Compiled By: Anil Sinha About Anil: He is the Head of Engineering at Fibe, with over 15 years of experience, Anil is passionate about technology and has strong Leadership skills driven by core human values. He has worked on various techno-functional leadership roles with hands-on code and delivered complex products in the space of distributed data processing, especially related to trade processing and risk analytics.
Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential -Marc Kenigsberg, Founder Bitcoin Chaser Referred to as the next big thing after the internet, blockchain technology has amassed an ardent following across the globe, and Marc Kenigsberg rightfully substantiates the immense potential of this phenomenal technology. The rather attractive adoption curve of cryptocurrencies, especially by Bitcoin, the bellwether of the crypto industry, is a testimony to the revolutionary capabilities of this new generation miracle.
The blockchain is often referred to as a ‘disruptive’ technology. The experiments on the integration of the blockchain in different industries, such as healthcare, insurance, telecom, or real estate have exhibited its potential in breaking traditional methods and establishing a new reformed way of operating. The results, early on at least, have been promising. They indicate the inevitable creation of a more transparent and decentralized model across industries. Of course, this is completely distinct from the ongoing private and centralized systems in place.
One of the key industries where the blockchain-aware, and the enthusiasts, are expecting a paradigm-shifting change is the credit industry. Over the years, the credit market has undergone evolutionary (and revolutionary) changes with new innovations, and regulations in response to those innovations. In my view, the shift of the credit market from moneylenders to banks, which in turn work under the supervision of governments and global organizations has sculpted the modern economy. The statement that credit is a key component in the smooth functioning of the economy is wholly true since any economic turmoil is always felt first in the credit industry.
Before we discuss the extent of impact blockchains will have on the credit market, we need to understand the current scenario in the credit industry. The credit market has undergone a significant transition from its early stages. The evolution of credit gave birth to the bond market, the credit-card market, and commodity loan markets such as a car or home loans. Their presence is critical since these spinoff financial industries keep modern economies afloat.
The evolution of the credit market has propelled the expansion of other industries as well. The intertwined nature of industries amongst themselves is therefore obvious. If integrating the blockchain with other industries delivers positive results, we can safely expect that the effect on the credit market will be equally positive.
Coming to the blockchain-credit market association, I can’t imagine the kind of chaos that would ensue if the credit market based on any virtual internet-based system malfunctions and goes offline. Or a scenario where a malicious virus incision in system tampers records. The successful journey of cryptocurrencies so far indicates zero incident of downtime. This is by design since the blockchain is decentralized. Plus, the immutable nature of the distributed ledger system safeguards everyone’s data. Blockchain technology offers a reliable system for the credit market to operate. This is crucial, since a downtime, or any major fraud, can initiate a global market crash. In light of these features of blockchain, here are a few trends we might witness with a merger of blockchain technology with credit market:
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential “ -Marc Kenigsberg, Founder Bitcoin Chaser
The incorporation of blockchain technology in the credit market could catalyze growth in the adoption of cryptocurrencies. Since paper money can’t be loaned in a blockchain network, virtual money will triumph in a post-blockchain-based credit industry.
Perhaps an outcome I’d be most excited about – the blockchain, by nature of being decentralized and immutable, could help us with insights into borrowers, their credit-worthiness, and much more. If borrower data were to be stored on blockchains, transparency would be consistent, and instant, for all lenders. As a result, delinquencies may fall, and interest rates may stabilize to more attractive levels as systems become efficient.
The far reach and spread of blockchain users across the world may lead to mass participation in an international credit market. Borrowers would be relieved of the high-interest rates that may have persisted locally, since availing a loan internationally would now be possible.
Approval of credit requires collateral to proceed. Once the credit is allowed through blockchain, the required collateral can be made available to the creditor on the distributed ledger through tokens. This system will give rise to the tokenization of real-world assets.
In the post-blockchain-merged credit market, we’d be likely to witness a rise in the private credit sector. Users with surplus cryptocurrencies would be able to credit them to other users, guided by smart contracts – automated agreements that do not require trust between either party. We may witness a shift of the credit market from a regulated industry to an increasingly privatized sector.
With a surge in a privatized credit market, fluctuations in the interest rates charged may be a common scenario. The decentralized nature of blockchain eliminates the presence of regulated bodies, which could result in a surge of rates of interest in domestic markets due to the lack of governmental regulations. Of course, governments may be proactive and act.
One of the key lessons from the 2008 housing bubble was the need for a transparent system. Operating the credit market via blockchains will lead to the availability of data on all the history and ongoing transactions, on a level never seen before. This could be a turning point for the banking sector which has conventionally worked behind closed curtains.
It is, of course, too early to confidently estimate the extent of influence this technology will have on the credit market. We must not forget that blockchain tech is still maturing. The manner in which it will unravel itself can border on speculatory at times. But since the credit markets are often the soul of economies, a wrong step could host major discomfort for the global economic ecosystem. I do strongly believe though – what is the use of tech advancements if they don’t liberate us from existing traditional systems and offer us a higher quality of life? A thoughtful and tested transition of the credit market to the blockchain can be a crucial evolutionary step that can change the face of the modern credit industry.
COVID 19 has caused extreme financial problems for even those with a steady income. The pangs of this pandemic have left no one, affecting all without discrimination of age, race, caste, gender, or social status. It certainly hasn’t differentiated between the rich and the poor, affecting everyone without mercy. While most of us are privileged enough to have some levels of financial stability to see this scare off, most daily wagers, who depend on the daily work for survival are left without anything at all. Food and other essentials elude the grasp of the underprivileged, leaving them to fight a much bigger war than the pandemic, the fight for their lives, all by themselves. Fibe recognizes and understands the dire straits of the underprivileged, have partnered with GiveIndia and CRY (an NGO) to help lead the fight for their lives.
The Process
It is absolutely necessary that you understand how your funds will be utilized before you start donating.
Our partner GiveIndia, receives profiles of beneficiaries and their needs from several trusted nonprofit partners and networks
In order to further verify the authenticity of their needs, GiveIndia further verifies the profiles and the validity of the monetary needs independently.
Wherever and whenever feasible (given the current situations), GiveIndia will also conduct physical verification.
Funds received are then distributed by our nonprofit partners, who will carefully adhere to GiveIndia’s diligence policies.
We also know it is not fair for us to put the entire burden of saving the needs of our benevolent donors. We will be with you, every step of the way. EarlySalary, as a donation incentive, will donate 50% for every INR 100 that you donate (a maximum of INR 100). Every single rupee will make a difference, and it is important to understand that no donation is too small. This may be one of the most overused proverbs, but it is overused for a reason. It is true. Little drops doth make a large ocean. You have the power to create a positive impact on the lives of many daily wagers, who are depending on your donations to survive. All donations made through this platform are tax-exempted under section 80G & 501(c)(3) of the Income Tax Act, 1961.
How Much of An Impact can I make?
For every INR 7000 that we gather and donate, one family can survive in a tier 1 city for a full month. Similarly, a family in a tier 2 city can survive for a month with INR 5000. Every single penny that is donated is to achieve a singular purpose – to help the daily wagers pay for their basic needs, like dry ration and other essentials. The sudden loss of their income because of the Coronavirus pandemic can be slightly alleviated with every single rupee that you donate. All funds raised from this campaign will go exclusively towards achieving this purpose, and no charge or fee is levied. Save the lives of thousands of daily wagers and donate now! Our current objective is to raise INR 30 Lakhs and help people from across the country from the negative impacts of the pandemic.
I Want to Make a Donation! Tell Me How
Great, you’re already past the first and the most difficult step. You can save the lives of thousands of people from the comfort of your home. All you have to do is head over to the Fibe website or the instant loan app and select the amount that you want to donate. Follow the on-screen instructions and done! “Congratulations, you have taken a significant step in the battle against the cruel pandemic.”
An unprecedented worldwide lockdown is a history in the making. Extremely rare events such as this are witnessed only once in a lifetime or two. Although this is a very difficult time, with the Indian lockdown being extended once already to 3rd May 2020 and on the verge of being extended again, it is time we adapted to this environment. By adapting, I mean we must stop worrying about when this will all come to an end and start thinking about ways to get through this period better and unaffected as much as possible.
There could be no better time for some personal development and growth than this. While many do realize this, some are confused as to what to do. Besides spending quality time with your family, completing household chores and just unwinding from the stress of work, here are some of the things you could do during the lockdown to improve yourself as a whole:
E-Learning
One of the most affected sectors due to the COVID-19 pandemic is the education sector with millions of students worldwide losing valuable school time and missing out on lessons. But, there are numerous ways to access their lessons online.
If you are a student or have kids who have missed lessons due to the lockdown, this is a great time to catch up and maybe even do some extra learning. Some great online learning platforms like Extramarks, Toppr, and Pearson offer amazing online classes for a multitude of competitive exams and grades. Online platforms like edX, Coursera, and Udemy offer online courses from top universities from all over the world for free. Utilizing these platforms to develop your skills and learning new things is a great way to reinvent yourself for the post-pandemic world. Shakira recently completed a philosophy course from the University of Pennsylvania during this lockdown.
Other platforms like Skillshare, Brilliant, and Lynda offer you, online classes, to improve or learn new skills like design, art, photography, and filmmaking among many others.
Reading
A fairly often repeated suggestion, but hear us out. Reading is exceedingly one of the most underrated activities nowadays as most remain hooked to TVs, phones, and computers binge-watching TV shows one after the other. This was our number one way to kill time even before the coronavirus and lockdowns. Reading is a great way to broaden perspectives and writing skills, while also learning a myriad of things you probably otherwise would not have. You could call it the indoor equivalent of traveling. Once you develop a reading habit, it will be one of the most enjoyable activities on any given day. Reading is also a great way to unwind and relieve stress. If you find reading through a book difficult, apps like Audible provide you a wide range of audiobooks to sit back and listen to while sipping on your evening coffee.
Network digitally
If this is not the best time to utilize social media, there will never be any other. Using the internet and the plethora of social media platforms like Instagram, Twitter, and WhatsApp to socialize and keep in touch with your friends and family is a good utilization of your lockdown time. This is also a great way to start and develop relationships with acquaintances and new people and get to know them before you can meet them in person post the lockdown! Seeking out mutual friends and starting up a conversation with them could most definitely lead to new friendships. Catching up with old friends through social media is another great way to spend your time during the lockdown.
Another great way to network digitally with friends or to make new friends is through the Houseparty app. This app lets you play several fun mobile games on your phone with your friends while also being on a video call with them simultaneously. The app also lets you join other random people and interact with them through video calling and games. This is as close as you can get to hanging out with your buddies in these troubled times!
Popular online multiplayer games like PlayerUknown’s Battlegrounds Mobile(PUBGM), Catan, and Ludo King are fun ways to spend some time with friends and family.
While some see this as a painful period to get through as quickly as possible, others consider this a great opportunity for self-development and personal growth. We have to realize that this is probably the most amount of time we could get to spend by ourselves in our lifetime. Making the most of it like a true opportunist would certainly help us in the long run in tremendous ways.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs!
Download the instant loan app here, and be a part of the #OneInAMillion experience.
The ongoing Covid-19 crisis has restricted mass gatherings to curb the spread of this viral infection. To combat this, most offices and organizations have shifted to remote working structures to maintain business as usual. But while may have to adjust to the reality of lockdowns being the new normal, for a key number of global organizations and startups, remote working had always been a significant part of their office culture. Their successful work culture and systems are reflected in their attractive growth and success stories. Therefore a key question arises – should teleworking systems be adopted in place of the existing office setups? The task of determining the feasibility of this transition from traditional workspaces to setting up remote working teams falls on the shoulders of the HR function. Therefore it is critical to acquaint ourselves with ins and outs of remote working.
What are the advantages of remote working?
Transitioning from traditional in house office systems to remote working is a paradigm shift. To get an assessment of all the pros involved is an understandable and justifiable need. Let’s see how telecommuting impacts your organization and workforce:
Increased Productivity
A Stanford study involving 16,000 call center employees indicated that remote working resulted in an increased productivity of 13 percent. Remote workers seem to get much more work done than their counterparts working in an office. The flexible schedule, freedom to take a break on will, and absence of long commutes to work aids in an enhanced quality and quantity of output. Added to this the lack of distractions caused due to impromptu meetings and conversations with coworkers makes for an ample of time to complete an assignment. A 2018 global survey by Owl Labs showed that individuals who worked remotely at least once a month were 24% more likely to be productive and happy.
A healthier and happier workforce
Being a part of the HR workforce, we are not unfamiliar with the high amount of stress levels caused by challenging interpersonal relationships and office politics. These not only account for an unhealthy work environment, but also for a disdained workforce. Also, the current office culture and systems are catalyzing the sedentary living of the employees. The long to and fro commute and hectic work routines drain employees on a daily basis. Remote workers, on the other hand, are shielded from the negative impact resulting from office rivalries and gossiping. Studies also indicate that with more time available, remote workers take better care of their health right from healthy eating to sufficient sleep. In a 2020 analysis by FlexJobs, 86% of people felt that working remotely reduced stress. Therefore remote employees enjoy a much happier and healthier lifestyle.
Cost savings
In today’s time, the cost of setting up and working from an office space can be exorbitantly high. Obscenely expensive rates of real estate and elevated expenses in operating and maintaining offices can drain out an organization’s economic resources. Telecommuting, on the other hand, does not require the above-mentioned expenses. Therefore hiring remote workers can save excessive money. In a 2015 study by State of Telecommuting (US employee workforce), employers having teleworking work systems saved $44 billion in total.
Availability of large talent pool
The normal hiring procedure involves scouting for potential workers in local regions. With coaxing and enough money increment, we are able to convince workers to shift to another city to be a part of the office workforce. But still, this restricts our access to the local talent pool only. With teleworking this is not the case. You have an opportunity to hire from the global work pool. This results in an increment in the accessibility to the talent available. Also, a multicultural workforce promotes an enhanced level of bonding amongst employees.
All in all teleworking can prove beneficial in terms of both the quality of the workforce and value generated by an organization. Before setting up a telecommuting wing of the workforce, as an HR representative, it becomes crucial to know about the future of remote working.
The Future of Remote Working
Global analyses of existing remote working based organizations indicate revolutionary changes in the existing workspaces. In their 2019 future workforce report, Upwork showed that 73% of all company departments will have remote workers by 2028. Therefore before organizing a remote working team, it is necessary to update ourselves with upcoming trends and systems
A key number of companies including A-league global organizations will switch on to hybrid models of remote working. This involves a transition in phases to test and experiment with remote working for team feedback based on the challenges faced.
The shift to an online work system has to be supported by necessary applications and tools to tackle needs like mass communication and personal work channels. Existing teleworking based companies are using indigenous applications to tackle these requirements. We can witness a rise of applications catering to these needs which will aid in establishing a better remote working environment.
Blockchain technology presents the means necessary to successfully run a telecommuting workforce. Its peer to peer model and availability of all the data shared on the platform can make it an ideal technology to rely on. For employees hired on a contract basis, smart contracts can present an ideal option to ensure smooth functioning. In the upcoming months, enterprises may want to be on a lookout for upcoming blockchain platforms specifically catering to work systems.
Working in traditional offices reportedly induces demoralizing sense in generation-Z. According to Forbes, a regular 9-5 is not an ideal working condition sought by Gen-Z. Mass scale adaptability of remote working will, therefore, witness a rise in any workforce constituting Gen-Z professionals. Since a key workforce consisting of gen-Z and millennials will take over the baby boomers, establishing systems that are ideal for the upcoming workforce is a lucrative choice.
Key Challenges to Tackle in a Remote Working System
To wholly realize the positive impact of remote working on our organization, it is crucial to know various challenges experienced by existing teleworking companies. The HR function will need to counter these hindrances to successfully run our remote working systems.
Lack of proper communication channels:
The task assigned to the remote workers needs to be explained effectively. An absence of in-person interactions in emergency situations results in delayed work submissions. This necessitates the requirement of issuing detailed work guidelines and establishing channels for quick and easy communication. Systems and protocols to follow in case of emergency situations should be built and clearly communicated.
Trust factor:
It is crucial to hire individuals we trust and then trust the employees we hire. A relation of mutual trust should be proactively built with our employees for better work culture and emotional health. This results in an increased commitment to the organization’s goals.
Lack of human experience and loneliness:
Since remote employees work from their homes, most of them are bound to experience a certain level of loneliness. An absence of human contact can take a toll on their emotional and mental health. The job, therefore, falls on our shoulders to establish a culture where bonds are encouraged and partnered assignments are promoted. Although video conferencing establishes a human connection, it lacks the essence of human contact. Therefore remote workers should be encouraged and adequately funded to work from co-working spaces where they can socialize and network.
It is important to build a teleworking system that adequately counters these obstacles. We can learn from the existing remote working based companies such as Trello, Zapier, and HotJar, whose online guides on successfully running and managing a remote working workforce share useful methods and structures to build upon your own telecommuting systems. Executed correctly, organizations can retain top talent and also save expenses on setting up traditional office spaces. The Covid-19 situation is an ideal scenario to understand the impact of remote working on balance sheets. Of course, active feedback needs to be sought from our employees on such models and workflows while we iterate and improve. The integrated result of your efforts and feedback by employees will decide the course of your permanent shift to remote working.
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It’s been more than 50 days since the World Health Organisation announced the Coronavirus crisis as a global pandemic. Nations across the world have gone into lockdown, causing great deals of disruption to almost every single aspect of human life. What’s worse? It may not be over any time soon. Not to create a panic, but it is essential for us to be informed of the situation and the prognosis, to help us make optimal decisions. Even amidst all this, it is extremely possible for each and every single one of us to remain financially hopeful. Here are our top takes on ways to remain financially hopeful.
#1 Complete Your Taxes Faster
The Covid-19 pandemic has left most of us with one luxury that we probably didn’t have before – lots of extra time. We can use this to our benefit and save every penny that we can. Apart from budgeting and rationing efficiently to save money, one of the best ways to ensure that you save as much as possible is by ensuring that you plan for your taxes with this time and file your ITR at the earliest. We have a separate article on tax-saving tips, which you might want to read if you want to learn some tips on how best to plan your taxes.
#2 Take Advantage Of Discount And Freebies
Covid-19 has not only affected individual lives but has also disrupted businesses (big & small) all across the world. Many companies are forced to sell their products and services at low prices to just stay alive and kicking. This has given rise to lots of outrageous discounts, offers, and freebies by various organizations across the globe. There are also several apps available on the internet which lets you keep track of all the offers currently available. If you see something that catches your eye which is on offer, now might be the best time for you to purchase them.
#3 Take Bold Health Decisions
Now that we have a lot of time in our hands, along with the undivided attention and support of our family, a pleasant side effect of an otherwise dire situation, it is highly recommended that you make health decisions that you didn’t or couldn’t make otherwise. You may consider quitting smoking, reducing alcohol consumption, that you weren’t able to do previously.
With the calm and comfort of home, it is probably the best time for you to quit your vices, and develop healthy habits in their stead. This may not seem like financial advice, but when you think about it, by taking better care of your body and mind now, you save yourself quite a fortune that you might end up spending on hospitals and medicine. And this is apart from the money you save which you’d otherwise spend on your vices. Take your time, talk to your family, and work out a regime, and stay healthy!
#4 Consider Investments
We, at EarlySalary, have emphasized the importance of Investments plenty of times in different posts in our blog. Investing small amounts of money regularly and religiously results in huge payoffs down the line. It is, however, essential that you take time and decide on what instruments you want to invest in, how much you want to invest in each of the instruments, and how better to diversify your portfolio. Generally, we don’t have enough time to analyze the various instruments available in the market, thus shying away from investing, losing us a lot of money in the long run. With time being in abundance now, it is high time that we start creating a long term strategy that will help us save and profit a lot more in the future. Right now, with the markets looking to recover, most of the instruments are available for purchase at very low rates, deviating from their fair market values, making this the perfect time to start investing.
#5 Build an emergency fund for the future
COVID has taught us plenty of financial lessons, one of them being the importance of building a savings buffer. We had talked about the 50 30 20 rule in our post on International Happiness Day, and how it can be best used to build an emergency fund for the future. Ideally, building a safety buffer worth 2 months of our income should be enough to face out any emergency situation that may happen in the future, considering even the worst of the situations. If the safety fund is not enough for you to meet the emergency, we, at Fibe, are always happy to help out by disbursing cheap instant loans with zero hassles.
The Coronavirus has created a dire environment for all of us to live in, but we human beings have the unique tendency to always look on the bright side, to hope, and this tendency is one of the key traits that we share which will help us plow through this dark periods. This too shall pass.
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Looking for a reliable Instant loan app in India that can help you get quick funds without lengthy paperwork? Instant loan apps allow eligible borrowers to apply online, check loan offers, upload documents, review charges and receive funds digitally, subject to approval. However, the best loan app is not just the one that gives quick disbursal. It should also be transparent, safe, RBI-compliant and clear about charges.
Customer support and grievance redressal availability
Availability of official product information
Alignment with RBI’s digital lending principles
As per the Reserve Bank of India’s Digital Lending Directions, 2025, regulated entities must provide clear borrower disclosures, including the Key Fact Statement, loan terms, grievance redressal details, customer-care information and links to RBI’s Complaint Management System and Sachet Portal. RBI also states that digital loan disbursal should generally be made directly into the borrower’s bank account, and repayment should happen directly into the regulated entity’s bank account.
Best Instant Loan Apps in India 2026 – Quick Comparison Table
Loan App
Best For
Loan Amount
Interest Rate
Repayment Tenure
Source Type
Fibe
Instant personal loans for salaried professionals, including eligible new-to-credit users
Up to ₹10 lakh
Starting from 18% p.a.
6 to 36 months
Official Fibe page
Dhani
Borrowers looking for app-based personal loans
Check in app/official platform
Check in app/official platform
Check in app/official platform
Official platform/app
Freo
Line-of-credit style personal loans for salaried users
Check in app/official platform
Check in app/official platform
Check in app/official platform
Official platform/app
KreditBee
Salaried and self-employed users looking for instant personal loans
₹6,000 to ₹10 lakh
12% to 28.5% p.a.
6 to 60 months
Official KreditBee page
PaySense
Salaried and self-employed users looking for small to mid-sized personal loans
Check in app/official platform
Check in app/official platform
Check in app/official platform
Official platform/app
Note: Loan amounts, interest rates, fees, tenure and eligibility may change based on lender policy and borrower profile. Always verify the latest APR, Key Fact Statement, processing fee, repayment schedule, penal charges and foreclosure/prepayment terms on the official lender app or website before applying.
Fibe is one of the best loan apps in India for salaried professionals who want a quick, digital and hassle-free borrowing experience. It offers instant personal loans of up to ₹10 lakh, a 100% digital process, and repayment tenure options of 6 to 36 months. Fibe’s official personal loan page also mentions cash in 2 minutes and 0 foreclosure charges.
Key Features and Benefits
Feature
Details
Loan amount
Up to ₹10 lakh
Interest rate
Starting from 18% p.a. on a reducing balance basis
Processing fee
Starting from 2% of the loan amount + GST
Tenure
6 to 36 months
APR
Starting from 18%
Foreclosure charges
Nil
Process
100% digital
Disbursal
Subject to eligibility and verification
Fibe’s official page lists the personal loan charges clearly, including loan amount, interest rate, processing fee, tenure, APR, foreclosure charges, bounce charges, stamp duty and late payment charges. This makes it easier for borrowers to estimate the total cost before applying.
Why Fibe Stands Out
Fibe is suitable for young salaried professionals who need funds for urgent or planned expenses such as:
Medical bills
Rent or utility payments
Travel
Home repairs
Education expenses
Wedding expenses
Consumer purchases
For example, if a salaried professional needs ₹1 lakh for an emergency expense, they can check eligibility, choose the repayment tenure, upload documents and review charges before accepting the offer.
2. Dhani
Best for: Borrowers looking for app-based personal loans.
Dhani is another known digital lending platform in India. Borrowers considering Dhani should check the latest loan amount, tenure, interest rate, processing fee and repayment terms directly on the official Dhani app or website before applying.
Key Things to Check Before Applying
Loan amount offered
Interest rate and APR
Processing fee and GST
Repayment tenure
Late payment charges
Foreclosure or prepayment charges
Lending partner/NBFC details
Customer support and grievance redressal details
Why Verification Matters
Since app-based loan terms can vary by user profile, the final offer may depend on income, credit score, employment type, location, existing obligations and lender policy. RBI’s Digital Lending Directions require regulated entities to provide borrower-facing disclosures, including details of the loan product, grievance redressal mechanism, customer care and privacy policies.
3. Freo Formerly MoneyTap
Best for: Line-of-credit style personal loans for salaried individuals.
Freo, formerly associated with MoneyTap, is known for flexible digital credit solutions. It may suit borrowers who prefer access to a credit line-style facility rather than taking a full loan amount at once.
Key Things to Check
Before choosing Freo or any line-of-credit product, check:
Whether interest is charged on the full sanctioned limit or only the used amount
Annual fee, processing fee or platform charges
Minimum repayment amount
Due date and repayment cycle
Interest calculation method
APR and Key Fact Statement
Credit bureau reporting
Example
Suppose you are approved for a credit limit but only use ₹20,000. A flexible credit product may be useful if interest is charged only on the used amount. However, the final cost depends on the product terms, fees and repayment behaviour. Always review the KFS and APR before accepting the loan.
4. KreditBee
Best for: Salaried and self-employed individuals who want instant personal loans.
KreditBee offers personal loans for salaried and self-employed borrowers. Its official page states that borrowers can get personal loans ranging from ₹6,000 to ₹10 lakh, with interest rates from 12% to 28.5% p.a. and tenure from 6 to 60 months. It also mentions a processing fee of up to 5.1% + GST.
Key Features and Benefits
Feature
Details
Loan amount
₹6,000 to ₹10 lakh
Interest rate
12% to 28.5% p.a.
Tenure
6 to 60 months
Processing fee
Up to 5.1% + GST
Collateral
No collateral required
Eligibility
Indian citizen, age 21+, income criteria apply
KreditBee’s official page also lists eligibility requirements such as age, income, Aadhaar-linked mobile number and income proof.
Example: A self-employed professional who needs funds to manage a short-term cash flow gap may compare KreditBee’s loan offer with other apps. The borrower should compare not only the interest rate but also processing fee, APR, EMI amount, tenure and late payment charges.
5. PaySense
Best for: Salaried and self-employed individuals looking for small to mid-sized personal loans.
PaySense is another digital personal loan platform used by borrowers in India. Since loan terms may vary by user profile and lending partner, borrowers should check the latest product details directly on the official PaySense app or website.
What to Check Before Applying
Loan amount eligibility
Interest rate and APR
Processing fee
EMI schedule
Repayment tenure
Late payment charges
Prepayment or foreclosure rules
Lending partner details
Customer-care and grievance support
Example
If you need a smaller loan for a short-term expense, PaySense may be one of the options to compare. However, you should accept the offer only after checking the final APR, EMI amount, repayment date and all applicable charges.
How to Choose the Best Loan App in India
The best loan app should be safe, transparent, affordable and easy to repay. Use the checklist below before applying.
1. Check if the Lending Entity is RBI-Regulated
Do not rely only on the app name. Check who is actually giving the loan. It could be:
A bank
An NBFC
A regulated entity working with a lending service provider
RBI maintains information on NBFCs through its official website, which borrowers can use to verify whether an NBFC is regulated.
2. Review the Key Fact Statement
Before accepting any digital loan, check the Key Fact Statement. It should clearly mention:
RBI’s Digital Lending Directions require regulated entities to provide a Key Fact Statement and digitally signed loan documents to borrowers.
3. Compare APR, Not Just Interest Rate
The interest rate alone does not show the full cost of borrowing. APR gives a better view of the total annualised cost, as it includes major charges linked to the loan.
For example:
Loan App A
Loan App B
Lower interest rate but high processing fee
Slightly higher interest rate but low processing fee
For example, Fibe’s official personal loan page lists its processing fee, APR, tenure, foreclosure charges and late payment charges in its fees and charges section.
5. Choose a Comfortable EMI
Do not choose the highest loan amount just because it is available. Pick an EMI that fits your monthly budget.
A simple rule:
Monthly Income
Suggested EMI Approach
₹25,000 to ₹40,000
Keep EMI low and tenure manageable
₹40,000 to ₹75,000
Compare EMI vs total interest carefully
₹75,000+
Choose tenure based on liquidity and financial goals
A longer tenure may reduce your EMI but increase your total interest outgo.
6. Check Data Privacy and App Permissions
RBI’s Digital Lending Directions state that data collection by digital lending apps should be need-based and done with prior explicit consent. RBI also says digital lending apps should not access mobile phone resources such as contact lists, call logs, telephony functions, files and media, except for limited permitted cases such as onboarding/KYC with explicit consent.
Before downloading a loan app, check:
Whether it asks for unnecessary permissions
Whether it has a privacy policy
Whether it discloses data sharing with third parties
Whether you can revoke consent
Whether customer support is visible
7. Check Customer Support and Grievance Redressal
A reliable loan app should clearly display:
Customer care number/email
Grievance officer details
Lending partner details
Escalation process
RBI CMS/Sachet links wherever applicable
RBI says that regulated entities and lending service providers must designate nodal grievance redressal officers for digital lending-related complaints. If a complaint is rejected, not resolved, or no reply is received within 30 days, borrowers can escalate it through RBI’s Complaint Management System under the Reserve Bank Integrated Ombudsman Scheme.
How to Apply for a Personal Loan on a Loan App
Most personal loan apps follow a digital application process.
Step-by-Step Process
Download the official app
Use the official Play Store, App Store or lender website.
Register with your mobile number
Use your active mobile number linked to your documents and bank account.
Enter basic details
Add details such as name, PAN, age, income, employment type and city.
Check eligibility
The app checks your eligibility based on lender policy and your profile.
Select loan amount and tenure
Choose an amount and EMI that you can comfortably repay.
Upload documents
Submit KYC and income documents.
Review the Key Fact Statement
Check APR, charges, EMI, repayment date and penalties.
Accept the loan agreement
Read all terms before accepting.
Get disbursal
Once approved and verified, the loan amount is credited digitally.
Documents Required for Instant Loan Apps in India
Most loan apps ask for basic KYC and income proof.
Document Type
Examples
Identity proof
PAN card, Aadhaar card, passport, driving licence
Address proof
Aadhaar card, passport, voter ID, utility bill
Income proof
Salary slips, bank statements, Form 16, ITR
Employment proof
Employee ID, office email, UAN, business proof
Photograph/selfie
Live selfie or profile photo
Bank details
Savings account details for disbursal and repayment
For example, KreditBee lists documents such as photograph, PAN, address proof, bank statements and employment proof for salaried employees.
Which Loan App Should You Choose?
Choose a loan app based on your exact requirement:
Requirement
Suitable Option
Fast digital loan for salaried professionals
Fibe
App-based personal loan comparison
Dhani
Credit line-style borrowing
Freo
Salaried/self-employed instant loan
KreditBee
Small to mid-sized personal loan
PaySense
Apply for an Instant Personal Loan with Fibe
Need quick funds without lengthy paperwork? With Fibe, you can apply for an instant personal loan of up to ₹10 lakh, choose a flexible repayment tenure and complete the process digitally.
Download the Fibe app today and check your personal loan eligibility in minutes.
FAQs on the Top 5 Instant Loan Apps in India
1. Which is the best loan app in India?
Fibe is one of the best loan apps in India for salaried professionals looking for a digital personal loan experience. It offers personal loans of up to ₹10 lakh, starting interest rate of 18% p.a., tenure of 6 to 36 months and nil foreclosure charges, as listed on its official page.
2. What are the advantages of applying for an instant loan online through apps?
Applying through instant loan apps can offer:
Online application
Minimal documentation
Quick eligibility check
Digital approval and disbursal
Flexible EMI options
Easy repayment tracking
Access to loan documents digitally
However, borrowers should always review the KFS, APR, charges, repayment schedule and grievance redressal details before accepting the loan.
3. Which app gives small loans?
Apps such as Fibe, KreditBee, Freo, Dhani and PaySense may offer small-ticket personal loans, depending on eligibility and lender policy. KreditBee’s official page mentions personal loans starting from ₹6,000, while Fibe offers loans across multiple ticket sizes up to ₹10 lakh.
4. What is the minimum salary required to apply on a loan app?
The minimum salary requirement depends on the lender. For example, KreditBee mentions a minimum monthly personal income of ₹10,000. For Fibe and other loan apps, borrowers should check the latest eligibility criteria on the official app or website before applying.
5. Which loan app gives the lowest interest rate in India?
The lowest interest rate depends on the borrower’s credit score, income, employment type, repayment history, loan amount and tenure. Among the apps covered here, KreditBee’s official page lists interest rates from 12% to 28.5% p.a., while Fibe lists interest rates starting from 18% p.a. Borrowers should compare the final APR, not just the starting interest rate.
6. Can I get an instant loan without a credit score?
Yes, some loan apps may consider eligible new-to-credit borrowers, but approval depends on income, employment, age, verification, lender policy and repayment capacity. Even if you do not have a credit score, the lender may assess your bank statement, salary, occupation and other financial details before approving the loan.
7. How do I know if a loan app is safe?
A loan app is safer when it clearly shows:
Name of the lending bank/NBFC
Loan amount, APR and charges
Key Fact Statement
Customer-care details
Grievance officer details
Privacy policy
Consent-based data usage
RBI CMS/Sachet links where applicable
RBI’s Digital Lending Directions require regulated entities to maintain borrower disclosures, grievance mechanisms, customer-care information and links to RBI CMS and Sachet Portal on their websites.
We don’t need a survey to gauge how many salaried individuals would like to earn more by saving on their taxes. A key issue expected during every annual budget proceeding in the parliament involves some leeway on the income tax levied (like the new slabs introduced in Budget 2020).
As HR professionals, we’re entrusted with the role of ensuring optimal performance of employees and resolving emotional-mental constraints that might inhibit performance and growth. Since the act of tax-saving remains a key psychological tussle faced by most employees, aid in that direction can work wonders for the organisation’s ecosystem. Here are 5 legally backed tax tips that should empower your workforce to save significantly more:
#1 House Rent Allowance [Section 10 (13A)]
A greater segment of individuals migrates to other cities in order to fulfil their job requirements. With rising real estate costs, renting is the only viable option for accommodation.
For individuals living in rented abodes, the government of India offers tax exemption on full or partial house rent paid. Also, employers are directed to pay a house rent allowance to cover the rent charges.
The minimum provision on tax exemption on house rents can cover any of the following cases based on salary structure:
Complete HRA provided by the employer
40% of the income (basic salary + daily allowance) for non-metro cities or 50% of income(Basic+DA) for metro cities
The actual rent paid is less than 10% of the income (Basic+DA)
It is mandatory to inform your workforce that misusing this provision by house owners by coming in a rental agreement with their spouse will be considered fraudulent activity. The guilty will be subjected to the case of tax evasion.
#2 Leave Travel Allowance [Section 10(5)]
Breaks or holidays are a critical part of that elusive work-life balance we all chase. It’s probably why the Government of India grants tax exemptions on leave travel allowances provided by the employer. Your workforce should know that if their LTA is part of their CTC, employees can cover costs borne on transportation like economic airfare, first-class AC railway travel or other means of public transport.
Do remember that tax exemptions only come into play for trips within India. A critical point that needs to be noted is that this allowance on travel expenses is only valid for immediate family or other dependent family members.
#3 Conveyance Allowance [Section 10(14) (2)]
The cost of transportation endured due to the commute from home to the workplace is an unavoidable expenditure. The tax laws hold a provision to an exempt tax levied on the conveyance allowance provided by the employer.
Travel allowances of upto ₹.19,200 per annum or ₹1,600 per month are exempted from any tax cuts. Your employee does not need to show any documentation in the form of receipt of expenditure in order to avail the allowance and tax benefits.
#4 Medical Expenses [Section 17 (2)]
Medical expenditures can be simultaneously unavoidable and heavy on the wallet. Apart from a medical cover or insurance policy your employees might have, the government allows tax exemption on the medical expenses provided by employers. Up to ₹15,000 can be reimbursed by the employer in order to cover any medical expenditure. This sum is exempted from any tax cut under the tax laws.
Another critical point to consider is that since the amount is a part of a ‘reimbursement’, the exemption is permitted up to the actual expenditure incurred. The employee and the salary department should be made aware of this crucial segment.
#5 Cover for Miscellaneous Expenses and Sharing Tax Plan with Organisation
Employees also stand to benefit from tax deductions on work-related expenses they may be incurring. This can include research, phone bills, local travel and more. This also covers expenditure incurred on clients, skill enhancement, newspapers, books, etc. As long as the expenses deal with your primary business, employees stand to gain.
It’s a good policy to encourage awareness of the various outlays that they can cover right from their organisation. Being an HR professional, the task falls on your shoulders to ensure a proper allowance allotment structure in your organisation. You could explore organising in-house sessions to help with awareness of the ongoing tax regime, best practices, an explanation of the jargon, upcoming deadlines and more.
You can also educate your employees about the tax benefits in the short-term from instruments that can help them earn returns in the long-run. Your employees may have multiple income sources that may attract taxes. Section 80C, 80D and 80G of the Income Tax Act can provide them with an exhaustive list of ways to save on taxes.
Employees may also be encouraged to share their tax plans and saving strategies. With a few tweaks from the organisation. This should ensure lowered deductions resulting in more in-hand-cash for the teams.
Tax season can be one of the daunting times to endure in the office circuits (often one that also requires some tax myths busted). As an HR professional, it’s important to stay updated and help employees minimise their tax burden and make them smart at tax savings. By sharing tax tips with your employees and helping them file their taxes, you can hope to establish a healthy and fun office structure.
Feel free to get in touch with us for any questions on credit, loans and your instant cash needs! Fibe enables you to take out instant cash loans/personal loans with the following benefits:
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.
