Lockdown: Give Your Mental Health The First Priority

Medical casualties aren’t the only consequences of the Coronavirus pandemic. The economic damage, its impact on our mental state, interpersonal relationships, and communities at large – they’re all victims. This isn’t surprising to all of us. A few years go, Bill Gates, described his biggest fear in an interview with Vox. He was highly concerned about the inability of the human race to battle an impending war with epidemics. He said, “The fact that there was no catastrophic pandemic in recent history does not mean there will not be any. And we are certainly not prepared for the next pandemic.” 

It’s true – we’ve been caught fairly unprepared. As we struggle to balance working from home with potential threats to our careers, it’s our mental health that seems to be taking the biggest hit. And we’re not alone in this scenario. It’s especially hard for healthcare workers and others on the frontline during these times – who must endanger their health to ensure ours. 

To understand how to best emerge out of this, perhaps we should recap how we got here in the first place: 

A brief timeline of the COVID-19 Spread

January 2020: The outbreak of a new coronavirus was declared to be an international concern by the World Health Organization(WHO). 
February 2020: There was a rising concern of the coronavirus disease, termed COVID-19, spreading around the globe. 
April 2020: A majority of the human population is under partial or complete lockdown. 
March 2020: COVID-19 is declared as a pandemic. 

Essentials To Keep Your Mental Health In Check 

With extended lockdowns, the stress in such troubled times is inevitable. Prolonged stress can hamper your ability to take care of yourself and others. So the fear of the disease and the mounting pressure owing to the uncertainty about the times ahead warrants the need to give your mental health the first priority. After all, the last thing we need in times like these is more reasons for stress and anxiety. This would lead to strained relationships, lowered productivity, and an overall general sense of dissatisfaction.

#1 Refrain From Divulging In Too Deep In COVID-19

The first and foremost advice to heed is to stop excessively divulging yourself in the topic itself. With an exponential increase in the information about COVID-19 doing the rounds over the internet, it is easy to lose track of time reading articles and watching videos about the widespread disease. You don’t necessarily need to know the death toll or the number of new cases every day. We’ve established beyond doubt that COVID-19 is exceedingly dangerous. It’s why we have a lockdown in the first place! Constant news loops can cause distress and elevate anxiety at an exponential rate. For your mental well being, it is essential to minimize listening, watching, and reading news about COVID-19. Refrain from indulging in updates to once or twice a day.  

#2 Rely On Trusted Sources For The Facts 

In addition to reducing your own stress, refraining yourself from overindulging in the information about the coronavirus disease can also help you to not fall victim to rumors and misinformation. Such information, which is untrue and potentially harmful, would only cause more discomfort. Always get facts from trustworthy sources. These will filter out the rumors from the facts. This practice should keep your stress levels in check. 

It might even prevent embarrassment if you happen to forward or propagate potentially misleading news that is later fact-checked!

#3 Stop The Stigmatization 

Thirdly, stop stigmatizing anything and everything. It is cumbersome for yourself and others. Don’t harbor stigma about certain ethnic groups or infected people in your area. It is important to be empathetic to the affected rather than condemning them for being sick. Remember – these tough times pass, they will be the same as us minus the infection. 

#4 Maintain Virtual Contact With Neighbours, Friends And Distant Relatives 

Lockdown

While you practice social distancing, we’d highly recommend you keep in frequent virtual contact with your neighbors, friends, and distant relatives. Such interactions would hopefully distract your thoughts from the grim reality and divert your attention in the best ways. Feel free to play cards and board games over video calls or have an indoor movie night and karaoke sessions. Additionally, these interactions ensure great community support allowing for quick assistance in case of emergencies.  

#5 Spread Positivity

Sharing experiences of people who have recovered, discussing the innovative ways they are coping with situations, fun activities kids are indulging in while at home are some of the share-worthy content that you must surely spread around. 

You could even consider some form of art of your preference – do you want to write? Make music? Perhaps shoot a video in the challenging confines of your home? Every opportunity and idea is up for grabs!

Conclusion 

Simply put, you can sail through these rough tides by maintaining a positive outlook. As days go by and the lockdown continues, money may soon become a concern. Online instant loan apps are possible solutions you can look into at an early stage. The application takes minimal time while the cash transfer is done within minutes. And they are accessible without endangering your lives. 

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

Download the instant loan app here, and be a part of the #OneInAMillion experience.

Smile OK please – No more month-end crunch with instant cash loans

For most of us, salary-day is the best time of the month. Whether it is eating out in a nice restaurant, buying new clothes or a long-awaited breather with your loved ones on a weekend trip, replenishing your bank account with your hard-earned money can mean a lot. With the advent of online shopping and its massive discounts and a wide array of products, we’re spoilt for options too.

But we do know that this golden period is often short-lived. Even after rigorous budgeting, you may face a cash crunch; especially towards the end of the month. Here in this blog, we explore how an instant cash loan can help you bridge the gap caused by your cash crunch under any circumstance. 

To get an instant loan online these days requires zero paperwork and no collateral. Everything, starting from the application to the final loan disbursal is done online with a focus on instant approval. Most instant loan apps in India like EarlySalary ensure disbursal within 8 to 24 hours of your application because we understand that in a time of need, running around for money can be the most taxing thing. At EarlySalary, we have developed financial technology and tools to help customers apply for a cash loan by simply uploading the required documents on our website or android app. 

How To Get An Instant Loan Online

With the Fibe instant cash loan app, you can get an instant loan for all your needs in just a few clicks: 

  • Just download the Instant Loan App, 
  • Signup with your name and,
  • Share a few personal details to get an eligibility check,
  • Upload your identity proof, address proof and salary slips for the last three months. 

There is no need to physically send any document for verification or visit our offices with any documents. Once we receive your credit score and process your loan request, the loan amount is directly transferred to your bank account. You would be notified about the transfer and EMIs through your online dashboard. If in case of any queries, you can always email or call our customer support. 

If you are 21 years or more, an Indian citizen and a salaried individual with a minimum salary of ₹18,000 (Metro Cities) or ₹15,000 (Non-metros), then you are eligible for a quick cash loan from EarlySalary. 

An instant cash loan from Fibe is an unsecured loan, meaning, you do not need to pledge any security or collaterals. You are free to use the entire amount for any of your requirements. Fibe’s cash loan also provides you with flexible repayment options, where you can choose between the duration and installment amount. You may also choose to repay the entire amount at any time in this period since we charge zero foreclosure fees. 

Borrowing from EarlySalary is also affordable. With a good credit score, you can borrow with interest rates as low as Rs 9/day. That being said, you can also borrow if you do not have a credit score yet. 

There can be a plethora of reasons for the month-end cash crunch and subsequent wrinkles on your forehead, which are sometimes outside your control. Isn’t it awesome to have an instant loan available for all your needs? With EarlySalary instant cash loans, we help you sail through money blues during a medical emergency, sudden repair work, shopping, travel, etc. So, replace that frown with a smile OK, please. 

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

Download the personal loan app here, and be a part of the #OneInAMillion experience.

Old Regime vs New Regime of Taxation in India 2023: Important Pointers

Choosing between the old and new taxation regimes in India is a crucial decision to make since they have different impacts on your tax liability. While the old regime has its perks in the form of 70+ deductions and exemptions, the new tax regime offers some great benefits, too.

To understand what both these regimes mean, their differences and how you can choose between them, read on.

What is the New Tax Regime?

Introduced in 2020, this has comparatively fewer deductions and exemptions but better tax slabs. 

Important points to note:

  • Income up to ₹7 lakhs is now eligible for a full tax rebate, meaning you don’t have to pay any taxes
  • The basic tax exemption limit is ₹3 lakhs
  • The standard deduction of ₹50,000 is also available under this regime
  • The tax rate for HNIs is 39%
  • The leave encashment exemption limit is ₹25 lakhs
  • The new regime is the default regime from 2023-24 onwards
  • If you want to file a return under the old regime, you’ll need to switch at the time of filing by submitting a form

What is the Old Tax Regime?

The old regime has been in place long before the new one. 

Important points to note:

  • It offers 70+ deductions and exemptions to taxpayers under different heads
  • The old regime was the default option until now, wherein you can enjoy deductions of up to ₹1.5 lakhs under Section 80C alone
  • The basic exemption limit in this regime is lower than in the new regime
  • This regime still includes the standard deduction

Old or New Tax Regime: Which is Better?

Understanding the tax slabs, deductions and exemptions for both regimes is crucial. This information can help you understand the features of the old vs. new tax regime and make a smart choice. 

Tax Slabs:

Income SlabNew Tax RegimeOld Tax Regime
₹0 – ₹2,50,0000%0%
₹2,50,000 – ₹3,00,0000%5%
₹3,00,000 – ₹5,00,0005%5%
₹5,00,000 – ₹6,00,0005%20%
₹6,00,000 – ₹7,50,00010%20%
₹7,50,000 – ₹9,00,00010%20%
₹9,00,000 – ₹10,00,00015%20%
₹10,00,000 – ₹12,00,00015%30%
₹12,00,000 – ₹12,50,00020%30%
₹12,50,000 – ₹15,00,00020%30%
₹15,00,00030%30%

Disclaimer: The tax slabs for the new regime are applicable from 01/04/2023.

Deductions and Exemptions:

ParticularsNew Tax RegimeOld Tax Regime
Standard deductionAvailableAvailable
HRANot AvailableAvailable
LTANot AvailableAvailable
Interest on home loanNot Available (self-occupied/vacant property)Available (let-out property)Available
NPS (employer contribution)AvailableAvailable
Family Pension Income DeductionAvailableAvailable
ConveyanceAvailableAvailable
Entertainment Allowance and Professional TaxNot AvailableAvailable
Deductions u/s 80CNot AvailableAvailable

Disclaimer: The above is not an exhaustive list of deductions and exemptions.

Tips to Choose Between the Old and New Tax Regime

A key difference between the new and old tax regime includes:

  • The old regime has fewer deductions and exemptions
  • The old regime also has an increased limit for tax-free income

To consider the old vs new regime, calculate your tax liability by considering all the deductions and exemptions you can claim under both regimes. This will give you your net taxable income. Based on that, you can calculate the tax you owe as per the applicable slab rate. 

In conclusion, computing your tax obligation will help you choose between the old or new tax regime with ease. You can also claim deductions for a personal loan under the old regime if you use the funds for specified purposes. 

If you fall short of funds during the tax-paying season, get easy financing on Fibe. Apply for a Personal Loan to get up to ₹5 lakhs within minutes. To get started, download our Instant Loan App or register on our website. 

FAQs on Old Regime Vs New Regime

Is the new tax regime better than the old?

This answer will vary based on your unique situation. Compare the old vs new tax regime based on your earnings and the deductions you can claim. Then, choose the regime that lowers your tax liability.

Which tax regime is better, old or new, for ₹15 lakhs?

If you have an annual income of ₹15 lakhs, compare the old vs new tax regime based on the deductions you claim. For example, if your deductions go above ₹3.58 lakhs, you may benefit from the old regime. If not, the new regime may be a better option.

Which tax regime is better for ₹22 lakhs?

With an income of ₹22 lakhs, you can computer your tax obligation as per the old regime vs the new regime based on the deductions that reduce your taxes. With a deduction of ₹4.25 lakhs, your liability in both regimes is the same. 

However, if you can get a higher amount as a deduction, the old regime can help you pay less tax. 

What are the benefits of the new tax regime?

The benefits under the new regime include:

  • The tax rebate limit has been extended to ₹7 lakhs
  • The tax exemption limit has been increased to ₹3 lakhs
  • You can also enjoy the standard deduction of ₹50,000
  • If your income is up to ₹7.5 lakhs, you don’t need to pay tax

What is the disadvantage of the new tax regime?

Here’s what you need to know:

  • There are fewer deductions when compared to the old regime
  • This regime doesn’t allow exemptions, unlike the earlier system

Which tax slab is better for a salaried person?

As an individual earning a monthly income, you can choose a preferred option that best suits your needs. The ideal slab you choose must be based on:

  • Exemptions you can claim
  • Deductions you can include 

Can I switch between the new and old tax regimes?

Yes, you can switch between new and old regimes annually. However, from 2023-24 onwards, the new regime is the default regime. To file returns under the old regime, you’ll have to:

  • Fill out specific forms
  • Inform your employer in advance

How can I avoid tax in the new tax regime?

This is all that you need to do:

  • Plan your investments
  • Evaluate the applicable exemptions and deductions in the new regime to increase your savings

How Emergency Loan Apps Help During a Financial Emergency: A Complete Guide

An emergency loan app helps you get quick access to funds during urgent situations such as medical bills, sudden repairs, rent shortfalls, travel emergencies or temporary income gaps. Instead of waiting for long bank approvals or borrowing from informal lenders, a quick personal loan app lets eligible users apply digitally, submit basic documents and receive funds directly in their bank account. 

That said, an emergency loan should be used responsibly. As a simple rule: borrow only what you need, check the total cost of the loan and choose an EMI that fits your monthly budget. 

What is a Financial Emergency? 

A financial emergency is an unexpected expense that needs immediate payment and cannot be easily avoided. It is different from planned spending such as shopping, vacations or lifestyle upgrades. 

Here are common examples: 

Emergency situation Why funds may be needed quickly 
Medical expense Hospitalisation, tests, medicines or urgent treatment 
Home repair Leakage, electrical issue, appliance breakdown or safety repair 
Job or salary delay Rent, bills, school fees or daily expenses 
Travel emergency Last-minute travel due to family or work reasons 
Vehicle repair Two-wheeler or car repair needed for daily commute 
Family obligation Urgent support for parents, children or dependents 

In these moments, speed matters. But so does safety. A fast emergency loan should not mean unclear charges, hidden terms or repayment stress. 

Why Choose an Emergency Loan App Over Traditional Borrowing? 

1. Traditional loans may be slow during emergencies 

Bank loans often involve branch visits, multiple forms, manual verification and longer approval timelines. During a crisis, even a delay of a few days can increase stress. For instance, if a hospital asks for an advance deposit, waiting for traditional paperwork may not be practical. 

2. Personal loan apps are faster and more convenient 

A quick personal loan app allows users to apply online from anywhere. The process usually includes app download, eligibility check, document upload, loan selection and bank transfer. This makes it useful for salaried professionals who may not have time to visit a branch during working hours. 

3. No collateral makes borrowing easier 

Emergency personal loans are usually unsecured, which means you do not need to pledge jewellery, property, fixed deposits or other assets. This is important because selling or pledging assets during a cash crunch may hurt your long-term financial stability. 

4. Digital processing reduces paperwork 

With a digital loan journey, documents can be uploaded online. This reduces dependency on photocopies, physical signatures and in-person coordination. It also helps users track the loan application status more clearly. 

5. Structured EMIs are better than informal borrowing 

Borrowing from moneylenders or informal sources can lead to high interest costs and unclear repayment pressure. A regulated lending process gives more clarity on the loan amount, tenure, EMI, charges and repayment schedule. 

Key Features of Fibe’s Emergency Personal Loan App 

Fibe offers instant personal loans that can help eligible users manage urgent expenses through a digital application process. Here are key features to know: 

  • Loan amount: Get access to personal loans of up to ₹10 lakh, depending on eligibility. 
  • Quick disbursal: Eligible users can get cash in 2 minutes after approval. 
  • 100% digital process: Apply through the app or website without lengthy paperwork. 
  • Collateral-free loan: No need to pledge assets or provide security. 
  • Flexible repayment: Choose a repayment tenure that fits your monthly budget. 
  • Zero foreclosure charges: Close your loan early without foreclosure charges, as applicable. 
  • Direct bank transfer: Funds are transferred directly to your bank account after approval. 

For example, if your medical bill is ₹45,000 and payday is still a week away, you can apply for a loan amount close to the requirement instead of borrowing a higher amount unnecessarily. Responsible borrowing starts with choosing the right loan amount. 

Eligibility Criteria for an Emergency Loan App 

Eligibility may vary depending on the lender’s policies, credit assessment and risk checks. For Fibe, key personal loan eligibility factors generally include: 

Criteria Requirement 
Age 19 to 55 years 
Income Minimum in-hand salary of ₹20,000 per month 
Residency Resident of India 
Employment Usually suited for salaried professionals 
Credit assessment Based on income, repayment capacity, credit history and lender checks 

A good credit score may improve your chances of approval, but some lenders may also assess new-to-credit customers based on other factors. Before applying, check your eligibility and avoid submitting multiple loan applications at the same time, as that may affect your credit profile. 

Documents Required for an Instant Emergency Loan 

Most instant loan apps require basic documents to verify identity, address and income. Keep these ready before applying: 

  • Selfie: Clear photo with proper lighting 
  • Identity proof: PAN card, Aadhaar card, passport or driving licence 
  • Address proof: Aadhaar card, passport, rent agreement, utility bill or voter ID 
  • Income proof: Salary slips or bank statement for the last 3 months 

Having the right documents ready can make the application process smoother and reduce avoidable delays. 

How to Apply for an Emergency Loan on Fibe: Step-by-Step 

Applying for an emergency loan on Fibe is simple and digital. 

  1. Download the Fibe app: Install the app and register using your mobile number. 
  1. Check your eligibility: Enter the required basic details to know your eligible loan amount. 
  1. Upload documents: Submit KYC and income documents as required. 
  1. Choose loan amount and tenure: Select an amount based on your actual emergency need and choose a comfortable EMI plan. 
  1. Review loan details carefully: Check interest rate, processing fee, EMI, tenure, APR, repayment date and other charges before confirming. 
  1. Cash in Bank Account: Once approved, the loan amount is transferred directly to your bank account. 

A good thumb rule is to ask yourself: ‘Can I repay this EMI comfortably even after rent, groceries and other fixed expenses?’ If the answer is no, reduce the loan amount or choose a suitable tenure. 

Tips to Prevent a Financial Emergency 

An emergency loan app can help during a crisis, but the best financial plan is to reduce the need for emergency borrowing. Here are a few practical habits: 

  • Build an emergency fund: Try to save at least 3 to 6 months of essential expenses. 
  • Use the 50-30-20 rule: Spend 50% on needs, 30% on wants and save or invest 20%. 
  • Keep insurance active: Health and motor insurance can reduce sudden large expenses. 
  • Track EMIs and due dates: Missed payments can lead to charges and credit score impact. 
  • Avoid over-borrowing: Take a loan only for genuine needs, not impulsive spending. 
  • Review monthly cash flow: Know where your money goes before a crisis arrives. 

As many financial planners say, an emergency fund is not built for returns; it is built for peace of mind. 

Final Thoughts 

A financial emergency can be stressful, but the right borrowing option can make it easier to manage. An emergency personal loan app like Fibe can help eligible users access funds quickly, apply digitally and repay through structured EMIs. Before taking any fast emergency loan, compare the cost, read the terms, check the repayment schedule and borrow only what you truly need. 

If you need urgent funds, check your eligibility on Fibe and choose a loan amount that works for your situation and repayment capacity. 

FAQs on Emergency Personal Loan Apps in India 

1. Which is the best personal loan app for financial emergencies in India? 

The best personal loan app is one that offers a quick digital process, transparent charges, direct bank transfer, flexible repayment and reliable customer support. Fibe is one such quick personal loan app that offers instant personal loans of up to ₹10 lakh, subject to eligibility and approval. 

2. What are the eligibility criteria for an emergency personal loan? 

Eligibility usually depends on your age, income, employment type, location, credit profile and repayment capacity. For Fibe, applicants generally need to be Indian residents aged 19 to 55 years with a minimum in-hand salary of ₹20,000 per month. 

3. Can I get an emergency loan without a credit score? 

Yes, some lenders may consider new-to-credit customers, but approval depends on income, employment, repayment capacity and internal credit checks. A credit score can help, but it may not be the only factor. 

4. What is the maximum loan amount I can get from a personal loan app during a financial emergency? 

With Fibe, eligible users can get a personal loan of up to ₹10 lakh. The final approved amount depends on the lender’s eligibility assessment, income, credit profile and repayment capacity. 

What Will The Talent Market Look Like Post COVID-19?

Since the outbreak of the COVID-19, it is not just the hospitals that have been gripped by the pandemic. Millions of jobs have been staggered due to the nationwide lockdown. The overall job market is set to undergo changes post normalization and find new ways to attract, hire and retain new talent. Traditional human resources management is already showing signs of trouble as the economy slows, businesses struggle to survive, let alone scale and brave the needs of the new post-COVID-19 world. 

While organizations like Fibe took preemptive measures to combat COVID-19 before the lockdown, we’re now well past that stage and seem to be planning for a return to normalcy. How will organizations manage their talent once this is behind us? How will the talent market look?
To close the gaps between new business needs and talent management, new virtual recruiting and AI-based talent management platforms would be pivotal for their organization architectures. Read on to find how everything from talent acquisition to management would change to battle strategic challenges for the road ahead. 

  • Virtual Talent Acquisition Processes

New talent acquisition processes may become the norm. Every process, from uploading, resumes to using artificial intelligence for profile and job matches in real-time may be conducted online. Machine learning algorithms could be optimized to immediately see the highest quality match, evaluate performance, minimize bias and save recruiters’ time put in the drudgery. 
Organizations may soon develop a specific talent community to provide tools for seeking the best-qualified candidates for open positions. Dashboard based recruitment launch, tracking to measure candidates’ experiences and assess what’s going well and the aspects that need to improve may be used. Your employees will now define your corporate and employer brand after the pandemic is over. If you’ve prioritized employee experience today, you should be able to attract candidates when it’s time to hire en masse again. 

  • Workforce Planning

Most organizations find it challenging to find agile individuals from their talent pool to accommodate new profiles. The talent market post-COVID-19 would now have to use resources to improve themselves and the quality of staff to move up the line management ladder. Those who have been with the same organization may need a cross job rotation. The ‘push resources’ strategy may be replaced by the pull talent and knowledge to remove inefficiencies amidst the uncertainty.
The talent demand is set to fall. However, the saving grace is the potential demand for multitaskers. It is critical for all employees to stay updated in the rapidly changing situation. Be proactive, reach out to your leaders and know their expectations. Effective communication is the key to embrace the “trend” of flexibility. 

  • Establishing Fresh Team Guidelines

With the unpreceded lockdown, remote work may have changed employees’ working style. And when teams are back, the need to empower them to adapt to their conflicting time demands will be high. Organizations could adapt to these needs by empowering employees with new tech, and cross-training employees to indicate that remote working is here to stay. 
Change is the only constant. However, potentially, people may not be willing to change their location because of the social chaos right now. You need to get the pulse of the business and put it before your team. 

Final Thoughts

The real winners in the talent market would be those who can remotely distribute work and excel at it. A new talent intelligence platform is needed to improve end-to-end visibility and personalization at scale. The future of the talent market would be focussed on internal talent mobilization. There would be projects that pertain to specific skills and abilities jobs that would be designed around the dynamic business needs to align people skills and extensive knowledge with the task at hand. Corporates too would have to initiate value-creating profiles to be on a war footing and survive in the long run and to develop talent.

Download the Fibe app for your Android phone to get started!

Get it on Google Play

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

What Does The New RBI Moratorium Mean For Borrowers?

With the global breakout of the COVID-19 pandemic, the Reserve Bank of India has taken an important decision with the objective to reduce the financial burden of debt servicing. As per the RBI order, all lending institutions have been permitted to give a moratorium or an EMI holiday to their borrowers for loan repayments and credit card dues. The moratorium is for installments and card dues in the period between March 1, 2020, and May 31, 2020. It has been given to mitigating income/ business loss to individuals or businesses. In this post, we’ll try to provide clarity on the barrage of questions that borrowers have regarding the three-month moratorium on loans and credit card dues. 

Am I eligible for the benefits under the moratorium period?

If you have taken a term loan or have a cash credit or overdraft, then you are eligible. This includes: 

  • Agricultural Term loans, 
  • Retail loans, 
  • Crop loans and 
  • Koans under Pool Purchases. 

All accounts which are defined as Standard Assets as on 1st March 2020 are eligible. There is no need to do any special paperwork to avail of this facility. Your term loan installments’ repayment including the interest due will be extended by 90 days. For example, if your loan is repayable in 60 installments and is scheduled for maturity on 1st March 2022, then the new maturity date will be 1st June 2022. 

Can I reschedule payments for all term loans? Will it affect my credit score?

Yes, you may reschedule payments irrespective of the loan segment and the tenor of your term loans. However, remember that moratorium is not a waiver. No, your credit score will not be affected if you opt-in.

What is rescheduled, the principal or the interest too?

You can reschedule your principal repayment due in the period 1st March to 1st June 2020. Let’s say that you had an installment due on 3rd March 2020. The payment will now be due on 3rd June 2020. If you have taken an EMI based term loan, then the repayment tenor will be extended by 3 months. For other term loans, the repayment period will be extended for installment and the interest due in the moratorium period, irrespective of the repayment tenor i.e. Monthly, Quarterly, Bullet Payment, Half Yearly, Annually, etc. If the repayment of your term loan has not commenced yet, then the interest portion for three months will also be reckoned. Please do note – interest due in 3 EMIs will still accrue. It’s only the payment that will be delayed.

Can the term loan go beyond the maximum period stipulated for a Product?

Yes, as per the new guidelines, a term loan can be extended beyond the period stipulated for the product and that given as per the loan policy. The interest in the Working Capital facilities will be treated as a deferred payment. 

Are there any costs of availing of the benefits of the moratorium?

Yes, opting for a moratorium has a cost. If you have 36 outstanding terms, then 1 extra EMI has to be paid; for 60 outstanding terms 2 more EMIs; for 120 outstanding terms, 5 extra EMIs, for 180 outstanding, 8 extra EMIs and for 240 outstanding terms, 15 extra EMIs have to be paid. The interest payment is deferred and not waived off. It is only postponed to 3 months and would continue to accrue on your account. 

Should I avail of the moratorium benefit?

If you can honor your obligations, then you may want to skip this moratorium. It is beneficial primarily for those who are bearing the brunt of the economic slowdown and are facing a serious money crunch. After all, paying dues is the best practice and opting-in should be a last-ditch decision. More so, not all banks may fulfill RBI’s suggestion. These are ultimately only guidelines.

Will my credit card dues be deferred?

RBI has given relief for credit card payments also. Your overdue will not be reported to the credit bureaus for a period of three months. No penal interest rate will be charged if the card issuer gives you an option for the moratorium. However, the card issuer will charge interest on the unpaid amount. Do check the interest payable with your Card provider before opting in, since those can be fairly high and is one of the reasons you shouldn’t get too friendly with credit cards.

Download the personal loan app for your phone to get started!

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

Quarantine during the Covid-19 Crisis? Here’s how to engage yourself

With the outbreak of the coronavirus pandemic, governments across the world have been forced to direct their citizens to quarantine themselves in their homes. This move of self-isolation is a necessary step in order to curb the rampant spread of the virus among the public. Confined to our own houses, many of us are missing the thrills of our social lifestyle. With nothing much to do apart from the tasks assigned under work from home, boredom is definitely engulfing us all. But there is nothing to worry about, the Earlysalary team is here to guide you on how you can turn the present situation to an exciting period with the following activities:

Yoga and body-weight exercises

Quarantine

Health has been one of those aspects of our life that have been neglected for a while. Today, with time on our hands, we can take good care of our bodies by indulging in physical activities such as yoga and other exercises. These will not only provide much-needed agility, but studies have proven them effective in keeping stress hormones under control, essential in surviving such straining times.

Since the onset of coronavirus, the body’s resilience to the disease or immunity has been a crucial point of discussion. Robust examinations of various health reports have shown the debility of viruses in front of bodies with impeccable immunity. Therefore, the task to undertake a physical health routine has become necessary. 

Meditation

Quarantine

As panic tends to increase around the world, it becomes crucial to calm your inner world. Meditation empowers one to subdue a tensed mind and soothe the nerves. Since ancient times, sages have been voicing the importance of having a meditational ritual in day-to-day life. Whether you want to use this time to connect or grow spiritually or seek tranquillity, a thoughtful-meditation practice is all you need. 

Learn Something New or Take an Online Course  

Quarantine

We all have some passion or desire to learn something which, unfortunately, due to scarcity of time we haven’t been able to explore or pursue. With the availability of online courses and millions of videos on platforms like YouTube, the current lockdown provides an opportunity to undertake those desired activities. The time can also be utilized for upgrading one’s skillset by pursuing courses that relate to their profession. This will not only provide professionals with an edge over their peers but also prove vital during appraisals or provide them with better opportunities.

Connect with friends and relatives

Quarantine

Social distancing does not imply getting yourself completely detached from your social life. We are living in an age where we can connect with anyone virtually. Talk to your friends and relatives and catch up with them on phones. In such hard times, assuring words from friends and family can do wonders for one’s mental health.

Read and write 

Reading has always been one of the sought-after activities to productively utilize time. Reading a book transports one to the fantasy land of the author’s imagination. There are numerous online sites and apps like Kindle and Kobo available to download and read books of vivid genres. 

Learned men and successful individuals have always emphasized the need to share one’s knowledge with their fellow beings. And what a better way to do that, than writing. We all possess pearls of wisdom that the world needs to know. Whether you have some tips on money management or handling relationships, this free time can be used to share those with other netizens on platforms like Medium or Quora.

Cultivate your hobbies

Quarantine

While fulfilling the demands of daily life, our hobbies can get sacrificed in the long run. The current time period can be used to revisit those long lost hobbies or to cultivate the current ones. If it’s gardening that enthralls you, then you now have time to pick up your tools and tend to your garden. Or if it is cooking that gets you going then it’s time to hit the stove and cook that dish you wanted to try for a long time.

Spend time with your family

Quarantine

The quarantine can be seen as a blessing in disguise for family life. In an age where families are turning dysfunctional at an alarming rate, coming and living together can be fruitful for many. It is time for the younger members of the families to connect with the older ones. Families have an opportunity to come together and bond with each other. The present times are testing and nobody knows exactly what the future holds.  It is up to us now to turn the circumstances in our favor and celebrate the essence of life. 

So instead of getting glued in front of a television set and getting frightened by the blaring of media houses, one can turn the present situation to their own advantage. Optimizing your physical and mental health should be part of your major commitment right now. Taking the necessary precautions and following public advice issued by WHO is essential to keep one safe from the invisible havoc. On the other hand, Earlysalary will safeguard your financial health with our instant personal loans, whenever you need us!

Stay Home, Stay safe!
We all are in this together 🙂 

A Beginner’s Guide On Getting Instant Loans Without Documents

Facing a cash crunch? An instant cash loan can help. An instant loan is essentially a personal loan which disburses loan with a short approval process. Loan apps such as the Fibe app provide personal loans that can fulfill your short term monetary needs. These are unsecured forms of credit that can be availed with minimal documentation at competitive rates and convenient repayment terms. 

The quickest option is to apply for an instant loan on the instant cash loan app. It has become much easier to avail a loan with just one click and that too at the comfort of your home or at the office with a smartphone and a working internet connection. The application and approval process is completely online. There are three basic eligibility criteria that you must check before applying:

  1. You must be above 21 years and below 55 years of age.
  2. Salaried individuals with a minimum salary of ₹18,000 (Metro Cities) and ₹15,000 (Non-metros).
  3. Must be an Indian citizen

If you need instant cash and fulfill the above criteria, read on to find 3 easy steps to avail an instant loan online without documents.

Step 1

EarlySalary, a loan app, asks for minimum documentation like proof of identity, proof of residence (leave and license agreement or electricity bill, latest three months bank statement (where salary/income is credited), salary slips for the last 3 months or the 3 months bank statement and one passport size photograph. All these original documents must be uploaded in PDF format.

Step 2

The next step is to download the loan app from the Google Play Store and register on it. Upload your documents on the app itself and fill in the necessary details. Fibe provides instant loans starting from INR 5,000 to INR 2 lakh. You can choose the borrowing amount on the basis of your repayment capacity and the EMIs. The duration of the loan can range from 3 months to 12 months. The entire documentation and transaction process is carried digitally – so no physical visits or verification is required throughout the process. 

Step 3

Once you submit a request on the loan app, it is reviewed and processed within 8 to 24 hours of your application. The approved loan amount is directly credited to your bank account. This is the easiest way to get an instant personal loan online.

Data Security 

If you are worried about the security and confidentiality of your personal details then Fibe processes maintain all precautions to protect your personal loan details. The app provides a Secure Socket Layer (SSL) Encryption. You are provided a secured login through https:// protocol. The 2-Factor or Multi-factor authentication lets you securely login using security questions or by the use of a security code sent to your registered mobile number. 

An additional feature of Fibe is that the firewalls filter the unauthorized and unsecured data coming and going out of Fibe’s servers. You do not have to provide any additional information while logging on Fibe as we do not use cookies. All your details and credentials are secured and kept confidential.

With the current global epidemic of Covid-19, self-quarantine and social distancing are the easiest precautions that one can take. Hence, getting an instant loan without the need for physically traveling with documents at interest rates as low as Rs 9/day is certainly the safest option for credit.

Still, wondering how to get an instant loan? Check out the Fibe loan app, read the FAQs and the process of how the online loans work. This will help you arrive at a decision.

This Gudi Padwa, give your finances a fresh start

In India, there is a prominent connection between the auspiciousness of a festival and managing one’s finances. March end witnesses the closing of balances and accounts in firms and institutions all across India. In comes April, and we ready ourselves to begin anew our financial planning standing at the threshold of the New year as per the Samvat calendar. Gudi Parva marks the beginning of a fresh year and new harvest season in Maharashtra, while North India busies itself to celebrate Chaitra Navratras. The time is considered auspicious to purchase assets like gold, start a new venture or invest money in new portfolios. Before we start with our financial planning, why not consider a few pointers to give ourselves informed perspectives and optimum knowledge? 

Here are a few key areas to look upon before we begin the new financial year 2020-21 and end it financially stronger. 

Financial Health Check-up

New beginnings also call in for a revision of the old. Planning is both forward and backward-looking, isn’t it? Moreover, we are amidst a lockdown due to the current epidemic, stock markets are at an all-time low, businesses are either shut down temporarily or ambling through, barely coping up with the abnormal state of the market. This makes it all the more essential to review our current state of affairs. 

  • Reviewing the investment as a portfolio is essential to gauge the overall returns and cost-benefit ratio. Assess the mix of investment in bonds, stocks, deposits and other liquid assets keeping in view the long term goals and risk-taking capacity. 
  • If the markets are showing a negative trend it is better to disinvest and go in for safer options such as bonds and deposits to reduce risk. 
  • Taxes play a major role in determining the quantum of our investments. Align the investments with the new tax schedule and invest in tax saving schemes like municipal bonds and ETFs. 
  • While reviewing our current investments, we should always keep our long term goals, such as retirement plan, child education, and marriage, updated and in sync with our short term priorities as well. 

Formulating a Financial Budget

Once we have got the hang of our last year’s investment schedule and return graphs, we can decide our budget for the new year in a more informed way. 

  • The simplest way is to write down the ex-ante income expected to be received and the expenditure to be taken care of. We should allocate our expenses well against the given income. 
  • Secondly, this is the best time to cut off unnecessary expenses and find alternate channels to reduce expenditure. 
  • Try and have separate budgets for healthcare, education, vacations, rent, insurance and other utilities that would occur all through the year. 
  • Budgeting also includes setting goals, like saving funds or acquiring assets or non-financial goals such as going on a vacation or buying a fancy car, and setting aside funds for that. 

Tax and Insurance Knockout 

Tax planning and insurance go hand in hand. The Income Tax Act of 1961 has ample deductions when it comes to insurance.

  • Health insurance for our family is the basic needs nowadays with the humongous amount of medical bills that accrue in a single hospital visit.
  • Besides that, life insurance and pension schemes, ELSS mutual funds and PPF schemes offer various tax benefits to the taxpayers.
  • Instead of waiting for the year-end to pay off our taxes, we must make it a point to plan our finances so as to save taxes and ensure better returns on our investments. 
  • We must also take care that our current insurance coverage matches our current lifestyle. For instance, a new parent should lay aside funds for his child’s education. A new employee must increase his cover to include his dependent parents. Payment of premiums should be planned as well to enjoy unhindered claims and cover. 
  • If required, consult a tax advisor or a chartered accountant for formulating a customized tax saving plan. 

To Save or Invest?

The onset of the new year also calls for finalizing our savings and investment goals. Saving and investment aren’t a yearly ritual but monthly exercises that scale as per our monthly income or salary. 

  • Risk takers can go in for higher return avenues such as equity while risk-averse people can find sound investment options in term deposits with banks, PPF, NSC or even mutual funds. 
  • Mutual Funds require a long term view, many would say about 7 years, to grant us favourable return and growth. Hence, MFs should be a long term goal. 
  • Wealth creation goals also come into fore while planning our finances. If we aim to buy a property in the near future, we should plan accordingly and save more. 
  • We need to provide for unforeseen expenses and keep our emergency fund stocked with enough savings. 

Managing Debt

The last and the most important aspect of planning our finances is debt management. Oftentimes, we go overboard with our expenses splurging unnecessarily. Or at times, we opt for a secured or unsecured loan to pay off the instalments of our house or vehicle, or else paying tuition fees at times. While starting afresh, all previous loans and their interest must be considered. 

  • Credit cards are another source of short term credit, the annualized rate of which may go up to 50-60%! A home loan may eat into your pockets at 9-11% depending on the prevailing rates of interest posited by the banks. Prioritize to repay credit card debt first.  
  • Next, make it a priority to pay off the debt with the highest rate of interest. Online lending portals, like EarlySalary, offer salary advances and loans at interest rates as low as INR 9 per day. Use a low-interest debt to pay a high-interest debt. 
  • At regular intervals, channelize the savings to the loan account. By doing this we can pay off the debt early and even save on a few interest installments. 
  • Use debt judiciously. Monthly crunch can be met by advances such as those provided by EarlySalary. These loans are flexible and inexpensive. We must try and explore newer sources of debt as well.

Another noteworthy thing is to protect ourselves from frauds and scams. This can easily be done by protecting the financial documents from being misused. Avoid using your Aadhar card or PAN card as identity proofs in all places. This makes us vulnerable as our financial information is easily available to dupes for misuse.

Planning can only be fruitful with optimal implementation. Sticking to our schedule and keeping ourselves flexible to the changes, we can surely boost our financial immunity and help us to kickstart a new financial year without any friction. 

Happy & Safe Gudi Parwa, happy financial planning! 

How EarlySalary has combated the Coronavirus

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

The Coronavirus pandemic has caused most businesses to hit a slump, pushed finances down, created widespread panic, but most importantly – has infected around 2,20,000 people around the world as of now, killing almost 9000 of them. In dark times like this, it is of utmost importance to be safe and spread awareness so others can stay safe too. We at EarlySalary understand how significant of a problem COVID-19 is, and have taken several measures to combat this problem head-on, making sure that we do our best to not have this situation impact any of our services, while making sure that our employees remain safe, away from the pangs of the deadly Coronavirus. The safety of our employees and their families is our absolute priority. 

How EarlySalary has combated the Coronavirus

Here are some of the steps taken by us at EarlySalary in order to achieve our goal of providing as much service as possible in the times of distress, while keeping our employees safe.

  • We have enabled the staff of EarlySalary to work from multiple EarlySalary offices to prevent crowding and the potential risk of the spread of the virus
  • We have provided the employees with the option to work from home, and have taken various efforts to enable them to perform their work effectively from their residences
  • We’re relying heavily on tools like Zoom and Google Hangouts to remain connected and in collaboration. Not everyone is used to such extended work-from-home periods though, so we’ve been proactive with organizing learning sessions on staying motivated, remaining productive, and more. This is in addition to weekly team meetings to remain in the loop, of course!
  • We have imposed a travel restriction, to help ensure that they don’t get affected while traveling
  • Efforts have been made to ensure that all personnel are educated on the various safety measures and guidelines, like maintenance of personal hygiene, reduction in physical contacts, etc.
How EarlySalary has combated the Coronavirus

Despite the Coronavirus scare, we at EarlySalary remain committed to ensuring that our service to our customers isn’t affected. We’ve carried out business continuity exercises to ensure that our operations carry on unhindered. While ensuring an atmosphere of safety for our personnel, EarlySalary continues to put the customers first and assigns the highest priorities to ensure that our business stays up and running, 24*7. 

How EarlySalary has combated the Coronavirus

I, personally, am proud of the way our teams have adapted to working in this situation with all required measures and ensuring business continuity. Since we are an app-based service, all our services continue to be available throughout the day, seven days a week. I would like to ensure our clients, present and prospective, that despite all of the challenges presently faced, we at EarlySalary are firing from all cylinders. Infact, we understand that, at times like this, when the virus is running rampant and affecting the economies of people throughout the world, the need for us to carry out our jobs, and assist our clients in times of financial distress is absolutely necessary. With the current disruption in the economy, we understand that the need for instant loans on salary, with low-interest rates, like the ones provided by EarlySalary, will be necessary, now more than ever. We are fully equipped to handle our clients’ needs in need, 24*7. All our accounts managers are available for calls/video calls to assist you with any queries that you may have.

I also urge the readers to ensure that you take all the necessary precautions and stay safe. Wash your hands regularly with soaps and sanitizers regularly, avoid travel as much as possible and make sure to visit a doctor and get yourself checked at the first sign of any of the symptoms. As the old saying goes precaution is better than cure, as highlighted by this short poem that my colleague, Suneta Bhoslay, Deputy Manager (HRD), EarlySalary has composed:

Hopping, skipping and having fun
No one knew the fear of one (Virus)
Shaking hands and hugging each other
Never before was a threat to one another
They said it is spreading far and wide
We never saw it’s might and the plight
Some lost the battle and others seek how to tackle
Never was hygiene taken so seriously
It’s the question of our loved ones now dangerously
Let’s keep ourselves well hydrated, hands are clean and faces masked
Better late than never
Let’s win this battle forever

Stay HOME, Stay SAFE.