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As an Employee, Why Should You Care About Financial Wellness Benefits?

Financial Wellness, job satisfaction, employee satisfaction

In today’s time, financial wellness benefits have become a sine qua non for employee job satisfaction, no matter the designation, salary, or the industry. The importance of ensuring employee financial wellness is being recognized by every organization, be it a small startup or a multinational corporate organization. In fact, to know more about how great companies deliver the best financial wellness programs, read our previous blog post here.

What exactly is a financial wellness program?

Broadly speaking, a financial wellness program is a support or assistance given by the employer to their employees in matters of personal finance and wealth management. It is a collection of services offered directly by the employer or through a third-party expert like Fibe (Formerly EarlySalary). These services can include workshops on building a balanced personal finance portfolio or financial crisis management, providing contingency funds in cases of emergency to the employees, or offering rebates or discounts in the day-to-day expenditures of its employees.

Why is financial wellness important?

In this generation, employee satisfaction is higher up on the priority list for companies than ever before. In Gallup’s State of the Workplace Report, it was seen that all organizations that made employee satisfaction an integrated goal within their business strategy saw impeccable results in terms of increase in productivity, reduction in employee absenteeism, and reduction in employee turnover. It is important that due care and attention is given to all aspects of employee wellness – mental, social as well as financial. Therefore, financial wellness programs assume importance from the viewpoint of both the organization as well as the employees. To know more about the importance of financial wellness from an organizational viewpoint, refer to one of our previous posts.

As an employee, why should you care about financial wellness benefits?

A sound financial wellness program is one that helps both parties involved – the employer and the employee. In fact, according to Salary Finance’s Survey, businesses in America suffer losses of $500 billion USD per year on account of employees’ personal financial stress.

Therefore, while the former gets a more focused and driven workforce as well as goodwill in the industry, it is the latter which enjoys more direct benefits from a well-rounded financial wellness program. The following points highlight the crucial role a good financial wellness program plays in aiding you, as an employee, to get the best from your job. Here’s how:

Lower stress related to financial health

In a 2019 survey, it was clearly illustrated that as many as 69% of workers had stress due to their shaky financial position. It is a universal fact that financial stress is one of the major factors adversely affecting not only your personal health as an employee but also the organization, indirectly. So, by offering a sound financial wellness program, this stress can be better managed and you can focus on performing better at work without having to worry about how to meet the next EMI or rent deadline.

Easier asset creation

Asset creation in terms of big investments in real estate, cars, and market instruments, among others, is one of the most important personal goals for any individual. By either providing financial assistance to you in the form of salary advances, loans at a lower rate of interest, or giving you cognitive assistance by way of workshops, seminars, or professional assistance in financial goal setting and wealth management, the employer can make asset creation an easier and hassle-free process.

Post-retirement security

Even though most countries have some form of post-retirement security schemes in one form or the other in the public sector, it is not as prevalent in the private sector. A sound financial wellness program, therefore, helps in financial goal setting and encourages better financial management, helping you to manage finances on a macro level, and ensure your financial stability in the long run.

Easy repayment for personal loans

A comprehensive financial wellness program, apart from making an individual better at managing their personal finances, can also involve making loans available at lower rates than the market, or even zero interest (which consequently makes their repayment easier). It can also include easier repayment options for internal loans and deferred EMI options, making the repayment of loans less stressful. In addition to a smoother repayment, it also helps in credit score building which is also a contributing factor in getting an economical repayment plan with banks or other financial institutions in the market.

Elevated job satisfaction

As already discussed, financial wellness is one of the driving forces behind an employee’s productivity at the workplace. In fact, with the stress that can be caused to you as an employee, there can be a dire impact on your performance and job satisfaction. Further, according to EBRI’s Employer Approaches to Financial Wellbeing Solutions Survey, as many as 39 percent of employees seem to think that the best way to measure if the organization is offering a comprehensive financial wellness program is overall improved job satisfaction.

Since, according to Maslow’s Theory of Need, job satisfaction is a major component of an individual’s social and security needs and has a great impact on self-esteem, it is pertinent that you look into the financial wellness program that your employer is offering you and to what extent is it adequately aiding in achieving higher job satisfaction.

Parting Thoughts

It is clear as day that an exhaustive financial wellness program is required not only to benefit the employees but also the organization and society at large. However, putting together a program like that can pose to be a serious challenge to any organization on account of lack of specialized knowledge about finances, lack of dedicated and trained staff to enforce it, and alterations required to meet the requirements on an individual level. That’s where the role of a specialized financial services provider like Fibe comes into the picture. It offers a wide range of benefits to employees and can curate the same as per individual needs and wants. A team of specialized professionals can assist you at every step which is why increasing numbers of organizations are enthusiastically opting for it. Contact us, or send a referral to your HR, to put an end to your financial wellness woes at once!

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, or log in to our website and be a part of the #OneSmallStep experience.

5‌ ‌Personal‌ ‌Finance‌ ‌Mistakes‌ ‌Young‌ ‌Professionals‌ ‌Make‌

In essence, the term young professional commonly refers to people in their 20s-30s working in any profession or a white-collar occupation. It is a general notion that young professionals who have just started their professional life usually face a lot of challenges in terms of managing their personal finance.
There are essentially two reasons for this:

One, they come to terms with relatively low pay when they’ve just begun working, which becomes challenging to manage.
Second, it takes a certain amount of time to get a grasp of the real-life expenses and handle them responsibly.

Most young professionals have a feeling that their financial career has just started, and therefore, they have a lot of time to dwell on personal finance decisions and planning.

However, there are ways how one can dodge personal finance mistakes.

This post will guide young professionals to recognize the financial mistakes, and ways they can overcome the errors. If you want to know more about why this is the time you should focus more on your finances, read our previous blog here.

Mistakes committed while managing personal finance

When it is about finances, we all make mistakes and poor decisions, especially in our youth. There is a dire need for young professionals to organize and manage their personal finances. If you do not have prior knowledge about the financial mistakes one could make, then it is best to refer to an expert like Fibe (Formerly EarlySalary). Here are the most common personal finance mistakes that people make while earning in their early 20s and 30s.

Spending more than they earn – One of the most widely made mistakes is spending more than your income. In an ideal situation, you should spend in such a manner that while your needs are met, you can also keep aside a certain amount as your savings and emergency fund. Overspending every month will hamper your financial stability in the long run.
Falling into the debt-trap – In recent times, young professionals are drawn to the idea of quick success without thinking much about the probable drawback of that. Once you fall into the debt-trap in your early career years, it will become exceedingly difficult to bring back your personal finance on track.
Making investments in depreciating assets – Most young professionals are seen to be interested in assets that are depreciating like cars, trendy gadgets, bikes, expensive clothing, etc. Instead of investing in depreciating assets if the same money is invested in appreciating ones like bonds, gold, securities, and land, then the amount you invest will come back to you along with the interest amount.
No long term financial goal – Financial goals should be set and outlined as soon as a young professional starts earning. For a fact, you cannot manage your personal finances without knowing where you finally want to stand financially. Personal finance is closely related to having proper financial long term goals.
Misuse of credit cards – The connection between a credit card and young professionals are almost unbreakable. Young professionals take credit cards for granted and misuse them for any purpose. Owning a credit card is not a bad idea but using it carelessly is a notable personal finance mistake of young professionals.

Ways to avoid personal finance mistakes

Knowing how to dodge personal finance mistakes can be a tricky task, especially if you are just getting started in your career. Following a few simple points can significantly help you in dealing with your personal finances. Below are five ways young professionals can avoid making personal finance mistakes.

Have a personal budget – Planning a budget is the first step towards managing personal finance. Unfortunately, most of the young professionals overlook the importance of a monthly planned budget. You need to know how to adjust your budget in times of crisis. An ideal budget will help you understand how you should spend our money throughout the entire month. A budget is the most beneficial tool to gain control over your personal finance.
Focus on saving and investing – It is difficult to come across young professionals who are interested in saving and investing. Since at this period, you earn more while responsibilities on you are less, it is the best time to invest and save. Later you may earn more; however, your responsibilities and financial liabilities will also increase.
Plan before getting a loan – A major mistake that young professionals make is going ahead with opting for a loan, without prior planning. Doing this can cause them to lose out on their personal finance while repaying the loan. Young professionals must research lenders before opting for a loan. One of the trusted lending platforms to consider is Fibe.
Don’t ignore small expenses – There are several small expenditures which young professionals keep on making, believing that spending small amounts will not result in a huge change in expenses. It is the biggest mistake one can make. Small but consecutive expenditures are the masked enemies who will hit your wallet without your knowledge.
Get an understanding of taxes – Filing income tax might be difficult for many new young professionals. At times, they make several mistakes that later on reflect on their personal finance. Not filing your income or investment creates lots of confusion while filing for returns of income tax.

Remember

A critical point that young professionals need to remember is that you don’t require a fancy degree or an impressive educational background to avoid making personal finance mistakes. If you know the common mistakes and ways to prevent them, then you can very efficiently manage your personal finance. Knowing the pitfalls and their escape will not only help you with your personal finance but will also guide you to have a more secure long term financial success plan. However, managing personal finance is a challenging task, and more than often, you could feel the need to seek professional help. It’s here that the role of a specialized financial service provider like Fibe comes into play. We offer a wide range of financial assistance to put an end to the financial worries of young professionals like yourself!

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, or log in to our website and be a part of the #OneSmallStep experience.

This Children’s Day, Gift Your Child the Habit of Saving

The best gift to your children on this children’s day could be inspiring a quest to achieve financial interdependence by imparting the knowledge of savings and investments. Kids pick habits of their parents, be it their shopping custom or any financial activity they do. Teaching the children the art of saving is one of the first steps you can take to help them on their journey of financial independence, however long it may be.

At Fibe, we’re not just about loans and credit. We’re passionate about a financially strong, resilient society. It’s why we offer instant education loans to enable parents in making the most prudent investment for their children – in their learning. It’s also why we couldn’t help ourselves in sharing some ways through which the habit of saving can be inculcated in your children. Here they are:

Fixed pocket money: With great money comes greater responsibility. Instructing children not to spend everything as soon as they receive money, whether verbally or by action, is one of the easiest steps to take. An incentive can also be given, not necessarily money, for their good deeds like helping with house chores, being at their best behavior, or completing their assigned work.

Teach them to be accountable: Ask them to keep a note of all their ‘expenses’ and their ‘income,’ from buying a notebook to receiving money as a token of love from relatives. The money is supposed to be kept in a safe place, which should be taken care of. They should learn to be accountable for expenses without taking it as a burden.

Opening a bank account: Opening a bank account should be top on the list after your child turns 18, or if you can open one during their childhood, the better. Teach the benefits of keeping the money in the bank; describe its safe nature, the possibility of earning interest, etc. Encourage them to deposit their money in a savings account, which could be their piggy bank, with all their pocket money or any kind of gift money received from relatives.

Financial awareness: During weekends and holidays, parents can sit with their children and describe some of the financial world’s nuances in simple terms. Talk about this as if they were stories or tales. Teach them about the basics of savings and investments and give good illustrations to support your ‘tale.’ This will ensure that the kids grow up to be more financially aware. As they grow older, discuss some financial decisions like taking a new gadget, car, or planning a vacation. Allow them to put in their suggestions.

Setting goals: As they grow older, seed in your children the thought about their future wants and needs, and they should be encouraged to work for it. For example, your child wishes to have an RC-helicopter worth Rs.1,000, encourage them to save for their desire, and of course, add something from your side so that they can achieve their desire.

Teach about comparison: A toy might cost a certain amount at one place, while it may cost lesser elsewhere. Let the kids prepare a list and compare the prices of those items over different places. The advantages are obvious – this will teach them to get the most out of the money, and any kind of hefty pricing wouldn’t dupe them. Share your experiences and show how you shop by comparing across different platforms.

The importance of giving: Earning and spending are aspects of life that come into one’s behavior without teaching. But helping the less fortunate should also be among the top lessons to be seeded in your children. This will teach them to be grateful for their upbringing and develop a sense of empathy in them. Find ways for them to help others. If they are fond of animals, take them to animal-shelters or if they are environment-conscious, ask them to donate something for that cause.

Money management is one of the most valuable skills you can give your children. The best way to do that is by demonstrating it yourself. And perhaps the best time is Children’s Day. As they say, when the foundation is strong, the whole structure will stand on its own. For more financial insights, head to the EarlySalary blog.

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

Some Classic Money Management Tips For This Festive Season

2020 has been a challenging year for many on multiple fronts, be it mental, physical, emotional, or financial. With most activities being brought to a standstill due to a nationwide lockdown being imposed for almost 4 months, it is high time to try to get back a semblance of our normal lives (while keeping in mind social distancing, of course).

With the festive season just around the corner, even the outbreak of the COVID-19 pandemic should not put a damper on our holiday spirits. With a slew of regional festivals already having started since mid-October, it is the appropriate time to put money matters in perspective, especially in light of the economic difficulties a lot of people may be facing as an aftermath of the pandemic.

Tips to be kept in mind to make the most of this festive season

Here are a few tips and tricks you can use to make the most of this festive season without any money woes:

Plan your gift list in advance

Most of us usually end up spending a king’s ransom on gifts every festive season. While there is nothing more heartwarming than pampering your near and dear ones with special presents to make them feel loved, a lot of us get carried away while doing so. Think of those long lost friends and distant relatives and the yearly “Diwali ritual” a lot of us may have. Such unnecessary spending can be easily curbed with something as simple as a pen and paper.

Make a list of people that you want to give something to and possibly also think of a suitable gifting option for them. You can shortlist gifting options based upon your budget, their likings and preferences, and your closeness to them. This helps save not only time, money, and efforts, but the person may get a more thoughtful gift than just another run of the mill dinner set or flower vase.

Do not get carried away with festive sales

While browsing various online or brick-and-mortar stores is a great way to pass the time, you are not doing your pocket a huge favor by indulging in retail therapy. With most e-commerce giants like Amazon and Flipkart and every other major brand having festive season sales and their periodic flash sales, it is highly likely that a lot of us will end up buying a lot of things just because “we need gifts” and “it was so cheap that I could not resist”. But the truth is, impulsive buying can really culminate into serious money problems. Therefore, sticking to your gifting list and not giving in to impulsive or panic buys is a wise choice. Or if you really must purchase items, like the latest iPhones for example, remember to grab the right deals!

Wrap your own gifts

Wrapping your own gifts not only is penny-wise and saves you a lot of money on professional packaging, but it also adds a personalized touch and can have great sentimental value. You can also go green and ditch those regular plastic wrapping sheets, and ribbons for organic paper sheets or even make your own wrapping sheets using old newspapers and other things kept at home and help the environment along the process.

Make smarter choices for entertaining guests

While socializing and having those Diwali card parties almost every other night is one of the parts of a festive season a lot of us look forward to the most, it can also be the most financially draining part. With COVID, hosting parties is also highly irresponsible, as they can act as silent spreaders. So, make smarter choices while entertaining guests to save yourselves from money and health woes. For instance, consider online parties that respect social distancing guidelines, and invite-only select people to your homes. Switch to quick home-cooked recipes instead of hiring a professional caterer for your party or simply host a potluck dinner.

Use a Money Management App

Since a lot of us may get carried away while gearing up for the festive season, it is important to keep a track of our expenses. A good money management app can help you do just that. Click here to find the list of best money management apps we have especially curated for you to fix the financial fixes.

Say no to credit cards

While shopping with a credit card may seem quick and easy, it does you more harm than good. It not only encourages impulsive buys and unnecessary expenditures, but the exorbitant interest rates also put a wrench in proper money management. Therefore, instead of credit cards, stick to cash payments. You can also try using debit cards and UPI/e-Wallets which may offer you some cashback or rewards.

In case you still have to buy something that you may not currently have cash available for, consider services like a low-interest shopping loan or an easy salary advance from third-party apps like Fibe.

Parting thoughts

The festive season is that time of the year when every one of us should sit back and relax and keep all our troubles aside rather than adding to our money woes. So, enjoy this season to the fullest and check out the Fibe website to put an end to all your money troubles!

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

Celebrate Big with Budget-Friendly Diwali Shopping

Looking for ways to enjoy Diwali without overspending? Then this space is for you. The festival season often comes with gift shopping, home décor, family bonuses and endless celebrations. All of which can make your budget spiral out of control.

Here’s a guide that will show you how to:

Plan a practical Diwali shopping list

Create a Diwali items list with price for better expense tracking

Use discounts and deals wisely

Explore EMI and financing options for Diwali shopping

Celebrate stress-free while staying debt-smart

Let’s dive in!

Step 1: Create Your Diwali Shopping List

Start with a detailed Diwali shopping list, it’s the simplest way to manage your money and avoid impulse buying.

Include these in your list:

Gifts for family, friends, and staff.

Festive décor (candles, diyas, lights).

Household accessories or furniture upgrades.

Personal shopping (clothes, shoes, jewelry).

Rough Diwali items list with price so you know how much you’ll spend per category.

Pro Tip: Use budgeting tools or calculators to track spending and see where you can save or adjust your budget before heading out to shop.

Step 2: Choose the Right Gifts

Gifting is a big part of Diwali, but you don’t have to overspend to make it meaningful.
Here’s how to choose smartly:

Match gifts with the recipient’s interests, practical gifts are always appreciated.

Unsure? Go for bulk-buy options like cookware sets, diyas, candles, or combo packs.

Compare prices on multiple platforms before buying to stick to your Diwali shopping list.

Visit wholesale markets for better deals, especially when buying in bulk.

Prepare a Diwali items list with price to make sure everything fits your budget.

Step 3: Use Discounts — The Smart Way

Sales and offers pop up everywhere during the festive season. Don’t let the excitement trick you into overspending.

Follow these smart shopping rules:

Verify the original price before falling for a ‘big discount’

Check for taxes, they can add up and surprise you at checkout

Compare discounts across e-commerce platforms and offline stores

Use gift cards to save extra money

Step 4: Shop Smart & Avoid Last-Minute Rush

A little planning can save you from panic-buying and overspending.

Finish shopping at least 5 days before Diwali to avoid last-minute price hikes.

Double-check bills to ensure everything matches your Diwali shopping list.

Stay mindful when swiping cards – overspending can throw your budget off.

Use budgeting apps to keep real-time track of your expenses.

If using credit cards, repay on time to avoid high-interest charges.

Step 5: Be Debt-Smart With Financing Options

Running low on cash but don’t want to compromise on celebrations? Explore EMI and financing options for Diwali shopping. Retailers often offer no-cost EMI on electronics, appliances and more. This way, you can shop for everything on your list without dipping into your emergency savings.

Final Thoughts

Diwali is all about joy, togetherness and celebration and not financial stress. With a solid plan, a well-prepared Diwali shopping list and smart spending decisions, you can enjoy the festival without worrying about your wallet.

And if you need instant cash to complete your celebrations, Fibe is here to help with quick personal loan. You can get up to ₹5 lakhs in no time with 0 foreclosure charges and flexible repayment options that just fit your budget right.

The Biggest Advantages of Using an EMI Calculator Before Your Personal Loan

With technology advancing rapidly with every passing day, the way that you access financial services is changing too. In fact, access to loans and other financial services is now possible from the comfort of home. This extends to helpful tools like the EMI calculator.

One of the biggest advantages of an EMI calculator is that you can accurately plan your loan based on the terms offered. As such, you can adjust your outgo for maximum affordability, savings or a perfect balance between the two.

Read on to learn more about the advantages of the calculator for EMI calculations, how it works and more.

Why is the EMI Calculator Needed for a Personal Loan?

The simplest reason to use the EMI calculator for a personal loan is to know if you can manage the monthly payments. You need the tool to know exactly how much you need to pay and it helps you calculate this figure with ease.

This is also one of the key benefits of an EMI calculator, as it eliminates the need for any manual calculations. You simply input the values and get accurate results every time. As such, calculating EMI for a personal loan before applying for it is a smart way to begin the process.

Determining how much EMI you would be paying during your loan tenure can help you better understand how a personal loan will affect your finances.

How Does an EMI Calculator Work?

The instant cash loan EMI calculator is a simple algorithm-based tool. To provide an estimate of your EMIs, it considers your loan terms, which include:

The loan amount
Loan tenure
Interest rate

Once you enter these values into the calculator, it automatically calculates your EMI and the total interest you will pay. You can change the values of the loan terms to compare different offers and assess the best deal.

How to Use the Fibe Personal Loan EMI Calculator

The Fibe EMI calculator is accessible on the website and the process is quick and easy. Here are the easy steps to follow:

Step 1: Go to the Fibe EMI calculator page
Step 2: Slide the toggle to choose your loan amount
Step 3: Do the same for interest rate and repayment tenure

Once you set all the values, you will see the EMI amount on the top. If you are satisfied with the terms, you can click on ‘Start Your Application’ and apply for the loan.

Also Read: Personal loan with low salary

What are the Advantages of EMI Calculator for Your Personal Loan?

Here are some of the top advantages of the EMI calculator:

It Helps Calculate EMI as Per Your Monthly Budget

As mentioned above, using a personal loan EMI calculator will give you an accurate estimate of the monthly outgo, for those terms. If the amount fits within your monthly budget, you can apply with just a few clicks.

If it does not, you can adjust the values until you find better-suited loan terms. This way, you can decide on a personal loan that does not burden your income or budget.

It Gives You an Opportunity to Increase Your Credit Score

Adding to the list of advantages of the calculator is that it helps you maintain and improve your creditworthiness. Since it helps you find the optimal repayment terms, you can ensure timely repayment. This helps you build and maintain your credit score.

It Helps You Save Time and Avoid Errors in Calculations

The personal loan EMI calculator performs complex calculations in seconds. It allows you to save valuable time that you’d otherwise have to spend doing strenuous calculations. On top of that, if you do the calculations manually, you could end up with errors.

Considering these factors, you can use the EMI calculator to assess your repayment capacity and enjoy a smooth borrowing experience. With Fibe, you don’t just get easy access to the EMI calculator but also easier access to personal loans.

You can get an Instant Loan of up to ₹5 lakhs in just a few minutes. Download our Personal Loan App or register on the website to get started.

FAQs on Advantages of Using an EMI Calculator

What are the benefits of an EMI calculator?

An EMI calculator is a free tool that helps you get an accurate estimate of your EMIs, which can help you plan your loan. By adjusting the terms, you can know which loan terms are ideal for your finances.

Why is an EMI calculator important in getting a personal loan?

With the EMI calculator, you can choose the right tenure for your loan, or even reassess the loan amount you need, based on the outgo. It is a tool that provides you with accurate information and this helps you make sound financial decisions.

Is the EMI option good or bad?

Your outlook on EMI depends on your financial capacity. EMI can be a good option if you don’t have the funds to repay the loan in a one-time payment without causing financial strain.

Is it good to increase EMI?

If you can pay the increased EMI without straining your finances, it can be a good idea as it may also help save on interest.

What is the benefit of no-cost EMI?

No-cost EMI is a facility where the financial institution does not charge any interest for offering the EMI facility. This can be a good way to make big-ticket purchases without increasing the final cost.

Taking a Car Loan? Common Mistakes to Avoid

Choosing the right auto loan is as important as buying the car itself. While buying a car, you must ensure that it meets all your requirements and is within your budget. The same goes for online car loans. Although getting an instant car loan online is relatively easy, you must avoid making mistakes in picking the one best for you.

The most important thing you need to do before applying for a loan is to do proper research instead of looking to secure funds as quickly as possible. You must closely study the terms and conditions to save yourself from paying higher interest rates or other hidden charges.

To make things simpler, here is a list of common mistakes you should avoid when you apply for a car loan online:

#1 Not searching for the best lender

Looking for the best lender when taking an auto loan is one of the most important factors to ensure you get the best deal. The interest rates vary across lenders; a higher interest rate means a higher repayment amount. So, before you apply for a car loan, conduct thorough research on all banks and Non-Banking Financial Companies (NBFCs) and choose the lender that provides the lowest interest rate.

You can also look for a cash loan online on car loan apps for better results. Ensure you consider important aspects like the repayment tenure, required documents, repayment options and eligibility criteria.

Also Read: How to finance a used car

#2 Not knowing your Credit Score

Your credit score plays a vital role in your instant car loan approval. A credit score of 750 to 900 will make it easier to get your loan. A higher credit allows you to better negotiate an affordable interest rate and keep costs low.

If your credit score is lower than 700, the lender may not give you a great deal on an auto loan. So, before you apply for a loan, check your credit score. Better yet, pick a lender like Fibe, which offers instant car finance without relying heavily on credit scores.

#3 Not having any other financial source

Always make sure that you are not solely relying on the credit offered by a lender. It is always advisable to have access to funds from your savings, investments and emergency corpus. This will help you pay the down payment fee, insurance fee and registration fee.

Lenders often suggest taking up personal loans along with auto loans to cover these expenses but taking an instant personal loan will add to your debt pile. So, be sure to choose your options carefully.

#4 Not selecting a short-term loan

Borrowers often select long-term loans because the EMIs are lower than short-term loans. But in the long run, the total interest you end up paying will be higher. Moreover, long-term loans also mean that you stay in debt for a longer period.

On the other hand, online car loans with short-term repayment schedules can help ensure that you repay the loan as early as possible and keep the costs to a minimum. However, you should make sure that you can afford to pay high EMIs in a short period, as your credit score will take a massive hit in case of defaulting on repayment.

#5 Buying unnecessary services

When you apply on car loan apps or on lenders’ websites, you are often given the option to purchase additional services like insurance schemes. Although these schemes are beneficial, it is important to remember that you may not need all of them. So, make sure you assess your needs and carefully select only the services that you need.

#6 Focusing solely on EMIs

Focusing solely on EMIs can often hurt your overall financial health. Low EMIs tend to attract borrowers, but it is not the only thing that you should consider. Before availing an instant car finance, ensure that you calculate other factors like the tenure, disbursement period, processing fees, early repayment penalties, late EMI fees and other terms. Considering these is crucial because, collectively, they can cost a hefty amount.

Making any of these mistakes could potentially harm your finances. For a smooth and hassle-free borrowing journey, avoid making these mistakes and always do your due diligence. Try to look for a car loan app that offers a simple and easy process.

You can opt for Fibe Car Loans and secure a stress-free option to get that dream vehicle quicker and without hassles! Download the Fibe app, or simply log in to our website and get started.

FAQs on Common Car Loan Mistakes

How to get a 100% loan on a car?

There are many factors that influence the car loan amount you can get. This includes your income, age, credit history, the model you select and more. However, if you have a good credit score, you have a better chance of getting a loan for 100% of your car’s value.

Can I get a car loan with a low CIBIL score?

Yes, lenders allow you to apply for a car loan online with a low score if you can provide proof of a stable income and assure timely repayment. Moreover, you can apply with a co-applicant or guarantor to get an auto loan.

Can I get a car loan with a 500 CIBIL score?

While most lenders have a minimum credit score requirement of 750, you can apply for a car loan with a 500 CIBIL score if you can afford to pay higher interest. You can also choose lenders like Fibe that do not rely solely on credit scores while assessing a loan application.

Can I get a car loan without a salary?

To get a car loan, you must have a steady income. However, if you don’t have proof of income, such as a salary slip, you can provide your bank statement as an alternative.

Can I get a car loan if my salary is ₹10,000?

Yes. You can apply for a car loan online if you have a steady job with a salary of ₹10,000 per month. However, the loan amount may be lower due to a lower repayment capacity.

Is it possible to get 0% interest on a car loan?

This is usually not possible in India as all banks charge you an interest on the financing they offer to purchase a car.

Can I buy a car with a ₹40,000 salary?

Your car loan eligibility depends on many factors, such as your monthly income, CIBIL score, existing credit, etc. However, many lenders will give you a decent loan amount with a 40k salary per month, provided you meet other parameters.

The Best Deals on All iPhones This Shopping Season

iPhones, Amazon, Flipkart, shopping season

The festive season is finally here and with it have arrived some of the best deals, discounts, and cashback offers. E-commerce giants such as Amazon and Flipkart are gearing up for massive sales. Electronic gadgets such as phones, laptops, and cameras have been amongst the best sellers during the recently concluded shopping sales on e-commerce stores. With the recent launch of the iPhone 12 Pro, the media is abuzz with news about its first impressions and latest features. Considering getting it? Or any other iPhone? Do check out this list of the best deals on all iPhones this shopping season.

The Best Deals on All iPhones

#1 The Apple Days on Amazon India and Other Deals

Amazon India is offering some amazing deals for customers who buy Apple products on Apple Days. There are attractive deals and discounts available for all Apple iPhones ranging from the latest iPhone XS Max to the iPhone 6s. The iPhone 12 is selling with a whole bunch of cashback offers on SBI cards and Amazon’s own Pay card. There’s also the chance to win exciting rewards on every purchase, regardless of the iPhone you pick!

It is also interesting to note that the iPhone 11 price went below Rs. 50,000 mark for the first time during this season’s Amazon Great Indian Festive Sale. It was available for Rs. 47,999 at that time. Therefore, this version might just be the main focus of the upcoming shopping sales as well.

As of now, Amazon is offering a 10% discount on a minimum order value of Rs.5000 via SBI credit cards. This offer is available up to 13th November 2020. There are no-cost EMI options on select cards and a cashback of 25% up to Rs. 250 on Amazon Pay Later.

If you’re looking to get the most affordable iPhone out there, even the iPhone 7 is on sale at a price never seen before – just Rs 25,000!

Upgrades and Exchanges:
But for users seeking to upgrade their iPhone model, Amazon has an exchange offer that allows up to Rs.12,500 on exchange provided that certain conditions are met. In addition to this, there are also some partner offers, and Amazon Pay UPI cashback offer, and a 5% cashback offer with Amazon Pay ICICI Bank credit card.

#2 Flipkart Deals

Flipkart is gearing up for a major shopping sale from 8th November to 13th November 2020, with early access and exclusive offers to Flipkart Plus members. There are massive discounts including a 10% instant discount on Axis Bank, ICICI Bank, Citi Bank, and Kotak Bank credit cards and debit cards.

Currently, Flipkart is offering a flat Rs. 5,000 off with American Express and RBL Bank cards and even Federal Bank Debit cards. The iPhone XR on Flipkart gets an additional Rs 3000 off.

There is also an exchange offer that allows customers to get up to Rs. 14,100 off if eligible. Other offers include standard and no-cost EMI options, 5% unlimited cash back with Flipkart Axis Bank credit cards, and 5% off with Axis Bank Buzz credit cards.

#3 Offers by Apple

Apple has an ongoing offer for customers buying a new eligible iPhone, Mac, iPad, iPod touch or Apple Tv. This includes getting one year of Apple TV+ for free and three months of Apple Arcade free provided that certain terms and conditions are met.

EarlySalary is Here to Help

At Fibe, we’re on your side. There’s no reason to be putting off purchases for later and missing out on amazing deals during shopping season sales. For those of us seeking instant credit to shop on e-commerce websites during this festive season, Fibe has the perfect credit options. With low-cost EMI and an instant application process, the entire procedure is hassle-free and allows customers to pay later on Amazon or Flipkart as per their convenience.

Fibe’s EMI products and EMI options might just be the thing that helps you make your wishlists a reality this festive season. And we’re glad they are!

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, or log in to our website and be a part of the #OneSmallStep experience.

Income Tax Deadlines Approaching: Here’s An Essential Checklist to Maximise Savings

Besides the fact that taxes are often perceived as a financial burden, a lack of awareness about financial planning only adds more to the stress. A majority of taxpayers fail to fit the tax-saving piece into their financial puzzle. Maybe it’s time to teach students taxes when they’re still in school to train them for the unavoidable taxes as adults.

If this is something you can relate to, then fear not. To ensure your tax-planning journey is smooth sailing, we’ve compiled a comprehensive and elaborate tax-saving guide.

How can you save tax: A brief insight on the Income Tax Act

In 1961, the Income Tax Act came into effect. All activities relating to the collection, imposition, administration, and recovery of tax on income are covered by the Income Tax Act. Over the years, it’s of course, gone through several changes, the latest being its divergence into old and new tax slabs.

Being a taxpayer, you will have several income sources, and your income or gains in a given fiscal year incur taxes.

As an individual, you have to pay taxes to the government, whether you are an employed person or an entrepreneur. While you’re at it, here’s how you can indulge in some tax saving, particularly under section 80C and 80D of the Income Tax act.

To limit your taxable profits, do remember to use section 80C to your advantage. Made any investments in a PPF? Or an ELSS Mutual fund perhaps? Section 80C will allow you to shave off up to Rs 1.5 lakhs from your taxable income.
Purchase medical insurance & assert a premium exemption on medical insurance of up to Rs. 25,000 (Rs 50,000 for Senior Citizens) under Section 80D.
Do remember to claim a deduction under Section 80EEE of up to Rs 50k on your home loan interest.
If you don’t have many deductions to claim, seriously considering opting for the new income tax slabs to lower your effective tax rate. Check out this official old slab vs new slab tax calculator to determine which one saves you more tax!

Checklist to follow while preparing your ITR

The following are some of the key items to note when filing income tax returns:

1. Quoting Aadhaar is mandatory
India’s Supreme Court asked the government to make quoting Aadhaar compulsory for all citizens. Thus, when filing the income tax return, the taxpayer must mention all the digits of the Aadhaar number or the Aadhaar enrolment number.

2. Main Changes in FY16-17 ITR Forms
Some changes have been made by the tax board. Firstly, from nine to seven, the quantity of ITR forms has been reduced. Only ITR 2 is in use now.

3. It is critical that all bank account numbers and IFSC codes are listed by taxpayers in their ITR. However, it is not appropriate to note inactive accounts that have been in-operational for the last three years.

4. By now, all individual taxpayers from their respective employers must have obtained their Form 16. Type 16 is the employer’s certificate. It has information on the wages paid to you by them and the taxes deducted from it. Form 16 shall be issued on or before May 31 of the next year, once for a specific financial year. The taxable pay referred to in Form 16 shall be included in the income tax report under the pay head.

5. It is possible to download Form 26AS from the income tax website. This form has all the TDS that has been deducted from your income(s) in detail. It requires TDS deducted on wages and the same can also be seen in this tax credit statement when there is any TDS deducted on fixed deposit interest.

The Relationship Between Taxes & Financial Wellness

Financial wellbeing or wellness, in very basic terms, refers to the practice of handling one’s economic life effectively and efficiently. Financial well-being is a blend of understanding your investments, making sound financial choices, and consolidating other significant aspects of your life with financial decisions.

As you can guess, an optimal state of financial wellness would involve prudent tax decisions that not only save you money but even generate more income via investments. After all, financial wellness means the ability to successfully handle short-term finances and simultaneously plan for the achievement of long-term objectives.

So whether you’re filing your taxes for last year or planning for this one, some tasks are consistently worth remembering to do:

1. Have the right budget that factors in both savings and investments.

2. Keeping a tangible track of all documentation, bills, etc. to avoid last minute delays or even losses.

3. Don’t over-optimize your budget so save taxes. Be financially prepared for any emergency of any sort.

But perhaps most importantly, be ready to leverage the right tools to assist you financially whenever the need arises. For example, EarlySalary’s Credit Suite will be at your service for all needs – from instant, short-term loans and free credit score checks, to a class-leading SalaryCard that allows you to pay on the go.

In other words, taxes or no taxes, savings or no savings, you’re well-covered for all financial eventualities with the EarlySalary Credit Suite.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!

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

How financial stress impacts job performance

Stress is a universal issue, impacting professionals across sectors, designations, and organizations. It severely deteriorates an employee’s work performance and comes in different forms and shapes. Take financial stress – featuring challenges in meeting loan EMIs, or managing the usual daily bills at times. As any leader may guess, this can be a huge detriment to overall organizational productivity.

But before we figure out how to deal with it, it’s important to know what causes it. Here are the most common causes of financial stress professionals of today must face:

Causes

Excess Debt: Taking too many loans at a time has people drowning in a sea of debt. Even before one debt has been paid up, another is taken. A certain life of thrift pushes folks towards taking too many loans and paying up huge credit card bills. The amount is often not small, and so is the interest.
Way of living: The current living standards all over have increased with the coming of easy EMIs. People are trying to keep up with a glorified idea of a lifestyle. But everything comes with a price. And this price becomes a big cause of financial stress at a later stage.
Insufficient savings: Despite a better stand of living, there are many of us living an urban equivalent of hand-to-mouth sustenance. Of course. And even if any savings are made, a thrifty nature ensures that even it is spent. In the end, all that remains is repayment.
Instability of markets: With a wide variety of changes taking place in the market, it has been difficult to keep your market parked with it. Risks are being taken without proper inspection which generally leads to losing lots of money in the financial markets.

Inadequate financial literacy: The majority of people with financial stress include millennials and youths. Being a newbie in the financial world, they aren’t very much acquainted with the nooks of their finances and are prone to hasty decisions. This reduces their chances of gaining success with money, thereby increasing their financial stress.
Personal Issues: A sole bread-winner of his family needs to take care of their finances well. The satisfaction of everyone’s needs creates a dearth of finances. Further in cases of emergencies like illness, accidents or any similar condition suddenly would send a surge in the need for financial assistance.
Other issues: Since some consumers are quite vulnerable due to their lack of financial knowledge, some institutions may take undue advantage of this, with high-interest rates, expensive prepayment charges, and more. As you can guess, this compounds the situation instead of making it any better.

Impact

Reduced productivity: Financial stress hampers mental health disabling better attention and thinking. This finally leads to a fall in productivity by an individual employee, and consequently a bigger fall for the organization in terms of productivity.
Absenteeism: Regular mental breakdowns of the employee lead him to take excessive breaks. This also adds up to increased absenteeism among the employees.
Disruption of health: Severe health problems can occur due to financial stress. Sleep disorders, headaches, heart ailments, hypertension are some of the possible impacts of financial stress. Further, stress clogs down the functioning of the brain which might lead to a bigger eventual shutdown of the body.
Lesser control: An employee gripped with financial stress has lower control over their mind and body. Unhealthy lifestyle habits, substance abuse habituation, and more become part of the package.

It’s easy to see how any, or all of these can be significantly detrimental to an organization’s output. A professional with any of this background is a professional very unlikely to be delivering their 100%.

How can organizations combat this?

Greater focus: A keen observation and look out for stressed employees will certainly. Understand the causes of financial stress and think of ways to help them.
Be empathetic: As a manager, put yourself in your employee’s shoes. Think about how you would have liked to be treated if it were you. Take care of your team in a similar way. Talk, counsel, and care.
Undertake financial wellness programs: Several service providers offer financial wellness and assistance programs as an ongoing attempt to combat such issues before they arise in organizations. Partner with them and try making appropriate changes. Fibe’s Financial Wellness service helps employees remain fully secured in financial terms. Be it a medical emergency or paying a child’s school fees, EarlySalary has got you covered, thanks to a keen understanding of the importance of financial education and experience in assisting under-served customers, with seminars on financial wellness, and support for instant credit, as part of the Fibe Credit Suite – a newly launched offering for aspiring Indian professionals of tomorrow.

When is your Organisation Getting Started?

Financial stress is a burden most young professionals face. In the modern world, however, a support system, with tech tools and concerned mentors and managers, can make the experience far easier to deal with. Undertaking better policies and programs will not only help in employee’s welfare but consequently help in getting closer to the organization’s future goals.

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