this tendency is one of the key traits that we share which will help us plow through this dark periods. This too shall pass.

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.

Top 5 Instant Loan Apps You Can Rely On for Quick Loans

Looking for the best personal loan apps in India? Wondering which app is safe, fast, and affordable for getting instant funds? This blog answers your questions. Instant loan apps help you access money within minutes to manage emergencies, bills, or other expenses. Approval and disbursal times may vary, and some apps charge processing fees or have hidden charges. To make your choice simple, we’ve listed the best loan apps that are credible, fully digital, and easy to use. 

Here are the top 5 instant loan apps in India: 

1. Dhani 

Backed by Indiabulls Ventures, Dhani provides unsecured loans ranging from ₹1,000 to ₹15 lakhs. 

Key features: 

  • Instant approval in 5 minutes 
  • Loan disbursal within 3 minutes 
  • No physical documentation required 
  • Low-interest rates starting at 13.99% per annum 
  • Loan tenure: 3 to 24 months 
  • In-app EMI calculator to plan repayments 
  • Minimal processing fees with no hidden charges 

Dhani is one of the best loan apps for those looking for fast and reliable loans. 

2. Fibe 

Fibe is gaining popularity among young salaried professionals because it combines speed, security and simplicity. 

Key Features & Benefits: 

  • 100% digital application process with instant approval 
  • Instant loan of up to ₹5 lakhs 
  • Affordable interest rates 
  • Eligibility for users with no prior credit history (Minimum in-hand monthly salary ₹20,000) 
  • Flexible repayment options from 3 to 36 months 
  • Built-in EMI calculator for planning monthly payments 
  • Minimal documentation 
  • No hidden charges or complicated fees 

Fibe is considered one of the best personal loan apps for safe, hassle-free access to funds. 

3. Freo Money

Freo Money offers a completely online, paperless loan process: 

  • Loans up to ₹5 lakhs depending on credit score 
  • Minimum salary requirement: ₹30,000 
  • Loan tenure: 2 to 36 months 
  • Interest rates: 13% to 18% per annum 
  • Digital approval, no bank visits needed 
  • EMI calculator for easy repayment planning 
  • Transparent processing fees, no hidden charges 

4. KreditBee 

KreditBee targets young professionals needing quick financial support: 

  • Three types of loans: Flexi Personal, Salaried Personal Loan, and Online Purchase Loan 
  • Quick disbursal within 10 minutes 
  • Eligibility: Age 21+, monthly income above ₹10,000 
  • Loan amounts: ₹1,000 to ₹4 lakhs 
  • Interest rates: 1.02% to 2.49% per month 
  • Loan tenure: 3 to 24 months 
  • Minimal documentation with no hidden charges 

5. PaySense 

PaySense offers instant loans in over 60 cities: 

  • Loans from ₹5,000 to ₹5 lakhs 
  • Repayment period: Up to 5 years 
  • Eligibility: Indian citizens aged 21–60 years 
  • Simple documentation process 
  • Affordable interest rates and transparent processing fees 
  • Use in-app EMI calculator for flexible repayment options 

Among these, apps like Fibe stand out for a fully digital, hassle-free loan experience. Quick approvals, easy repayment options and minimal documentation make it one of the top choices. 

To get a personal loan quickly, download any of the best loan apps or visit the app’s website to register today. 

FAQs on the Top 5 Instant Loan Apps in India 

Which is the best loan app in India? 

 Fibe is one of the best personal loan apps in India. It’s simple, fast, and secure, helping you get funds within minutes with minimal documentation. 

What are the advantages of applying for an instant loan online through apps? 

 Applying online allows you to: 

  • Compare multiple options easily 
  • Enjoy accessibility and convenience 
  • Apply with minimal documents 
  • Get instant approvals and digital disbursals 
  • Plan repayments using the EMI calculator 
  • Avoid hidden fees or unexpected charges 

Which app gives small loans? 

Dhani, Fibe, KreditBee, Freo Money, and PaySense provide small personal loans starting from ₹1,000–₹5,000. Fibe is particularly convenient for getting small loans quickly. 

5 Tax Tips Your Workforce Should Know

We don’t need a survey to gauge how many salaried individuals would like to earn more by saving on their taxes. A key issue expected during every annual budget proceeding in the parliament involves some leeway on the income tax levied (like the new slabs introduced in Budget 2020). 

As HR professionals, we’re entrusted with the role of ensuring optimal performance of employees and resolving emotional-mental constraints that might inhibit performance and growth. Since the act of tax-saving remains a key psychological tussle faced by most employees, aid in that direction can work wonders for the organisation’s ecosystem. Here are 5 legally backed tax tips that should empower your workforce to save significantly more:

#1 House Rent Allowance [Section 10 (13A)]

A greater segment of individuals migrates to other cities in order to fulfil their job requirements. With rising real estate costs, renting is the only viable option for accommodation. 

For individuals living in rented abodes, the government of India offers tax exemption on full or partial house rent paid. Also, employers are directed to pay a house rent allowance to cover the rent charges. 

The minimum provision on tax exemption on house rents can cover any of the following cases based on salary structure:

  1. Complete HRA provided by the employer
  2. 40% of the income (basic salary + daily allowance) for non-metro cities or 50% of income(Basic+DA) for metro cities
  3. The actual rent paid is less than 10% of the income (Basic+DA)

It is mandatory to inform your workforce that misusing this provision by house owners by coming in a rental agreement with their spouse will be considered fraudulent activity. The guilty will be subjected to the case of tax evasion.

#2 Leave Travel Allowance [Section 10(5)]

Breaks or holidays are a critical part of that elusive work-life balance we all chase. It’s probably why the Government of India grants tax exemptions on leave travel allowances provided by the employer. Your workforce should know that if their LTA is part of their CTC, employees can cover costs borne on transportation like economic airfare, first-class AC railway travel or other means of public transport. 

Do remember that tax exemptions only come into play for trips within India. A critical point that needs to be noted is that this allowance on travel expenses is only valid for immediate family or other dependent family members. 

#3 Conveyance Allowance [Section 10(14) (2)]

The cost of transportation endured due to the commute from home to the workplace is an unavoidable expenditure. The tax laws hold a provision to an exempt tax levied on the conveyance allowance provided by the employer. 

Travel allowances of upto ₹.19,200 per annum or ₹1,600 per month are exempted from any tax cuts. Your employee does not need to show any documentation in the form of receipt of expenditure in order to avail the allowance and tax benefits.

#4 Medical Expenses [Section 17 (2)]

Medical expenditures can be simultaneously unavoidable and heavy on the wallet. Apart from a medical cover or insurance policy your employees might have, the government allows tax exemption on the medical expenses provided by employers. Up to ₹15,000 can be reimbursed by the employer in order to cover any medical expenditure. This sum is exempted from any tax cut under the tax laws. 

Another critical point to consider is that since the amount is a part of a ‘reimbursement’, the exemption is permitted up to the actual expenditure incurred. The employee and the salary department should be made aware of this crucial segment. 

#5 Cover for Miscellaneous Expenses and Sharing Tax Plan with Organisation

Employees also stand to benefit from tax deductions on work-related expenses they may be incurring. This can include research, phone bills, local travel and more. This also covers expenditure incurred on clients, skill enhancement, newspapers, books, etc. As long as the expenses deal with your primary business, employees stand to gain.

It’s a good policy to encourage awareness of the various outlays that they can cover right from their organisation. Being an HR professional, the task falls on your shoulders to ensure a proper allowance allotment structure in your organisation. You could explore organising in-house sessions to help with awareness of the ongoing tax regime, best practices, an explanation of the jargon, upcoming deadlines and more.

You can also educate your employees about the tax benefits in the short-term from instruments that can help them earn returns in the long-run. Your employees may have multiple income sources that may attract taxes. Section 80C, 80D and 80G of the Income Tax Act can provide them with an exhaustive list of ways to save on taxes. 

Employees may also be encouraged to share their tax plans and saving strategies. With a few tweaks from the organisation. This should ensure lowered deductions resulting in more in-hand-cash for the teams. 

Tax season can be one of the daunting times to endure in the office circuits (often one that also requires some tax myths busted). As an HR professional, it’s important to stay updated and help employees minimise their tax burden and make them smart at tax savings. By sharing tax tips with your employees and helping them file their taxes, you can hope to establish a healthy and fun office structure.

Feel free to get in touch with us for any questions on credit, loans and your instant cash needs! Fibe enables you to take out instant cash loans/personal loans with the following benefits:

– Credit limit up to ₹5 lacs

– Repayment tenures of 3-24 months

– Minimum loan amount of ₹8,000

experience.