Unexpected expenses can crop up at any time. In case of an emergency, getting an instant cash loan can be an easy way of managing these expenses. There are multiple online digital platforms and apps that offer instant loans online in India. Fibe is one such digital platform that provides users with Instant Cash Loans of up to ₹5 lacs within minutes.
Benefits of an Instant Loan from Fibe
Loan in just 10 minutes
Get up to ₹5 lacs directly in your bank account in just 10 minutes with Fibe. Just submit a few basic documents online, fill in a simple application form and you’re all set. A perfect solution for any last-minute cash crunch!
Fibe does not require you to pledge any collateral or security such as property, gold, bonds or fixed deposits to get your Instant Loan approved. We offer you finance purely on the basis of your repayment capacity and income.
Loan without a credit score
A unique feature of Instant Cash Loans from Fibe is that we offer you a loan even if you don’t have a pre-existing credit score. We deploy our cutting-edge AI/ML technology to assess your profile and provide you with a loan.
Repay as per your convenience
Repay your loan over flexible tenures ranging from 3-24 months. You can foreclose your loan whenever you want at no cost. What’s more, you pay interest only for the number of days for which you use the amount.
Applying for a Personal Loan requires basic eligibility criteria:
You must be a salaried individual with a minimum salary of ₹15,000 in a non-metro city and ₹18,000 in a metro city
You must be a resident of India
You must be between 21-55 years
Applying for a Personal Loan needs few documents:
These are the 5 documents you need to avail of a Fibe Instant Loan online:
A Selfie
PAN card
Address ID proof
Aadhaar card
Bank statement
Download the personal loan app app here and bring on the new vibe of finance.
Can you get a personal loan without a CIBIL score check? Yes. However, there are tips that you should know to ensure easy, quick and seamless access to funds. One of these is choosing lenders like Fibe that offer loans without a credit check.
Read on for simple and easy ways to get a loan without CIBIL verification and improve your score.
Get a Secured Loan
Opting for a collateral-based personal loan can help you get the funds easily since lenders don’t generally check your credit score. In case you default, they can recover the dues by auctioning your asset. Since they have the assurance of getting their money, lenders can offer a personal loan without a CIBIL score. You can pledge any of the following as security:
Fixed deposit and other investments
Gold
Real estate
Antiques and fine art
Choose a Suitable Lender
Choosing a lender that uses alternative ways to check your score can help you get the funds easily. Some of the top institutions you can borrow from are:
Non-banking financial institutions (NBFCs)
Online lenders
Peer-to-peer lending
These lenders generally don’t focus only on credit score since they consider various aspects like:
Overall financial profile
Income and employment
Ongoing loans
Credit mix
Utility bill payments
Credit utilisation ratio
Prove Your Repayment Capacity
By showing that you have the income to manage the instalments of your loan, you can assure the lender of repayment, and they may offer you funds without a credit score.
You can prove your repayment ability in alternate ways, like:
Leveraging your income and employment
Submitting paperwork related to other income, like income from rental property or investments
Get a Co-Signer
In these applications, the repayment responsibility will fall on the other signer if you fail to do so and as such, your chances of approval increase. However, make sure you choose someone who has good creditworthiness, as the lender will consider their score. You can apply with your:
Spouse
Parent
Child
Friend or family member, if accepted
Ways to Increase your Credit Score
Here are some easy tips you can try:
Pay your EMIs and credit card bills on time
Build a strong credit mix
Keep your credit utilisation ratio low
Avoid applying for multiple credits simultaneously
Check your credit report regularly to catch and dispute any errors
Remember, improving your score will take time. If you need funds urgently, choose Fibe as you can get a loan without a CIBIL check. Our alternate credit scoring mechanism supports financial inclusion and gives easy access to funds, even to those with low or no scores. You can get an Instant Personal Loan of up to ₹5 lakhs at affordable rates and a tenure of up to 36 months with no foreclosure charges.
Download the Fibe Personal Loan App or log in to our website and enjoy a simple application process.
FAQs on Personal Loans Without a Credit Score
Can I get a personal loan without a credit score?
Yes, lenders like Fibe offers personal loans without checking your credit score. Alternatively, you can try some of these options:
Offer collateral
Get a guarantor/co-signer
Show a good and stable income
Which is the best app to get a loan without a credit score?
Fibe is among the leading lenders where you can get up to ₹5 lacs without a credit check. You can also enjoy other benefits, such as:
Interest rates starting at 2% per month
Repayment period of up to 36 months
Zero foreclosure charges
Online application with minimum requirements
What is the lowest credit score to borrow a personal loan?
You generally need a score of 750 and above but it depends on the lender you choose. With Fibe, you can get funding even if you are new to credit as long as you meet our simple eligibility criteria, which are:
You should be between 21 and 55 years
You should be an Indian resident
Your income should be ₹15,000 if you live in non-metro cities and ₹18,000 if you live in metro cities
Can I apply for a loan with a credit score of 500?
Yes, however, you must choose a lender like Fibe, which uses an alternate credit scoring mechanism to assess your repayment capacity. To apply, simply follow these steps:
Download the app or register on the website
Provide the required details
Complete verification
Submit the application
What is considered a good credit score for a loan?
A credit score between 750-800 is considered good. However, some lenders may consider 700 as a good score too. Refer to this table for different ranges of credit scores and what they mean:
Credit Score
Range
NA/NH
‘Not Applicable’ or ‘No History’
300-549
Poor
550-649
Fair
650-749
Good
750-799
Very Good
800-900
Excellent
Can I take a personal loan for the first time with no credit history?
Yes, you can get funds with no credit history through these ways:
Choose a lender that offers the loan without a credit check
Get a collateral-based loan
Talk to your lender and explain your case
What is a CIBIL score with no credit history?
If you have no credit history, your CIBIL score will be 0 or -1 (NA/NH).
How to apply for a personal loan for the first time?
If you are borrowing for the first time, you can apply for an unsecured loan with a lender that offers funds with no credit check. One of the leading lenders you can rely on is Fibe as you can get up to ₹5 lacs in 2 minutes.
In the winter session of 2019, a National Congress Party’s MP presented a bill to empower employees to go offline after work hours. Called the Right to Disconnect Bill, it gives the employees the right to take no work calls or emails after office and on holidays. However, the question is – is the Indian workspace is ready for it?
In a digitally linked working community, after being continuously in office for ten hours or more, it can become frustrating and stressful for professionals to respond to office-related calls even after work hours. The present working environment has drastically shrunk the margin between work life and home life.
Digital tools have undoubtedly improved productivity and efficiency and brought activeness and freedom to employees. However, there are occasions where they may also create hindrance in one’s peace and lead to excessive interference in personal lives As per a study by WHO, the total estimated number of people living with anxiety disorders in the world is 264 million, and a huge number is of private workers. In such scenarios, it’s important to ask – are your employees truly happy?
With rising cases of anxiety disorder due to a high imbalance in work life and personal life, less downtime, heart-related problems, loss in appetite, and obesity due to long working hours, more mental, emotional, and behavioral problems are affecting employees. Work-related calls, messages, or emails disturb people to such an extent that the person starts distancing himself from socializing very often. This is also weakening social relations. According to a survey, it is found that 90% of the divorce and separation cases arise in families where people spend less time with each other.
The Practical Implications of Right to Disconnect
To not be engaged with personal life beyond work hours had been a norm before tech took over. Some evolved nations, particularly in Europe, have managed to recognize and maintain this dynamic. The Right To Disconnect Bill in India was proposed on the same equation. However, with the fierce professional competition, a lack of jobs, and growing anticipations of proving our worth has triggered. India ranks among the top nations in terms of the longest working hours in the world. In reality, the act may be unenforceable. If you do not have job security and there’s high unemployment, you do not really have the bargaining power here. Hence, legislation may not be able to mandate a solution to this problem.
The right to disconnect from work after office hours has a cost. As a matter of fact, not everybody is punctual and disciplined in their work as per the deadlines and schedules. The bill calls for the total disconnection of work calls and emails in non-working hours. This may create a wave of stress among managers and employers who are bogged down by inefficient employees. A developing economy like India is still struggling to get optimum results from production, top and bottom-line performances. Another backdrop of the Right to Disconnect Bill is that one cannot simply ignore the duties bestowed upon them. With dynamic business demands, support may be needed at any moment, and ‘Right to Disconnect” is a hurdle in between.
Conclusion
The insidious impact of ‘always on’ organizational culture is a latent benefit, as it minimizes the problems due to ‘flexible work boundaries’ which turn into ‘work without boundaries’. However, that does not imply suffering and grinding anytime and anywhere for work is the solution. It can have deleterious effects not just on your business but on your wellbeing. It is important to make sure that employers account for their staffing needs as per the nature of their business and define emergency contact procedures and any added overhead that these might cause. The onus lies on employers to better manage their organizational expectations with stress and the burn out that negatively affects a worker’s overall job performance. After all, employee loyalty is earned, not taken.
The success of the Right to Disconnect, if passed in the parliament, will thus depend on the organization’s standards, employee efficiency, and values. Remember, if you don’t switch off from work, you may not be able to recover from work.
Feel free to get in touch with us for any questions on credit, personal loans, and your instant cash needs!
Download the personal loan app here, and be a part of the #OneInAMillion experience.
Medical casualties aren’t the only consequences of the Coronavirus pandemic. The economic damage, its impact on our mental state, interpersonal relationships, and communities at large – they’re all victims. This isn’t surprising to all of us. A few years go, Bill Gates, described his biggest fear in an interview with Vox. He was highly concerned about the inability of the human race to battle an impending war with epidemics. He said, “The fact that there was no catastrophic pandemic in recent history does not mean there will not be any. And we are certainly not prepared for the next pandemic.”
It’s true – we’ve been caught fairly unprepared. As we struggle to balance working from home with potential threats to our careers, it’s our mental health that seems to be taking the biggest hit. And we’re not alone in this scenario. It’s especially hard for healthcare workers and others on the frontline during these times – who must endanger their health to ensure ours.
To understand how to best emerge out of this, perhaps we should recap how we got here in the first place:
A brief timeline of the COVID-19 Spread
January 2020: The outbreak of a new coronavirus was declared to be an international concern by the World Health Organization(WHO). February 2020: There was a rising concern of the coronavirus disease, termed COVID-19, spreading around the globe. April 2020: A majority of the human population is under partial or complete lockdown. March 2020: COVID-19 is declared as a pandemic.
Essentials To Keep Your Mental Health In Check
With extended lockdowns, the stress in such troubled times is inevitable. Prolonged stress can hamper your ability to take care of yourself and others. So the fear of the disease and the mounting pressure owing to the uncertainty about the times ahead warrants the need to give your mental health the first priority. After all, the last thing we need in times like these is more reasons for stress and anxiety. This would lead to strained relationships, lowered productivity, and an overall general sense of dissatisfaction.
#1 Refrain From Divulging In Too Deep In COVID-19
The first and foremost advice to heed is to stop excessively divulging yourself in the topic itself. With an exponential increase in the information about COVID-19 doing the rounds over the internet, it is easy to lose track of time reading articles and watching videos about the widespread disease. You don’t necessarily need to know the death toll or the number of new cases every day. We’ve established beyond doubt that COVID-19 is exceedingly dangerous. It’s why we have a lockdown in the first place! Constant news loops can cause distress and elevate anxiety at an exponential rate. For your mental well being, it is essential to minimize listening, watching, and reading news about COVID-19. Refrain from indulging in updates to once or twice a day.
#2 Rely On Trusted Sources For The Facts
In addition to reducing your own stress, refraining yourself from overindulging in the information about the coronavirus disease can also help you to not fall victim to rumors and misinformation. Such information, which is untrue and potentially harmful, would only cause more discomfort. Always get facts from trustworthy sources. These will filter out the rumors from the facts. This practice should keep your stress levels in check.
It might even prevent embarrassment if you happen to forward or propagate potentially misleading news that is later fact-checked!
#3 Stop The Stigmatization
Thirdly, stop stigmatizing anything and everything. It is cumbersome for yourself and others. Don’t harbor stigma about certain ethnic groups or infected people in your area. It is important to be empathetic to the affected rather than condemning them for being sick. Remember – these tough times pass, they will be the same as us minus the infection.
#4 Maintain Virtual Contact With Neighbours, Friends And Distant Relatives
While you practice social distancing, we’d highly recommend you keep in frequent virtual contact with your neighbors, friends, and distant relatives. Such interactions would hopefully distract your thoughts from the grim reality and divert your attention in the best ways. Feel free to play cards and board games over video calls or have an indoor movie night and karaoke sessions. Additionally, these interactions ensure great community support allowing for quick assistance in case of emergencies.
#5 Spread Positivity
Sharing experiences of people who have recovered, discussing the innovative ways they are coping with situations, fun activities kids are indulging in while at home are some of the share-worthy content that you must surely spread around.
You could even consider some form of art of your preference – do you want to write? Make music? Perhaps shoot a video in the challenging confines of your home? Every opportunity and idea is up for grabs!
Conclusion
Simply put, you can sail through these rough tides by maintaining a positive outlook. As days go by and the lockdown continues, money may soon become a concern. Online instant loan apps are possible solutions you can look into at an early stage. The application takes minimal time while the cash transfer is done within minutes. And they are accessible without endangering your lives.
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.
For most of us, salary-day is the best time of the month. Whether it is eating out in a nice restaurant, buying new clothes or a long-awaited breather with your loved ones on a weekend trip, replenishing your bank account with your hard-earned money can mean a lot. With the advent of online shopping and its massive discounts and a wide array of products, we’re spoilt for options too.
But we do know that this golden period is often short-lived. Even after rigorous budgeting, you may face a cash crunch; especially towards the end of the month. Here in this blog, we explore how an instant cash loan can help you bridge the gap caused by your cash crunch under any circumstance.
To get an instant loan online these days requires zero paperwork and no collateral. Everything, starting from the application to the final loan disbursal is done online with a focus on instant approval. Most instant loan apps in India like EarlySalary ensure disbursal within 8 to 24 hours of your application because we understand that in a time of need, running around for money can be the most taxing thing. At EarlySalary, we have developed financial technology and tools to help customers apply for a cash loan by simply uploading the required documents on our website or android app.
How To Get An Instant Loan Online
With the Fibe instant cash loan app, you can get an instant loan for all your needs in just a few clicks:
Share a few personal details to get an eligibility check,
Upload your identity proof, address proof and salary slips for the last three months.
There is no need to physically send any document for verification or visit our offices with any documents. Once we receive your credit score and process your loan request, the loan amount is directly transferred to your bank account. You would be notified about the transfer and EMIs through your online dashboard. If in case of any queries, you can always email or call our customer support.
If you are 21 years or more, an Indian citizen and a salaried individual with a minimum salary of ₹18,000 (Metro Cities) or ₹15,000 (Non-metros), then you are eligible for a quick cash loan from EarlySalary.
An instant cash loan from Fibe is an unsecured loan, meaning, you do not need to pledge any security or collaterals. You are free to use the entire amount for any of your requirements. Fibe’s cash loan also provides you with flexible repayment options, where you can choose between the duration and installment amount. You may also choose to repay the entire amount at any time in this period since we charge zero foreclosure fees.
Borrowing from EarlySalary is also affordable. With a good credit score, you can borrow with interest rates as low as Rs 9/day. That being said, you can also borrow if you do not have a credit score yet.
There can be a plethora of reasons for the month-end cash crunch and subsequent wrinkles on your forehead, which are sometimes outside your control. Isn’t it awesome to have an instant loan available for all your needs? With EarlySalary instant cash loans, we help you sail through money blues during a medical emergency, sudden repair work, shopping, travel, etc. So, replace that frown with a smile OK, please.
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.
Choosing between the old and new taxation regimes in India is a crucial decision to make since they have different impacts on your tax liability. While the old regime has its perks in the form of 70+ deductions and exemptions, the new tax regime offers some great benefits, too.
To understand what both these regimes mean, their differences and how you can choose between them, read on.
What is the New Tax Regime?
Introduced in 2020, this has comparatively fewer deductions and exemptions but better tax slabs.
Important points to note:
Income up to ₹7 lakhs is now eligible for a full tax rebate, meaning you don’t have to pay any taxes
The basic tax exemption limit is ₹3 lakhs
The standard deduction of ₹50,000 is also available under this regime
The tax rate for HNIs is 39%
The leave encashment exemption limit is ₹25 lakhs
The new regime is the default regime from 2023-24 onwards
If you want to file a return under the old regime, you’ll need to switch at the time of filing by submitting a form
What is the Old Tax Regime?
The old regime has been in place long before the new one.
Important points to note:
It offers 70+ deductions and exemptions to taxpayers under different heads
The old regime was the default option until now, wherein you can enjoy deductions of up to ₹1.5 lakhs under Section 80C alone
The basic exemption limit in this regime is lower than in the new regime
This regime still includes the standard deduction
Old or New Tax Regime: Which is Better?
Understanding the tax slabs, deductions and exemptions for both regimes is crucial. This information can help you understand the features of the old vs. new tax regime and make a smart choice.
Tax Slabs:
Income Slab
New Tax Regime
Old Tax Regime
₹0 – ₹2,50,000
0%
0%
₹2,50,000 – ₹3,00,000
0%
5%
₹3,00,000 – ₹5,00,000
5%
5%
₹5,00,000 – ₹6,00,000
5%
20%
₹6,00,000 – ₹7,50,000
10%
20%
₹7,50,000 – ₹9,00,000
10%
20%
₹9,00,000 – ₹10,00,000
15%
20%
₹10,00,000 – ₹12,00,000
15%
30%
₹12,00,000 – ₹12,50,000
20%
30%
₹12,50,000 – ₹15,00,000
20%
30%
₹15,00,000
30%
30%
Disclaimer: The tax slabs for the new regime are applicable from 01/04/2023.
Deductions and Exemptions:
Particulars
New Tax Regime
Old Tax Regime
Standard deduction
Available
Available
HRA
Not Available
Available
LTA
Not Available
Available
Interest on home loan
Not Available (self-occupied/vacant property)Available (let-out property)
Available
NPS (employer contribution)
Available
Available
Family Pension Income Deduction
Available
Available
Conveyance
Available
Available
Entertainment Allowance and Professional Tax
Not Available
Available
Deductions u/s 80C
Not Available
Available
Disclaimer: The above is not an exhaustive list of deductions and exemptions.
Tips to Choose Between the Old and New Tax Regime
A key difference between the new and old tax regime includes:
The old regime has fewer deductions and exemptions
The old regime also has an increased limit for tax-free income
To consider the old vs new regime, calculate your tax liability by considering all the deductions and exemptions you can claim under both regimes. This will give you your net taxable income. Based on that, you can calculate the tax you owe as per the applicable slab rate.
In conclusion, computing your tax obligation will help you choose between the old or new tax regime with ease. You can also claim deductions for a personal loan under the old regime if you use the funds for specified purposes.
If you fall short of funds during the tax-paying season, get easy financing on Fibe. Apply for a Personal Loan to get up to ₹5 lakhs within minutes. To get started, download our Instant Loan App or register on our website.
FAQs on Old Regime Vs New Regime
Is the new tax regime better than the old?
This answer will vary based on your unique situation. Compare the old vs new tax regime based on your earnings and the deductions you can claim. Then, choose the regime that lowers your tax liability.
Which tax regime is better, old or new, for ₹15 lakhs?
If you have an annual income of ₹15 lakhs, compare the old vs new tax regime based on the deductions you claim. For example, if your deductions go above ₹3.58 lakhs, you may benefit from the old regime. If not, the new regime may be a better option.
Which tax regime is better for ₹22 lakhs?
With an income of ₹22 lakhs, you can computer your tax obligation as per the old regime vs the new regime based on the deductions that reduce your taxes. With a deduction of ₹4.25 lakhs, your liability in both regimes is the same.
However, if you can get a higher amount as a deduction, the old regime can help you pay less tax.
What are the benefits of the new tax regime?
The benefits under the new regime include:
The tax rebate limit has been extended to ₹7 lakhs
The tax exemption limit has been increased to ₹3 lakhs
You can also enjoy the standard deduction of ₹50,000
If your income is up to ₹7.5 lakhs, you don’t need to pay tax
What is the disadvantage of the new tax regime?
Here’s what you need to know:
There are fewer deductions when compared to the old regime
This regime doesn’t allow exemptions, unlike the earlier system
Which tax slab is better for a salaried person?
As an individual earning a monthly income, you can choose a preferred option that best suits your needs. The ideal slab you choose must be based on:
Exemptions you can claim
Deductions you can include
Can I switch between the new and old tax regimes?
Yes, you can switch between new and old regimes annually. However, from 2023-24 onwards, the new regime is the default regime. To file returns under the old regime, you’ll have to:
Fill out specific forms
Inform your employer in advance
How can I avoid tax in the new tax regime?
This is all that you need to do:
Plan your investments
Evaluate the applicable exemptions and deductions in the new regime to increase your savings
Cash crunches can happen to anyone. Financial emergencies, by definition, mean that there is an immediate expense that you cannot afford to make, but you cannot afford to skip either. They may be health expenses, unexpected repairs, or god forbid a temporary stoppage of work (say due to a pandemic, very much like a recent situation). In such scenarios, people often turn to local moneylenders (who charge exorbitant interest rates), or sell their assets for short term needs. Goes without saying, obviously, but these common practices are definitely not recommended for two reasons:
One – in the long run selling off assets, or paying outrageous interest is definitely not in your best interests (no pun intended).
Two – there are better options available, like instant loan apps.
Why Instant Loan Apps?
Financial emergencies usually require immediate attention and the longer they take to resolve, the bigger the consequences they may cause. The consequences need not only be monetary but the mental stress they cause may also sometimes be more harmful. This is one of the major disadvantages of the “mainstream” methods of acquiring loans (banks and other financial institutions). The documentation, the queues, the hours of work missed and other hassles normally associated with applying for a loan is a major inconvenience in an already dire situation. On top of all these, bank loans usually require some form of collateral or guarantee, creating additional hassles. This is exactly where instant loan apps, like EarlySalary, offer timely assistance to people as and when required.
EarlySalary Advantage
At Fibe, take immense pride in announcing that we have disbursed over a million loans for people across the country. Instant cash loans on salary, with interest rates with as low as INR 9 a day can work as an ideal option for people in times of crisis. Minimal documentation, no visits to any physical branch, no collateral or guarantee requirements, are just some of the many advantages, lending Fibe the status of arguably the best instant loan app in India. The entire loan disbursal will happen remotely with just a few taps of your fingers. The flexible repayment schedule along with our zero prepayment policy is implemented with the convenience of borrowers in mind. Fibe is the best way to obtain hassle-free loans online. You don’t have to take our word for it.
This is certainly the easiest way anyone can get instant loans online. Download the instant loan app, and be a part of the #OneInAMillion experience.
Prevention, Better Than Cure
The most effective way to tackle a financial emergency will be to follow some basic financial discipline and build a buffer. Prevention is definitely better than cure, and that is exactly the reason we had suggested the basic 50-30-20 mantra and the way to build buffer money in our post on International Happiness Day. Needless to say, we will always be happy to help in times of need, but that should not deter anyone from planning their finances properly, and reduce the risk of unnecessary headaches arising from cash crunches and financial emergencies.
Check out our instant loan FAQs if you have any queries, and if you don’t see your query answered here, feel free to contact us, we are more than happy to help!
Since the outbreak of the COVID-19, it is not just the hospitals that have been gripped by the pandemic. Millions of jobs have been staggered due to the nationwide lockdown. The overall job market is set to undergo changes post normalization and find new ways to attract, hire and retain new talent. Traditional human resources management is already showing signs of trouble as the economy slows, businesses struggle to survive, let alone scale and brave the needs of the new post-COVID-19 world.
While organizations like Fibe took preemptive measures to combat COVID-19 before the lockdown, we’re now well past that stage and seem to be planning for a return to normalcy. How will organizations manage their talent once this is behind us? How will the talent market look? To close the gaps between new business needs and talent management, new virtual recruiting and AI-based talent management platforms would be pivotal for their organization architectures. Read on to find how everything from talent acquisition to management would change to battle strategic challenges for the road ahead.
Virtual Talent Acquisition Processes
New talent acquisition processes may become the norm. Every process, from uploading, resumes to using artificial intelligence for profile and job matches in real-time may be conducted online. Machine learning algorithms could be optimized to immediately see the highest quality match, evaluate performance, minimize bias and save recruiters’ time put in the drudgery. Organizations may soon develop a specific talent community to provide tools for seeking the best-qualified candidates for open positions. Dashboard based recruitment launch, tracking to measure candidates’ experiences and assess what’s going well and the aspects that need to improve may be used. Your employees will now define your corporate and employer brand after the pandemic is over. If you’ve prioritized employee experience today, you should be able to attract candidates when it’s time to hire en masse again.
Workforce Planning
Most organizations find it challenging to find agile individuals from their talent pool to accommodate new profiles. The talent market post-COVID-19 would now have to use resources to improve themselves and the quality of staff to move up the line management ladder. Those who have been with the same organization may need a cross job rotation. The ‘push resources’ strategy may be replaced by the pull talent and knowledge to remove inefficiencies amidst the uncertainty. The talent demand is set to fall. However, the saving grace is the potential demand for multitaskers. It is critical for all employees to stay updated in the rapidly changing situation. Be proactive, reach out to your leaders and know their expectations. Effective communication is the key to embrace the “trend” of flexibility.
Establishing Fresh Team Guidelines
With the unpreceded lockdown, remote work may have changed employees’ working style. And when teams are back, the need to empower them to adapt to their conflicting time demands will be high. Organizations could adapt to these needs by empowering employees with new tech, and cross-training employees to indicate that remote working is here to stay. Change is the only constant. However, potentially, people may not be willing to change their location because of the social chaos right now. You need to get the pulse of the business and put it before your team.
Final Thoughts
The real winners in the talent market would be those who can remotely distribute work and excel at it. A new talent intelligence platform is needed to improve end-to-end visibility and personalization at scale. The future of the talent market would be focussed on internal talent mobilization. There would be projects that pertain to specific skills and abilities jobs that would be designed around the dynamic business needs to align people skills and extensive knowledge with the task at hand. Corporates too would have to initiate value-creating profiles to be on a war footing and survive in the long run and to develop talent.
Download the Fibe app for your Android phone to get started!
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
With the global breakout of the COVID-19 pandemic, the Reserve Bank of India has taken an important decision with the objective to reduce the financial burden of debt servicing. As per the RBI order, all lending institutions have been permitted to give a moratorium or an EMI holiday to their borrowers for loan repayments and credit card dues. The moratorium is for installments and card dues in the period between March 1, 2020, and May 31, 2020. It has been given to mitigating income/ business loss to individuals or businesses. In this post, we’ll try to provide clarity on the barrage of questions that borrowers have regarding the three-month moratorium on loans and credit card dues.
Am I eligible for the benefits under the moratorium period?
If you have taken a term loan or have a cash credit or overdraft, then you are eligible. This includes:
Agricultural Term loans,
Retail loans,
Crop loans and
Koans under Pool Purchases.
All accounts which are defined as Standard Assets as on 1st March 2020 are eligible. There is no need to do any special paperwork to avail of this facility. Your term loan installments’ repayment including the interest due will be extended by 90 days. For example, if your loan is repayable in 60 installments and is scheduled for maturity on 1st March 2022, then the new maturity date will be 1st June 2022.
Can I reschedule payments for all term loans? Will it affect my credit score?
Yes, you may reschedule payments irrespective of the loan segment and the tenor of your term loans. However, remember that moratorium is not a waiver. No, your credit score will not be affected if you opt-in.
What is rescheduled, the principal or the interest too?
You can reschedule your principal repayment due in the period 1st March to 1st June 2020. Let’s say that you had an installment due on 3rd March 2020. The payment will now be due on 3rd June 2020. If you have taken an EMI based term loan, then the repayment tenor will be extended by 3 months. For other term loans, the repayment period will be extended for installment and the interest due in the moratorium period, irrespective of the repayment tenor i.e. Monthly, Quarterly, Bullet Payment, Half Yearly, Annually, etc. If the repayment of your term loan has not commenced yet, then the interest portion for three months will also be reckoned. Please do note – interest due in 3 EMIs will still accrue. It’s only the payment that will be delayed.
Can the term loan go beyond the maximum period stipulated for a Product?
Yes, as per the new guidelines, a term loan can be extended beyond the period stipulated for the product and that given as per the loan policy. The interest in the Working Capital facilities will be treated as a deferred payment.
Are there any costs of availing of the benefits of the moratorium?
Yes, opting for a moratorium has a cost. If you have 36 outstanding terms, then 1 extra EMI has to be paid; for 60 outstanding terms 2 more EMIs; for 120 outstanding terms, 5 extra EMIs, for 180 outstanding, 8 extra EMIs and for 240 outstanding terms, 15 extra EMIs have to be paid. The interest payment is deferred and not waived off. It is only postponed to 3 months and would continue to accrue on your account.
Should I avail of the moratorium benefit?
If you can honor your obligations, then you may want to skip this moratorium. It is beneficial primarily for those who are bearing the brunt of the economic slowdown and are facing a serious money crunch. After all, paying dues is the best practice and opting-in should be a last-ditch decision. More so, not all banks may fulfill RBI’s suggestion. These are ultimately only guidelines.
Will my credit card dues be deferred?
RBI has given relief for credit card payments also. Your overdue will not be reported to the credit bureaus for a period of three months. No penal interest rate will be charged if the card issuer gives you an option for the moratorium. However, the card issuer will charge interest on the unpaid amount. Do check the interest payable with your Card provider before opting in, since those can be fairly high and is one of the reasons you shouldn’t get too friendly with credit cards.
With the outbreak of the coronavirus pandemic, governments across the world have been forced to direct their citizens to quarantine themselves in their homes. This move of self-isolation is a necessary step in order to curb the rampant spread of the virus among the public. Confined to our own houses, many of us are missing the thrills of our social lifestyle. With nothing much to do apart from the tasks assigned under work from home, boredom is definitely engulfing us all. But there is nothing to worry about, the Earlysalary team is here to guide you on how you can turn the present situation to an exciting period with the following activities:
Yoga and body-weight exercises
Health has been one of those aspects of our life that have been neglected for a while. Today, with time on our hands, we can take good care of our bodies by indulging in physical activities such as yoga and other exercises. These will not only provide much-needed agility, but studies have proven them effective in keeping stress hormones under control, essential in surviving such straining times.
Since the onset of coronavirus, the body’s resilience to the disease or immunity has been a crucial point of discussion. Robust examinations of various health reports have shown the debility of viruses in front of bodies with impeccable immunity. Therefore, the task to undertake a physical health routine has become necessary.
Meditation
As panic tends to increase around the world, it becomes crucial to calm your inner world. Meditation empowers one to subdue a tensed mind and soothe the nerves. Since ancient times, sages have been voicing the importance of having a meditational ritual in day-to-day life. Whether you want to use this time to connect or grow spiritually or seek tranquillity, a thoughtful-meditation practice is all you need.
Learn Something New or Take an Online Course
We all have some passion or desire to learn something which, unfortunately, due to scarcity of time we haven’t been able to explore or pursue. With the availability of online courses and millions of videos on platforms like YouTube, the current lockdown provides an opportunity to undertake those desired activities. The time can also be utilized for upgrading one’s skillset by pursuing courses that relate to their profession. This will not only provide professionals with an edge over their peers but also prove vital during appraisals or provide them with better opportunities.
Connect with friends and relatives
Social distancing does not imply getting yourself completely detached from your social life. We are living in an age where we can connect with anyone virtually. Talk to your friends and relatives and catch up with them on phones. In such hard times, assuring words from friends and family can do wonders for one’s mental health.
Read and write
Reading has always been one of the sought-after activities to productively utilize time. Reading a book transports one to the fantasy land of the author’s imagination. There are numerous online sites and apps like Kindle and Kobo available to download and read books of vivid genres.
Learned men and successful individuals have always emphasized the need to share one’s knowledge with their fellow beings. And what a better way to do that, than writing. We all possess pearls of wisdom that the world needs to know. Whether you have some tips on money management or handling relationships, this free time can be used to share those with other netizens on platforms like Medium or Quora.
Cultivate your hobbies
While fulfilling the demands of daily life, our hobbies can get sacrificed in the long run. The current time period can be used to revisit those long lost hobbies or to cultivate the current ones. If it’s gardening that enthralls you, then you now have time to pick up your tools and tend to your garden. Or if it is cooking that gets you going then it’s time to hit the stove and cook that dish you wanted to try for a long time.
Spend time with your family
The quarantine can be seen as a blessing in disguise for family life. In an age where families are turning dysfunctional at an alarming rate, coming and living together can be fruitful for many. It is time for the younger members of the families to connect with the older ones. Families have an opportunity to come together and bond with each other. The present times are testing and nobody knows exactly what the future holds. It is up to us now to turn the circumstances in our favor and celebrate the essence of life.
So instead of getting glued in front of a television set and getting frightened by the blaring of media houses, one can turn the present situation to their own advantage. Optimizing your physical and mental health should be part of your major commitment right now. Taking the necessary precautions and following public advice issued by WHO is essential to keep one safe from the invisible havoc. On the other hand, Earlysalary will safeguard your financial health with our instant personal loans, whenever you need us!
Stay Home, Stay safe! We all are in this together 🙂
