Today’s Youth – Broke Millennials or Smart Borrowers?

28 year old Sharan would fit check a lot of boxes on the stereotypical millennial checklist. A penchant for eating out from quality food joints, a habit of catching his favorite matches from the neighbourhood sports pub, and a strong desire to flaunt the latest smartphone or take quarterly vacations – Sharan clearly loves to live life to the fullest, like many others his age. He landed a respectable job at a promising startup right after college, and shares much of his organisation’s aspirations and impatience for growth. 

But again, like many of his peers, this era of instant gratification comes with some side effects. With wages not rising precisely in tandem with living costs, and the significantly larger consumerist sentiment in this generation, millennials seem to carry the highest amounts of debt amongst all generations. A boom in internet adoption, coupled with the consequent easy availability of credit, have only fuelled their ambitions. Whenever Sharan running is short on cash, which happens more often than he’d like, all he does is flip out his smartphone, and a few taps later, he has a loan amount coming to his bank account directly. 

For a generation that prioritises expenses over savings, this is a common occurrence.

What’s The Millennial Financial Story In 2020?

This brings us to an important question – what are the consequences of such an approach to finances? Does this end well? What do they mean for the evolution of the fintech industry, and more importantly – for the millennial generation? Are today’s youth simply broke millennials, or smart borrowers who take advantage of credit to head closer to their goals? 

Source: YouGov-Mint

With a tendency to spend on experiences in the present and live life to the fullest, it may be a reasonable assumption to say millennials are headed deep into debt traps, with little in savings to assist them. With multiple surveys and studies suggest that the youth of today are increasingly skipping large expenses such as homes and cars, their expenses are likely channelled into improving living standards and discretionary purchases. Such a model may not leave room for a monetary safety net, making millennials vulnerable to financial emergencies. Plus, there’s no shortage of instant loan apps, credit cards and other options. Getting quick personal loans is now truly ‘quick’ thanks to instant loan portals, unlike the slightly expedited, but still week-long process at traditional banks. The EMIs are truly low-cost as well, and flexible repayments only add to their appeal. So do millennials borrow more than they are able to repay, ending up with little or no savings?

But perhaps the solution to these worries lies once again in instant access to credit. Instant loan portals, while they may fund short term splurges, also prove critical in times of need. Whether it’s a medical emergency, a last minute shortage in rent payment, or an unforeseen expenses on a friend’s wedding, many millennials are increasingly relying on portals like EarlySalary to tide them through. 

The key to finding yourself on the ‘smart borrower’ side of the spectrum, and not a ‘broke millennial’, lies in deploying wise financial strategies and sticking by them. Credit can be immensely useful if leveraged as a means to goals and objectives, while maintaining control over your spending patterns. Millennials can start by:

#1 Building Financial Literacy

Instead of looking up the random stray financial tip on the internet, or advice from peers, educating yourself broadly on financial management is a more comprehensive and complete approach to building financial stability. Understanding exactly how to budget, optimise savings etc will form the foundation of your financial journey over the long run, enabling you to leverage debt for the right reasons.

#2 Understanding Debt

Debt comes in all forms, and some of them can be better than others. For example, taking an instant cash loan from Fibe comes with low interest rates, flexible repayments, and near-instant access. On the other hand, credit card debt can feature prohibitively high interest rates, and even impact your credit score in case of delayed payments. Another category – traditional loans, are neither cheap, nor quick. Someone with excessive credit card debt, therefore, would do well to refinance it by heading to EarlySalary for a personal loan.

#3 Carving Out Clear Financial Goals

A financial plan is a tool, not an end in itself. At the end of the day, it works to serve whatever specific goals you hold dear. Naturally then, it is critical to have clarity on what these goals are, and building a plan that is customised to these ambitions. Whether it’s owning a home by 40, or travelling to your dream destination in the next 5 years, each goal brings with itself unique challenges and debt strategy requirements. 

Other well known smart credit strategies may include following the 50/30/23 rule (50% for needs, 30% for wants, and 20% for savings), steering clear off credit card debt, and more. 

Where do you lie on the millennial financial spectrum? Let us know!

Happiness & Money at Workplace

By: Kuldeep Gupta

About the Author: Kuldeep Gupta is Head of Human Resources at Porteck Corporation, an IIM Lucknow alumni & a master trainer having more than 18 years of experience managing human capital.

About the Author: Kuldeep Gupta is Head of Human Resources at Porteck Corporation, an IIM Lucknow alumni & a master trainer having more than 18 years of experience managing human capital.

When we make decisions about money, how to spend it, what we do to earn it, how we put it aside and grow it for the future, we’re dealing with a lot more than just numbers. Money is woven into the most intimate aspects of our lives. It’s part of who we are, how we take care of ourselves, and how we connect with others. 

Money can also be a physical experience, with certain financial events lighting up our brains like a pinball machine.

We all wish to have the world’s best employer with abundance of in-kind benefits, but, let’s face it, we may not. Dwell on the aspects that we enjoy about work, and avoid negative people and gossip. Find coworkers we like and spend our time with them.

So one has to think positive all the times; but is it so easy?  Can you really achieve this if you did’t manage your financial health?

Let us further discuss this..

Happiness and satisfaction are subjective concepts – while for some of us monetary benefits can be equated with job satisfaction, some might strive for recognition of their hard-work and lose motivation on failing to achieve so.

For some people, having a friendly environment at work is an essential requisite for deriving pleasure. No matter what the standards are, being content with our careers is crucial for maintaining the ‘work-life’ balance.

So what is “Financial Wellness”?

“Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as work performance.”

It has been seen many a times when somebody approaches you for financial help; you actually wanted to help but denied due to unforeseen reasons.

Money concerns are one of the biggest causes of stress. PwC’s 2017 ‘Employee financial wellness survey’ found that “53% of employees are stressed about their finances”.

Smart companies are recognizing that being financially stable is an acute need for their workers. In fact, in a recent Barclays survey, “38% of employees said that they would move to a company which puts financial wellbeing as a priority”.

Importantly, the study also found that 1 in 5 employees want financial guidance from their employer.

So what an Employer can really do to support Employees’ financial wellbeing, there are FOUR things mentioned below:


  1. Money Management Advice:

Companies could consider offering money management guidance, debt counseling, and coaching on debt consolidation. If you don’t have the skills in-house to provide this information, there are money management service providers who offer tailored programs aimed at employees.

  • Discount Schemes:

There are a range of loyalty and rewards schemes employers can register with to enable employees to receive discounts on goods and services when they shop online through the scheme.

  • Instant Cash:

Nothing like it; it gives instant gratification to the employee; so that they can work without future concerns for cash need.

  • Loans & Saving Schemes:

A research conducted by the Social Market Foundation and Neyber reveals almost 50% of employees are not putting money aside for anything beyond regular bills. This study also shows that at least 33% of workers have no savings or investments.

Employers find it difficult & impossible to navigate through employees’ budget.

Remember, though, employees value a great workforce experience more than perks – so make sure you’re getting value from support you’re offering in more than the financial sense.

Is Your Workspace Ready For AI-based HR assistants?

Artificial Intelligence has gone from being depicted as a primary character in sci-fi movies, to being a buzzword for quite a while, and finally actually penetrating today’s professional workspaces. It has brought with it a risk of unemployment for 38% of the US workforce (35% in Germany and 30% in the UK) according to PricewaterhouseCoopers. But asssuming its adoption continues without any hiccups, will the incorporation of AI in business be as bad as the popular notion suggests it will be?

Answering that is a little complicated. There is no denying that we are inevitably moving towards a model that relies heavily upon AI to make business tasks easier and more efficient, and we’re already pretty deep down the rabbit hole.

This decade has seen tremendous adoption of AI in active roles with 23% of businesses incorporating Artificial Intelligence. Often, with rising costs of running a business, companies also feel a need to rely on AI to get their work done. As a result, 63% of the companies say that the pressure to reduce expenses will require them to adopt Artificial Intelligence. With support in such magnitude, adoption will only increase further and according to Markets and Markets, it is estimated that AI would have grown into a $190 billion by the end of 2025. IDC also predicts that 75% of all companies will use AI in their apps and software.

AI-based Human Resource assistants have already established their presence in some advanced workplaces around the globe. With an increasing number of organisations opting to use AI assistants in HR, it is only a matter of time before we see them practically everywhere. AI tools will shoulder a considerable number of internal processes at a workplace, and make them quick, and streamlined for efficiency. 

So, is your workspace ready for what’s coming? Artificial Intelligence is being adopted with some reluctance due to some of the issues discussed above, but it can also certainly assist employees and the company itself in the long run. Let’s take a deeper dive and figure if your workplace is ready for the revolution:

#1 Artificial Intelligence assistants can help enhance productivity

Delegating tasks that require no human input and are mundane could prove to be very effective in moving manual focus to more quality work. Employees could use this to an advantage and essentially get more work done, increase overall performance.

AI can transform the administrative work that is carried out by employees today. It will, in all likelihood, do most of the heavy lifting by taking care of the daily grunt work that comes with Human Resources. The task of maintaining data that HR currently majorly focusses on  will all be seamlessly handled by the AI assistant. Artificial Intelligence will soon revolutionise data analytics. With the enormous amount of data being generated every day, AI can dive deeper into the analytics and produce better predictive analysis and structure going forward.

#2 AI Can Assist With Talent Sourcing & Mangement

An AI assistant in human resources would be quite a helpful tool for any company. The HR department is shouldered with the responsibility of maintaining employee assessments, guiding workflow and processes, tracking and cultivating talent in the office, and recruiting greater talent for the organisation. This requires significant dedication and patience. So if you are chasing perfection, an AI assistant can act as a fillip to enhance this task in a timely or orderly fashion. 

Talent acquisition is where AI has been most useful; with the ability to go through countless potential employees and talent around the globe, AI assistant can easily figure out who fits the bill perfectly. While it took months for organisations to make a list of the promising potential employees for recruiting, now, with AI assistants, it can be a matter of minutes.

AI assistants could also help by evaluating employees and optimising team structure based on complementary skills and abilities of employees. 

#3 AI could create new positions

With humans and AI working side by side, there are certainly new managerial roles that may pop up. AI could be great as assistants, but as we saw with the industrial revolution centuries ago, new tech adoption doesn’t necessarily eliminate jobs – it often just changes their nature.

Preparing For An AI Era

So far, AI seems to be great for incorporating into a typical workspace, however, there are certain aspects that we ought to keep in mind. In a survey by Deloitte, only 31% of respondents felt they were ready for AI in their industry. 

#1 Employees

With the introduction of AI in the workplace, the job description at many positions is bound to change. The HR department will need to upskill its workforce while making sure they themselves are prepared for the change. It makes little sense to have an AI assistant in your office if the employees aren’t inducted about  their jobs.

#2 Transparency

Regardless of the state of AI adoption, transparency is an important aspect in any workplace. But with AI assistants in place, it becomes imperative to have a considerable degree of transparency that will satisfy all employees. With an AI assistant, an increasing number of decisions are likely to fall under its ambit. With that in mind, it is essential  that your workplace has a plan in place to ensure the process behind this is transparent so that employees can have access to all the information leading to the decisions.

Incorporating AI can also mean that significant authority may get concentrated in the hands of the few who manage these tools, which can pose a variety of challenges or concerns that will need addressing. With AI assistants relying almost entirely on data and rigid programmed rules, one could argue that it is an advantage because of the reduced probability of errors, and increased efficiency potential. However, another perspective would shed light on the perils of heavy dependency on automated tools – an organisation could potentially lose essential work and almost all functionality in case of technical errors.

With every major step there comes an array of pros and cons, and when adapting to the change is paramount, working around it should be a high priority. If implemented right, the symbiotic relationship between AI and Humans could turn out to be one of the greatest triumphs in the business and corporate sectors. Not only can this relationship mean higher efficiency and performance, this could very possibly be an evolution of how companies work. Considering all the facts, it is certainly safe to say that AI is the future of industry.

Is your team focused on their work or their wallet?

At some point in a managerial role, we may wonder if our team is indeed adequately focused to deliver efficient results. A well coordinated team results in faster and more productive output, to the advantage of both the company and the employees. But often the case is such that employees lose touch with this part of the concept, and eventually slack off, leading to a drop in performance. This is often the result of poor work-life balance, compounded by financial stress – an issue that’s steadily on the rise. 

Organisations have already begun to recognise this. According to Willis Towers Watson’s India Health and Wellbeing Study, 63% of employers have or are developing a strategy to improve employee financial wellbeing. While this may not entirely address our challenges, it’s likely to assist considerably.

Organisational culture isn’t a function of work ethics and values alone. It is impacted by your workforce’s mindset, which in turn is a consequence of their personal and professional lives. It’s therefore critical to address sources of stress – such as financial issues. If we’re looking to build a happy workplace, focusing on financial wellness can go a long way in improving workplace atmosphere and output. 

In addition to the positive cultural changes, a well constructed financial wellness program can assist with:

  • Superior engagement, productivity and results
  • Reducing attrition
  • Improved physical health of employees

The process isn’t as simple as rolling out conventional ideas – such as educational seminars, or sharing insights. The objective must be to ensure that the initiatives are truly effective, and that they address issues from multiple perspectives. For example, offering healthcare benefits could financially assist a number of employees. Others may look forward to easy and expedited access to credit whenever the need arises. Our approach must be one that works customer-backwards and addresses specific needs.

But activating financial wellness initiatives is only getting us halfway home. The next step is monitoring results and driving the evolution of these programs to our intended goals. Regular feedback, data analysis, and a consistent eye out for emerging trends and best practices are crucial components of a complete approach to our desired outcomes.

Of course, a shift in focus from work to wallet may not be driven by financial stress alone. It can stem from issues in culture, quality of work, leadership gaps, and more. 

Purpose

A team thrives on purpose. One of the primary factors behind a team or an individual not performing to their full potential can be a lack of clarity. A team needs clear-cut goals and support on how to achieve them. Only then can they work together to boost their performance and reap its benefits.

Strategy

Harmony isn’t consistent, and as a manager/leader, I must carefully evaluate strengths and ensure overall team efficiency and productivity. An ability to strategise and deliver, after all, is what is expected of us. Strategy can elevate the quality of time management – especially when we begin cutting down on extended meetings and talk sessions that often add decreasing value with increasing duration. 

The modern workforce is energetic, and seeking drive and purpose. It is also often seeking instant gratification, which can lead to frustration due to a sense of disconnection. Addressing these challenges demands a holistic approach – one that focuses on all possible factors simultaneously. After carefully evaluating and learning what works and what doesn’t, I believe that to ensure the financial security of both the organisation and the employees, we need to focus beyond financial wellness, and address some deeper issues as well.

 

What to Remember While Building a Financial Portfolio

A financial portfolio is a comprehensive collection of assets – stocks, bonds, liabilities, cash equivalents etc. Of course, it’s likely to consist of non publicly tradable securities as well, like art or real estate. A financial portfolio is usually held directly by investors, but can be managed by financial managers, or accountants. 

Building a stable, and solid financial portfolio is a crucial task for investors, as it often reflects how much or for how long an investor can, and is planning to invest. Portfolios are of paramount importance to financial managers, as they help in a ‘risk assessment’ exercise – assisting advisors in targeting the right investment opportunities based on the nature of a client’s past investments. Portfolios can be made for a range of requirements, like saving for retirement, short term wealth goals, or to some – just more money and income.

As may be obvious by now, a financial portfolio is a very important tool. To help you create a strong portfolio, here are some items you may want to consider on your financial journey:

Focus on Loans and Debts

The first step is to identify what you owe and what you have, and then create a strategy to minimize your debts. Conduct a comprehensive calculation of all the interest rates on your credit lines and get an idea on how quickly they can be paid. Start with your biggest loans. Create a balance sheet with as much detail as possible, and keep it in line with your long term financial goals. 

Invest in Long and Short Term Instruments

Set aside money for the future, by identifying suitable long and short term investment avenues. Diversify your investments via bonds, shares, commodities, enterprises etc. Weigh the risk factor, the lock in period, the returns and other benefits like tax deductions while investing. Develop a comprehensive investment strategy tailored to your goals and make sure to follow it with discipline.

Start As Soon As Possible

It is always recommended to start as early as possible, so that you have longer time frame to build and grow your portfolio. There is also an added advantage of lesser financial commitments early in life, which should result not only in your portfolio being stronger and more diverse, but also having enough resilience to ensure that it can withstand any financial shocks and disruptions. Also, there’s the obvious benefit of gaining valuable experience, which will increase your financial experience and wisdom.

Regularly Track Your Investments

One of the best ways to manage your portfolio is to continuously track your investments. For a constant income, ensure that you invest on a regular basis rather than in short spurts. By monitoring your investments, you can cut your losses by identifying the investments that seem poised for low returns. Such investments must be sold immediately to protect your portfolio’s performance.

Tax Liabilities

Managing a financial portfolio also involves managing all your tax liabilities. An investment in a tax deferred account will increase your wealth faster than investment in a tax liable account. Since you might have to pay taxes on your investments, do proper research and consider investing in places where you can take advantage of tax savings and decrease your taxable income. An example: Section 80C of the Indian Income Tax Act.

Conclusion

A strong financial portfolio is an indicator of wise investments, and to minimize your losses be sure to diversify your investments. No investment is 100% risk free, of course, but by careful evaluation of opportunities and investing small amounts in a variety of sources, you can minimize your risk and reap maximum benefits. You can also employ professional fund managers to identify risks and opportunities, which will help in streamlining your investments and building a tailor made portfolio.

Difference Between Credit Score and Credit Risk Assessment

When you apply for a loan, lenders do not rely on just one number. They look at your overall financial picture. This usually includes your credit score and something called a credit risk assessment.

Understanding what is credit risk assessment and how it differs from a credit score can help you see why a loan may get approved, delayed or even rejected. It also explains why two people with similar scores can receive very different loan offers.

What is a Credit Score?

Ever wondered how lenders decide whether to trust you with a loan? That is where your credit score comes in. It is a 3-digit number that shows how you have handled credit in the past. This score is issued by credit bureaus such as CIBIL, Experian and Equifax.

These scores usually fall between 300 and 900. A higher score means you have mostly paid on time. A lower score can point to missed payments or heavy credit use. Lenders use this score as a first check to understand how risky it may be to lend to you.

What is Credit Risk Assessment?

Credit risk assessment looks at more than your past record. It helps lenders judge the actual risk involved in lending to you right now. When lenders evaluate credit risk assessment, they consider factors like your income, existing loans, monthly obligations and repayment capacity. Many lenders also follow a simple framework often called the 5 Cs of credit. These loan approval factors help them decide whether you can comfortably handle new credit.

Credit Score vs Credit Risk Assessment: Key Differences

Credit scoreCredit risk assessment
Focuses on past repayment behaviourLooks at past, present and future risk
Issued by a credit bureauAssessed internally by the lender
Shown as a numeric scoreEvaluated as a risk level
Used as one underwriting standardPart of the full underwriting process
Same score across lendersMay vary from lender to lender

How Credit Score and Credit Risk Impact Loan Eligibility?

Both play different roles during loan evaluation.

  • Your credit score shows how you managed credit earlier
  • Credit risk assessment shows how likely you are to repay now
  • A high score improves confidence, but does not guarantee approval
  • A lower score may still work if other factors are strong
  • Lenders balance both before deciding rates, amount and tenure

Real World Examples

Example 1: High credit score with steady income
If your credit score is around 780 and you have a regular job, lenders see this as low risk. Stable income and good repayment history often lead to quicker approval and better loan terms.

Example 2: Lower credit score with variable income
If your score is closer to 650 and you are a freelancer with uneven income, lenders may be cautious. The income variation can result in stricter terms or lower approval chances.

So, a good credit score will certainly help. But it does not tell the full story. Credit risk assessment allows lenders to look deeper. It helps them plan for uncertainty, set safer limits and reduce defaults. That is why modern underwriting standards rely on more than just a single score.

Instead of focusing only on scores, Fibe considers additional indicators that reflect your real borrowing ability. This helps more people access credit, including those who are new to credit or still rebuilding their score. 

So, if you are exploring flexible borrowing options, Fibe can help. We offer Instant Cash Loans of up to ₹10 lakhs with minimal documentation within minutes! You can apply through the Fibe Personal Loan App or website to get started!

loan approval

FAQs on Credit Score vs Credit Risk Assessment

Are risk scores and credit scores the same?

No, both are different. The latter gives a more comprehensive idea about the possibility of a borrower defaulting on repayment.

What is a good credit risk score?

A good credit risk score is AAA, AA, A and BBB. Any score lower than BBB is considered a low credit risk score.

What is the credit risk rating or CRR?

CRR measures the probable degree of risk associated with a borrower who has availed of or is yet to avail of a loan.

What is the credit risk limit?

A credit risk limit is the maximum limit constraining an individual or the maximum amount of credit exposure related to the outstanding loan balance.

What is an example of credit risk analysis?

An example of credit risk analysis is the debt service coverage ratio. This ratio measures the cash flow available to a company that they can utilise to service their current debt obligations.

What Are The Challenges With Traditional Education Loans?

With skyrocketing costs, higher education is beginning to seem like a far-fetched dream for many aspiring students. Even if, for a moment, we put studying abroad aside, securing admission in leading educational institutions within our home country itself has become very expensive. Due to these cost challenges, students find themselves struggling to pay for their college education.

During the desperate need of college money, education loans have proven to be a great source of support for students. Not surprisingly, as a last resort, a large number of students prefer to apply for education loan to cover expenses on higher education.

Education Loans in India

In India, education Loans were made available to the public back in the year 2001 by the central government. The government of India launched the scheme after consulting with the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). Since then, lending almost 95% of the total student loans of the country, public sector banks have been the dominating players in the education loan sector.

As per the guidelines prescribed by the RBI, students studying within the country can avail maximum ₹10 lakhs as education loan. While for those who go abroad for their education, the maximum limit is ₹20 lakhs. Furthermore, through its guidelines, RBI also establishes that an amount of up to ₹4 lakhs can be sanctioned to education loan seekers without requiring them to put any collateral. However, any amount exceeding the ₹4 lakhs limit would require a third-party guarantor and collateral security. 

The Challenges with Traditional Education Loans

Student loans are indeed helpful in securing funds for studying within the home country or abroad. However, getting an education loan might not be as easy as you think. While you can easily apply for personal loan scheme available, to have your loan approved can include numerous hurdles. Another important thing to consider is education loan interest rate that is generally very high compared to other types of loan.  

These are not the only problems with education loans. Here are some major challenges faced with traditional education loans:

Collateral

As mentioned above, only educational loans of up to ₹4 lakhs can be sanctioned without needing a collateral and guarantee. However, education costs have become so high that students seeking admission in premier institutions would need more than ₹4 lakhs. This compels students to apply for education loan amounting higher than ₹4 lakhs limit. In such cases, students are required to present a guarantor or put up something as collateral, and complying with these conditions is not feasible for every parent or student.

Highly Riskier for Both Parties

Education loans involve high risk for both lenders and borrowers. Student loans are full of uncertainty than any other loans because repayment of education loans is highly dependent on the likelihood of students completing the course and securing a job. If students don’t finish the course or get a job on time, lenders may face loan default while students get bad remarks on their credit profile. On the other hand, high interest rates on education loans put a lot of pressure on students and may affect their repayment capacity.

Insufficient Loan Amounts

Students applying for education loans often complain that lenders are not sanctioning the required amount or the sanctioned amount is insufficient to cover other expenses. However, lenders are also not in the wrong here. When giving education loans, lenders face a high possibility of defaults so to lower the risk, lenders often sanction the amount that they deem reasonable in given circumstances.

New Opportunities

While it may not be possible for you to get higher education without student loans, traditional lenders are not the only place where you can apply for education loans. Due to a large number of loan defaults, bakers are becoming more cautious in giving education loans. With instant loan apps like Fibe (Formerly EarlySalary) offering options such as School FeEs, it’s certainly far easier for parents and students to adequately power their education. 

In addition to addressing the multiple challenges above – such as the lack of collateral, risks, and more – School FeES goes a step ahead and truly works as a modern credit offering of its time. With direct partnerships with educational institutions, it is possible to have your school fees paid directly to them in the form of EMIs. Borrowers can get access to up Rs 5 lakhs, and select their own flexible repayment options.

In short – you can get the best student loan deal at reasonable interest rates. All you must do is you apply for the education loan and have it sanctioned in a seamless process. 

Online Loan App For Your Finance Requirements

India is changing, along with evolving mindsets, practices, and habits. For example, today, taking a loan is no longer a taboo. Young Indians take a loan for a variety of purposes— such as studying overseas, financing holidays, renovating their homes, buying a car, and also for their weddings! To fulfil this growing demand, many organizations have begun to offer instant loans online to fuel the dreams of the ambitious people of today.

Online loan apps in India are slowly becoming popular due to the many benefits they offer – customized repayment plans, cheap credit, simple application methods, and 24X7 tracking. Multiple instant loan apps in India today offer a quick, paperless, and trouble-free way to get quick access to funds to make a dream come true during a financial emergency.

So, why should you use an online loan app? 

Personal loan apps provide a quick way to apply for loans, anywhere, anytime. Before this era of apps, one of the biggest challenges remained visiting a bank to obtain relevant information first, and then visiting again to apply for the loan. However, with online loan apps, not only can you know all about the loans on offer, but you can also apply for an online loan instantaneously from the comfort of your home. 

Besides, you can also monitor the progress of your application. Of course, you will also be able to view the details once the loan has been approved.

On a high level, here are some of the biggest benefits of using an instant loan app:

  • Quick approval: Online lenders will tell you more or less instantly if your loan is approved or not, how much you can borrow, and how your repayments will be structured. Many traditional banks are different: you may be able to complete an application online, but it may take a while to get an answer (someone may need to review the request, and you may even need to visit a branch in person).
  • Better rates: You always pay to shop around, and online lenders often charge less than traditional financial institutions. Money lending apps provide lower interest rates and lower service charges (if any). Online lenders do not have the same overheads as bank and credit unions with local branches, and they do not face the same regulatory costs. In the end, that means you can pay less.
  • Easier approval: Over the years, banks and credit unions have grown skittish. If you have great credit, it’s easy to get a loan. And if you are still building credit or you’ve been through some tough times recently, you won’t get any benefits from a poor CIBIL score. Online lenders are more likely to accept lower credit scores and use “alternative” details to determine your creditworthiness (such as transactions for services and even social network data).
  • Saves time: In the case of traditional banks, to get your loan approved, you may need to constantly monitor the process and wait for days. But with instant online money lending apps, the application and approval process is quick and easy, thus saving time, effort and money.
  • Unsecured loans: Many online loans are unsecured, which means that you are not pledging collateral to help get approved. This makes borrowing safer. If you do not repay an unsecured loan, your credit scores will drop, but your assets will not be repossessed, and you will not face foreclosure.

The bottom line

With several personal loan apps in the market, the options for quick cash loans are available in a wide range. An internet search and a quick comparison among India’s various online loan apps for fast online cash loans brings up a multitude of options. For a borrower, there’s never been a better time for access to credit. 

Stretch Your Christmas Budget and Enjoy Fully, with Instant Cash Loans

Christmas is nearly upon us as we all scramble to make the full of our winter holidays. Sometimes, our finances can play spoilsport and deflate some of our plans. Of course, it is frustrating seeing your plans crumble down in the most exciting month of the year. What is a holiday if you cannot truly enjoy it while it lasts? 

Christmas is a time when family and friends gather to celebrate together. Naturally, it is also a time of gifts, celebration, decoration, and so much more. While you may have a budget set aside for these merry celebrations, you don’t want to find yourself running short at the wrong time. Despite stretching our budgets, we often find ourselves short of money with things still left to buy. What do you do in such a situation? 

One solution is, of course, to cut down on the expenses and live a little tight. But that is not very Christmassy, is it? Well, no need to keep worrying about money when you have Christmas to celebrate. Fibe will help you by offering a much better solution to your problem- an instant cash loan!

Why Choose Fibe for Instant Cash Loans?

Fibe is a leading a new virtual financial revolution by offering you instant access to credit. Traditionally, banks and money-lenders were the only options we had for financial loans. Times have now changed, thanks to technology. Now, banks form just one part of the financial institutions we can use to fulfil our loan needs. You will find countless online financial establishments today. Fibe stands out amongst them with the most appealing service and the trust it enjoys from its customers.

While many still prefer resorting to banks, the mindset of the people is certainly changing as they understand how Fibe functions. The most essential element of the relationship between a person and their financial institution is trust. With Fibe, this is fairly easy to cement once we understand their processes and services. 

What Sets Fibe Apart?

As we’re all well aware, availing instant cash loans from conventional institutions like banks, whilst a popular option, hasn’t been entirely stress-free. The problem with this model is that it requires considerable patience and efforts. The process is by no means an easy one; you have to go through large amounts of paperwork and processes to just to apply for a loan. Post this, you have to wait for approvals and disbursement.

Now, while we have always been used to all this paperwork, formalities and waiting to get a cash loan, Fibe has been working hard at disrupting this entire process. Wouldn’t it be much more satisfying to get instant cash loans without much work on your part? Or get the instant cash loan in a matter of hours rather than days? 

Say you are preparing for the upcoming Christmas and you realise you do not have sufficient funds. What do you do? Should you decide to avail a cash loan from a bank, you’ll have to go through their tedious processes and then wait till you finally get your hands on the funds. With Christmas right upon you, you can hardly afford to waste so much time on it. This is where the instant cash loans from Fibe will help you out by saving your Christmas.

With Fibe, you can skip waiting. Take advantage of instant cash loans up to INR 2 lakhs with minimal documentation. All you need to do is download the instant loan app, check your eligibility, and proceed to apply for the quick cash loan. While this in itself seems compelling enough, there are other benefits. Fibe enables you to repay the loan on your own terms. You can choose to repay the amount before the decided repayment terms without having to pay extra charges. 

  • Repay loan amount on your terms. No prepayment charges.
  • The interest rate charged only for the number of days you use the money.
  • Services available 24/7. Transfer the instant cash loan amount to your bank account at any time.
  • Quick approval and Instant disbursal.

The fact that availing instant cash loans can be so easy is certainly a boon for many. Check the following criteria to make sure you are eligible to apply for an instant cash loan.

  • Applicant must be between 21 and 55 years of age
  • Applicants must be salaried individuals with a minimum salary of INR 18,000 (Metro cities) and INR 15,000 (Non-metro cities)
  • Applicant must be a resident of India

Post your application, Fibe will begin working on your expedited approval process while you can continue with your Christmas plans and preparations. You no longer have to alter your Christmas plans just to fit your budget; Fibe is here for you to enjoy the holidays as they are meant to be.

What Will HR Look Like in The Next Decade?

The Human Resource department plays a very crucial role as a manager, mediator and recruiter, among other job functions. The rapid pace with which the corporate future and business laws are changing it is natural for the HR to adapt and evolve as well.

Globally, leaders are constantly sharpening to keep the competitive edge and the HR plays a huge role in recruiting and managing top talent to build an efficient workforce for the future. HR functions of the future will experience a great shift, here are a few of the paths the career is going to take in the next decade:

Technology and Analytics

Today’s employers face interesting challenges as they transition deeper into their digital infrastructure that is transforming business functions. It makes for an evolutionary tact for HR departments to use new developments to their advantage.

Basic HR functions like interviewing and testing a job candidate, tracking statuses, solving employee grievances, and many other simple tasks are now being taken over by tools that provide personalised assistance. So, when a worker needs to enquire how many sick or vacation days they have remaining or what procedures the company’s health insurance plan covers, they can rely on the automated chatbots for a personalised conversation to resolve their queries.

Freed from such mundane tasks, the HR will have more time to move into strategic planning. The role of the HR in the future would be fully utilised at this juncture, when they can use the data to analyse the queries and challenges posed to the computer assistants. This digital integration can help HR to assess employee retention, recruitment, business strategies or successful financial wellness programs. 

Focus on the Human Resource

The emergence of tech doesn’t mean that humans will be out of the HR equation. Embracing technology gives better insights to focus on the individuals, enhancing recruitment and retention as well. Tech is capable of bringing a level of intelligence to HR that would be capable of ensuring better execution of business strategies and mitigating risks.

Ready For The Evolution Of Workforce

The HR’s primarily responsible for the workforce, and the new workforce of 2025 will not only include full time employees, but also transient workers and gig workers who work on a daily or project basis. The HR function should also be ready to tackle challenges that automation may face. Reskilling those employees who were affected by automation while analysing which tasks that can be automated in the organisation would also be a role undertaken in the future.

Create attractive benefits package

Talent sourcing is an important HR goal, and essential to stay competitive. Post hiring, retaining that talent in the fast-paced industry is all about culture, job satisfaction, and benefits packages.

Modern times require modern solutions. Recruitment marketing in the future could witness a slew of benefits that appeal to the modern day worker like parental leave, caregiver leave, personalised financial wellness programs which are now available on Fibe.

A happy, motivated workforce is the key to productivity, and understanding what benefits drive the people is the job of the HR. Events and workshops, on-demand training and focus on holistic employee wellbeing should be served as a top priority.

Updating with HR certifications

Automation not only impacts the workforce but will also some functions of HR. Hence, it is essential to  expand domain knowledge and upgrade the skill set if the function is to evolve and grow. Consider this 2018 PayScale survey, which found that certification increased the odds of being promoted within five years.

In the near future, HR leaders will be primed to administer business strategies and decisions, where they will help make those decisions as trusted workforce advisors. The evolution of HR at a workforce is a parallel necessity for smooth transition into new agile organisational structures of the future.