Boost Your Income With 3 Best Investment Plans

Highlight: MFs, PPFs, and fixed deposits are investment options that are good for long-term financial goals, short-term goals, and tax savings.

There are a few aspects that go into investment planning that determine how much money you may make, how safe your investments will be, and what rewards you will receive. To begin, think about your investment horizon and goals, which will aid you in selecting the finest investment options.

There are investment options that are good for long-term financial goals, others that are good for short-term goals, and some that help you save money on taxes. However, you must decide which investment product you will use and how you will go with it. Financial and non-financial investments are both possible. 

Bank deposits, mutual funds, Fixed Deposits, and other financial investments are examples of financial investments, while gold, real estate, and other non-financial assets are examples of non-financial investments. Before deciding on any investment options, it is recommended that you carefully review all the available financial vehicles and then make the best decision possible. 

Also Read: Investment‌ ‌Advice‌ ‌for‌ ‌ Millennials:‌ ‌The‌ ‌Whats,‌ ‌ The‌ ‌Whys‌ ‌, And‌ ‌The‌ ‌Hows‌

1. Mutual fund

When it comes to Mutual Funds, investors frequently find themselves in a quandary. Of course, because they are market-linked, they are riskier, but better returns cannot be underestimated. If you wish to participate in the markets but lack the necessary skills and ability, Mutual Funds offer better returns than many other investing possibilities. 

These are market-related investments in which money is invested in a variety of financial instruments such as debt, equity, stocks, money market funds, and so on, with returns determined by the fund’s market performance.

Mutual funds are divided into three categories: equity funds, debt funds, and hybrid funds, each of which invests in a distinct asset class.

What is Equity Mutual Funds and How Do They Work?

Equities funds are market-linked instruments that invest 65 percent of their assets in equity and offer a higher return on investment by investing in shares of firms with various market capitalizations. Because equities funds offer bigger rewards, the risk associated is also higher.

Who should consider investing in equity funds:

Investors with a high-risk tolerance

Individuals seeking Long-Term Investment Opportunities

Investors looking for tax breaks can invest in Equity Linked Saving Schemes.

Also Read: Ready To Make An Investment? Things To Keep In Mind

What are Debt Mutual Funds?

Government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments are examples of debt mutual funds that invest in fixed-interest assets. These products are appropriate for investors with a modest risk appetite since they provide a consistent return.

Who should invest in Debt Funds:

  • Risk averse investors
  • Individuals with investment plans of 3 to 4 years
  • Investors looking for highly liquid investments.

What exactly are Hybrid Mutual Funds?

Hybrid funds are mutual funds that invest in more than one type of investment security, such as stocks and bonds. As a result, these funds are ideal for beginning investors or as core holdings in a portfolio for diversification. The asset allocation of hybrid funds can either remain constant or fluctuate over time.

Who should buy Hybrid Funds:

Conservative investors looking for low-risk investment opportunities

Novice investors seeking significant equity exposure in their overall portfolio while avoiding high risk

Investors who have a long investment horizon.

2. The Public Provident Fund (PPF) 

The Public Provident Fund (PPF) is a government-backed investment plan that allows its members to make risk-free long-term investments. Every quarter, the interest rate on a PPF account is updated and paid by the government. The current rate of interest is 7.9%. PPF investments have a 15-year maturity period. However, after 6 years, you can only withdraw a portion of the money in your PPF account. On the other hand, a loan can be taken out against the balance of a PPF account.

The principal amount, as well as the interest earned, are entirely secure because this program is governed by the government.

PPF also falls under the EEE category (Exempt-Exempt-Exempt), which means that the principal, interest generated, and maturity amount is all tax-free. PPF contributions (up to Rs 1.5 lakh per year) are tax-deductible under section 80C of the Income Tax Act.

Who should put money into the Public Provident Fund?

PPF account investments are locked in for a period of 15 years, making it ideal for individuals looking for long-term investment opportunities.

Investors who want to take advantage of a tax break.

3. Bank Fixed Deposits

Fixed Deposits are one of the most popular investment alternatives accessible, following the classic investing methods. These are deposits made with banks that guarantee a set rate of return over a set length of time. According to bank restrictions and the FD tenure chosen by the investor, which might range from 7 days to 10 years. Individuals can, however, select from a variety of tax-saving fixed deposits with terms ranging from 5 to 10 years.

The investor has the choice of placing a cumulative deposit or a non-cumulative deposit when investing in fixed deposits. The interest on the cumulative option is reinvested in the principal amount and paid at maturity, whereas the interest on the non-cumulative option is paid to the investor according to the underwriting.

Fixed Deposits are appropriate for the following individuals:

  • Investors seeking a certain rate of return
  • Investors who are risk-averse or have a low-risk appetite should be cautious.
  • Investors looking for long-term investment alternatives

Don’t forget to consider the risk and the potential return of the investment strategy you’re considering!

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

Top 10 Places in India for Solo Travel In-Budget

Highlight:  The ten destinations we will talk about in this article aren’t just beautiful but budget-friendly. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets.

“Investment in travel is an investment in yourself.” No truer words have ever been spoken. All of us have been on trips with our friends and families. But how many of us have ventured solo to exciting destinations?

Traveling alone is an enriching and enlightening experience in itself. You meet new people, make your own decisions, and the best part; not having to squabble about what to eat for dinner! While some are first-timers, most solo travelers usually love to visit new offbeat places to spend quality time with themselves. Sounds like a vision, isn’t it?

Solo travel is slowly becoming a trend among the youth in India. Popular as ‘singles vacations’ or ‘holiday for singles’, these solo trips have become a self-discovering experience for the young-salaried class that doesn’t shy away from living their extra life on EMIs. Many online credit options, such as personal loans and salary advances, come to the rescue when you plan such trips impromptu or are short on cash. 

Also Read: Fulfill Your “Travel Abroad” Dream With EarlySalary On MakeMyTrip

Vacations and traveling require some planning and finance to begin with and often fall heavy on your pockets. But the ten destinations we will talk about in this article aren’t just beautiful but budget-friendly too. Read on to mark the places where you can next go to quench your wanderlust and not worry about emptying your pockets. 

#1  Daman and Diu

Destinations For Solo Travelers

Are you tired of those canceled Goa plans? Don’t wait anymore. Walk on the golden beaches and enjoy the tranquility Daman and Diu has to offer Its lush palm trees, and colonial monuments won’t fail to calm your senses. Activities such as water sports and horseback riding are also available for adventure lovers.

Best Time to Visit: October to March

#2 Pushkar

Destinations For Solo Travelers

Located in the Ajmer district of Rajasthan, Pushkar is a small city famous for its annual camel fair where cattle, horses, and camels are traded. Take back the essence of the famed Pushkar rose with you from “the rose garden of Rajasthan.” 

It is rich in mythological history and has a legacy of ageless architectural heritage. You can also visit Jagatpita Brahma Mandir, one of the prominent Lord Brahma temples.

Best Time to Visit: October to March

#3 Kodaikanal

Destinations For Solo Travelers

Kodaikanal, a hill station in Tamil Nadu, is set amidst granite cliffs, forested valleys, lakes, waterfalls, and grassy hills. It is a scenic and calm place that all mountain lovers would love to visit.

In Tamil, Kodaikanal means” gift of the forest.” The unsurpassed beauty of the Princess of the Hills indeed feels like a prize in the eyes of the beholder. Row a boat, hike, or cycle around the 5K Lake Road path; the choice is up to you while traveling solo *wink*!

Best Time to Visit: April to June

#4 Gokarna

Gokarna is located on the shores of the Arabian Sea in the state of Karnataka. Home to the popular sacred locations such as Mahabaleshwar Temple, this small town attracts several Hindu pilgrims. Take a bathe in Koti Teertha, a temple tank reserved for devotees, or roam around palm-lined Gokarna, Kudle, and Om beaches. You can also go flea shopping to splurge without emptying your pockets!

Best Time to Visit: October to March

#5 Itanagar

Destinations For Solo Travelers

Set in the Himalayan foothills, Itanagar is known for its scenic beauty, Buddhist culture, distinct heritage, and delectable Arunachalese cuisine. The wilderness of Arunachal Pradesh is home to a diverse range of flora and animals, including more than 500kinds of orchid and the state bird, the magnificent  Great Indian Hornbill. 

If you’re visiting Itanagar between September and December, you might want to include the Ziro Festival of Music, a well-known annual cultural spectacle.

Best Time to Visit: October to April

#6 Hampi

The historical town of Hampi, once the capital of the powerful Vijayanagara Dynasty, is now a UNESCO World Heritage Site. The ruins of Hampi date back to 1500 AD. Virupaksha Temple, Vithala Temple, Nandi Statue, and Lotus Mahal are among the must-see attractions.

Take a stroll through the temple village or hop on a bike and ride through the magnificent structures to learn more about the ruins.

Best Time to Visit: October to February

#7 Alleppey

Venice in Italy? No. Venice in India? Yes!

“Venice of the East” or Alleppey is located in the center of Kerala’s huge network of waterways. Stay amidst the legendary Kerala backwaters in their grandeur in overnight houseboat trips. 

Take a day off and float through the gorgeous backwaters, occasionally stopping at a small village along the way for a glass of toddy before continuing your journey forward through the vast networks of canals.

Best Time to Visit: September to March

#8 Varanasi

Varanasi, Benaras, or just Kashi—this ultimate Hindu pilgrimage destination is known by many names to us. Pilgrims flock to Varanasi, one of Hinduism’s holiest towns, to wash away their sins in the Ganges, pay obeisance to God on one of the city’s numerous ghats, immerse ashes in the Ganges, or die here, hoping to achieve Nirvana—liberation from the cycle of rebirth.

Whether you’re a religious pilgrim or not, Varanasi offers a look into a world that has been stuck in time.

Best Time to Visit: November to February

#9 Kurseong

Source: Holidify

Kurseong is a small hill town located in the Darjeeling district of West Bengal. It is also known as the Land of White Orchids. The area becomes foggy and rainy during the monsoons, making it a great destination for vacationers seeking a romantic environment. 

Take a stroll around the tea plantations or visit old churches and buildings from the British era. On most days, the sky is a rainbow of colors, reminiscent of a painter’s pallet.

Best Time to Visit: March to June

#10 Aru Valley

Aru valley is a tourist spot located 12 kilometers from Pahalgam, Kashmir. Being less crowded, it is a perfect place for people who love to be surrounded by magnificent meadows, breathtaking lakes, and mountains. A variety of outdoor activities are also available, including skiing and helicopter skiing.

You can also enjoy horseback riding or fishing in the Aru River or spend a relaxing day in the magnificent hills sightseeing, taking photos, and perhaps having a modest picnic while admiring the scenery.

Best time to visit: July to September 

A look at these serene destinations can make the heart of any solo traveler beat faster with excitement. Don’t let finance be a constraint in your travel plans. Apply for an Instant Loan with Fibe or grab an Fibe card to sort all your travel worries.

What are you waiting for? Plan your solo trip to these breathtaking destinations and find yourself again! 

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience

How Debt To Income Ratio Is Related To Your Personal Loan?

Highlight: With the growing popularity of personal loans, it’s essential to know how your debt–to–income ratio affects your personal loans.

The debt-to-income ratio is a crucial factor that financial lenders check while assessing your loan applications. This ratio, also known as the DTI ratio, helps financial institutions assess your repayment ability. Lenders check this ratio when you apply for a personal loan because evaluating your repayment capacity is crucial in ensuring that they can get the funds back.

Read on to learn how your DTI ratio affects your personal loan application and more. 

Also Read: 6 Expenses You Can Easily Finance with an *Instant Personal Loan*

Personal Loans and Their Benefits

Before diving into the impact of the debt-to-income ratio on your personal loan application, here is a look into personal loans and their benefits. These are unsecured loans, which means you do not pledge any collateral to get the funding. Here are some other benefits:

  1. Unlike home or gold loans, personal loans generally have an easy application form. They only require you to furnish a few documents and thus have a rapid approval process.
  2. Many financial institutions provide personal loans online and have a quick disbursal process. You can expect to receive the loan amount in your bank account within a few hours if not minutes.
  3. Another benefit of personal loans is that they come with a flexible repayment period, which you can choose as per your financial capacity.

Also Read: How to get an Instant Loan without documents

What is the Debt-to-Income Ratio?

This is a monetary figure calculated as a ratio of your monthly earnings to your monthly debt payments. Remember that this ratio depends on your monthly gross income, which is the amount of your salary before tax and other deductions. 

The part of your debt-to-income ratio is debt, which includes the following types of repayments:

  • Monthly credit card payments 
  • Housing bills
  • Property taxes
  • Homeowner association fees
  • Investment loans
  • Car loans
  • Insurance

However, exclude these expenses while calculating the personal loan debt-to-income ratio: 

  • Utility bills
  • Subscription services
  • Mobile phone contracts

How is DTI Calculated and What is the Ideal DTI?

If you are wondering, “How to calculate debt-to-income ratio for personal loan,” the answer is simple, and it does not require any complicated mathematical formulas. To calculate, divide your total monthly outgo for debt repayment by your gross monthly income. After that, multiply the final figure by 100 to get the ratio. 

To understand this better, consider this example: Suppose your gross monthly income is ₹55,000, and your monthly debt repayment amounts to ₹20,000. Then, your DTI ratio calculation will be: (20,000/55,000), which will give you 0.363636 and multiplying this by 100 gives you a ratio of 36.36%.

If you want to qualify for a mortgage, your ratio of debt to income must be less than 43%. The lower your DTI, the more likely the lender will accept your loan application. A low ratio indicates that you have enough income to pay off your present and future debts. This makes you a low-risk borrower, making you eligible for better loan deals. Remember, there are also two different sorts of debt-to-income ratios:

Front End DTI

Also referred to as the household ratio, it deducts the amount that goes toward your home costs, including property taxes, mortgage costs, or insurance.

Back End DTI

This ratio covers your other monthly bills, such as credit card payments and personal, vehicle, and student loans.

While most independent mortgage lenders prefer the back-end ratio, some lenders may also consider both ratios. However, it differs from one lender to the next.

How Does DTI Affect Personal Loans?

When you apply for a loan, several factors influence your approval chances. One of these crucial factors is the debt-to-income ratio. In fact, your DTI ratio is an essential factor, just like your credit score for several lenders and financial organisations. 

They use the debt-to-income ratio to assess your creditworthiness and repayment capacity. It informs them of the percentage of your current income you use to settle existing debt and whether you are a credit risk. If you have a high ratio, it indicates that you have a higher risk of non-repayment or that you are in a debt trap. Naturally, lenders do not prefer giving a loan to someone in a debt trap or someone who has a risk of non-repayment.

Tips to Improve Your DTI

You should track your debt-to-income ratio at all times for your benefit. Tracking your finances is an essential aspect of smart planning. When your salary is reduced or you’re thinking about taking out a new loan, it’s a good idea to re-evaluate your DTI and your financial situation. 

If you realise that your ratio of debt to income is too high, there are certain steps you may take to reduce it. You can do the following:

  • If a loan isn’t necessary, pay it off as soon as possible
  • Increase your EMI and clear the loan sooner — this will temporarily increase your ratio of debt to income but will reduce it over time
  • Don’t take on any more debt until your debt-to-income ratio is below 43%
  • You may also want to restructure your personal loans for ease and maybe take a debt consolidation loan

Another way to manage your DTI ratio efficiently is to choose low-cost loans. These loans help keep your borrowing costs low and EMI manageable. One such financial institution you can rely on is Fibe. You can apply for an Instant Personal Loan ranging up to ₹5 lacs without any hassle. 

Download the Personal Loan App, or simply log in to our website for easy, quick, and affordable access to funds. 

FAQs on How Debt-to-Income Ratio Influences Personal Loans

Can I get a personal loan with a high debt-to-income ratio?

While some lenders offer loans to individuals with a high DTI ratio, they usually charge high interest rates. Hence, the cost of borrowing will be higher. So, keeping your ratio at an acceptable level is always ideal.

What is a good debt-to-income ratio?

While some lenders consider 43% as good ratio for debt to income, others prefer it to be below 36%. 

Is a 50% debt-to-income ratio good?

No, lenders generally consider a ratio of 43% or below as good.

Low Salary? Fibe Rescue You With Personal Loans

Highlight: Get a low-salary loan for great interest rates from Fibe. Personal loans are more readily available than any other type of loan.

It’s not new information that financial institutions prefer to lend to those with a steady income as they will be able to make regular payments are less likely to default. Low-income individuals, on the other hand, may find it difficult, but not impossible, to obtain a personal loan, whose eligibility is determined by a variety of variables other than income, such as credit score, repayment capacity, employment type, age, etc. As a result, if you meet all of the other requirements, you can simply obtain a low-salary personal loan. Let’s look at how to get a personal loan with a low income and salary in more depth. 

Personal loans are more readily available than any other type of loan, and they are authorised in the fastest period possible if you meet the minimum eligibility requirements. One of the most essential variables that financial institutions consider when deciding whether or not to give a personal loan is the applicant’s disposable income, which should be at least 30-40% of his or her net monthly income. Depending on the applicant’s annual income, financial institutions will lend up to Rs. 25 lakh as a personal loan. As a result, if a person’s monthly income is below a specific threshold, he or she can easily obtain a personal loan with a loan amount appropriate to his or her income and repayment capabilities. Because low-salary loan candidates are considered high-risk borrowers, personal loan interest rates are set at the higher end.

Low salary loans from Fibe eliminate the idea that people with low salaries are unable to obtain a personal loan. A  personal loan such as this can help you finance your dream vacation or allow you to enroll in an online course to improve your skills. We all suffer financial difficulties from time to time, and that’s where an Fibe low-salary loan can help. The online personal loan for low-income folks makes it simple to meet any financial need.

Furthermore, due to the minimum income requirement, not everyone is eligible for a personal loan. Is it even possible to apply for an immediate personal loan while working your first job?

Also Read: How Much Personal Loan Can I Get Based On My Salary

Some factors to keep in mind before applying for a loan

Principal – You agree to repay a personal loan with interest, which is the lender’s “fee” for letting you borrow money and pay it back over time. You’ll have to pay a monthly interest fee in addition to the amount of your payment that goes toward paying down the debt. Interest is usually stated as a percentage rate. 

Annual Percentage rate – When you take out a loan, you will almost always be charged fees in addition to the interest. To offer you a more realistic picture of your loan’s true cost, the APR takes into account both your interest rate and any lender costs. APRs are a great tool to compare the cost and value of different personal loans.

Interest – You agree to return a personal loan with interest, which is the lender’s “fee” for allowing you to borrow money and repay it over time. You’ll have to pay a monthly interest fee in addition to the portion of your payment that goes toward paying down the debt. Interest is usually stated as a percentage rate. 

Unsecured Loans – Personal loans are typically unsecured, meaning you don’t have to put up any security. Whenever you take out a home or automobile loan, the asset you’re buying serves as collateral to the creditor. It is usually only guaranteed if the borrower or cosigner has excellent credit. Secured personal loans, on the other hand, demand collateral and may have lower interest rates compared to unsecured loans.

Maximum personal loans for salaried individuals

The maximum loan amount is totally up to the bank’s decision. Personal loans are available from some banks up to Rs. 50 lakhs, while others are limited to Rs. 25 lakhs. You can apply for a personal loan based on your annual earnings if you are a salaried employee. Considering these factors, the EMI will usually come up to about 45-50% of an individual’s salary.

When it comes to personal loans, most financial institutions like to see a salary slip and proof of the applicant’s ability to make money. Many people, however, do not receive a salary slip due to the diverse nature of employment and occupations. You have the following options in this situation.

Other financial documents such as bank account statements, Form 16, income certificates, and tax returns can be produced. You can apply with another person who can supply the necessary documentation. In this instance, the co-applicant must also have a good credit score, a steady income, and, yes, salary slips or other proof of steady income.

Examine the eligibility requirements, monthly EMIs, loan processing costs, and your credit score, among other factors, before applying for a personal loan with a low income. Keeping these in mind, any user can head over to Fibe Personal Loans and make an instant online application for a personal loan!

Another Read: How much Instant loan can I get based on my salary?

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

When Should You Consider Refinancing Your Loan?

The pandemic has caused a stir in the job markets. Many have faced pay cuts, and some even lost their sources of income. These factors have increased personal debt even more, with most professionals struggling to pay off their existing loans. Recently, many financial organizations have lowered the interest rates for their loan products. If your loan EMIs take more than 40% of your monthly income, you should strongly consider refinancing. This gives you more breathing space and provides opportunities to invest the money you save with lower loan EMIs. Most financial organizations provide information about their loan products on the internet. It would help if you understood how to get loan online to take advantage of refinancing.

What does refinancing mean?

A loan ‘refinancing’ – as the word suggests – is the process to replace your existing loan with a new one. You refinance your loan from one financial institution to another under different terms. Refinancing is an excellent option to lower your loan EMIs. Hence, you should choose a financial institution with lower interest rates and better value-adds. Overall, loan refinancing is solely targeted towards improving your financial situation.

Details of a refinancing process vary from lender to lender, as well as the type of loan. But the general steps include:

– You already have one or more existing loans and would like to take some payment burden off them.

– A lender is providing better loan terms, including lower personal loan interestand other value-add. Your search for how to get loan online lands you to one or more of these lenders, and you select one that is best for you.

– You apply for the new loan with the same amount as the remaining loan amount you would like to pay off.

– You can either opt to pay off the loan with this new financial organization or go for another refinancing when the opportunity arrives.

Why should you think about refinancing?

As lucrative as it may sound, loan refinancing is a tedious, time-consuming process and is expensive. It is also not a win-win. While you gain many new features with the new lender, you lose any good value-adds your outgoing lender gave. Even with these caveats, you should strongly consider refinancing your loan for these benefits:

You save money

Refinancing your loan is sure to save you money in the form of lower interest payments. If you choose a product that offers the same loan, albeit, with lower interest rates, your EMIs become lower too. Especially for long-term loans, the lower interest rates with refinancing can save you a lot of money.

Lower monthly payments

Refinancing your loan with another lender with lower interest rates translates to lower monthly payments. This takes the burden off your back by reducing financial stress. You also free up your budget for other expenses and investments with the money you save. As a result, your cash flow becomes easier.

Also, refinancing grants you more time to repay the remaining loan amount. Since your loan balance is lower than your original loan amount, this results in lower EMIs. However, you should remember that more repayment tenure means you pay more overall in interest. Therefore, personal loan interest is generally higher and requires more scrutiny while refinancing.

Option for a shorter loan term

When you refinance your existing loan, you have the option to pay the remaining amount in a shorter duration. Most home loans benefit from this option, since they are taken for 20 years or more. For example, your existing 30-year home loan can be refinanced after 5 years to a shorter, 15-year option, saving you 10 years’ worth of interest payment. This makes more sense if you are okay with making larger monthly payments to pay off your debt sooner.

Consolidating your debt

If you are struggling to pay off multiple debts, consolidating them into a single loan and refinancing it may help. If you refinance with a lender with lower interest rates, the monthly payment can be significantly lower. Personal loan interest rates are higher and can benefit from debt consolidation when clubbed with other loans.

Improvement in overall financial status

Your ability to pay off the required Equated Monthly Installments (EMIs) is directly proportional to the changes in your income. So, in case you have been unlucky to face a pay cut, Refinancing helps shave off your financial obligations.

The converse is true as well. You may opt to pay off your debts faster, if you see an improvement in your financial status. Refinancing gives you the flexibility to choose a lower repayment tenure in this case as well.

What stays unaffected when you refinance your loan?

While Refinancing can lower home, car, or personal loan interests and personal loan EMIs, some things remain unchanged.

Debt remains unchanged

Your loan balance does not change even after refinancing. Unless you take more debt at the time of refinancing, you still owe the same amount to the lender. Knowledge of how to get loan online or how to refinance simply opens ways to lower the payments. However, the overall loan obligation stays unaffected.

Collateral

If you took your previous loan against collateral, the same would be applied for the new loan. So, for example, if you refinance your home loan, you are still liable to lose your home in foreclosure if you cannot pay the EMIs. Likewise, for car loan refinancing, your car or bike can still be repossessed by the lender if you default on payments.

Payments

Refinancing your existing loans does not mean your monthly repayment obligations go away. Instead, you gain the ability to lower your EMIs. Ultimately, how much you end up paying per month depends on the interest rate, loan amount, and repayment duration.

Some other things to remember before you refinance:

– You should consider refinancing your loan during the early stages of its tenure.

– Just knowing how to get loan online is not enough. Read thoroughly through the brochures and gain knowledge and clarity about different aspects of the prospective new lender. Understand different fees associated with the loan transfer process.

– Ensure you retain an impeccable repayment record. This increases your chances of getting refinancing approval across a broader range of lending organizations.

– Remember that your new bank or lender treats a refinancing request as a fresh loan application. Be prepared and patient to go through the same rigmaroles one more time.

Conclusion:

In this day and age of financial uncertainty, reducing your debts is of the utmost priority. Refinancing provides you an option to lower your monthly payments, increasing savings in turn. You do not need to turn to traditional banks for this, however. Instead, new lenders like Early Salary are coming forward with their personalized loan and salary advance products.  Searching for ‘How to get loan online’ will get you knowledge of these new-age lenders and leverage their advantages.

What Is an Applicant Tracking System? How to Write CVs for them?

Highlight: Employers opt for applicant tracking systems to reduce their workload, requiring you to create an ATS-friendly resume to ensure a 100% passing rate.

Table of contents:

  1. What is an applicant tracking system?
  2. Why do recruiters choose ATS?
  3. How does an ATS work?
  4. How to write CVs for Applicant Tracking Systems?
  5. FAQs on applicant tracking system

In today’s digital era, millions of job seekers look for recruiters and companies online. Most of it looks like a fairly simple procedure, which you can briefly sum up as follows:

  • Shortlisting prospective employers
  • Registering on job portals
  • Designing resumes and cover letters
  • Submitting applications
  • Waiting for a response

However, the actual process of finding the right employer and landing your dream job is far from being simple and straightforward. As HR continues to evolve, so do recruitment technologies.

Interesting fact: A job seeker just has 7.4 seconds to impress their employer. With most employers skimming through the applicant’s details superficially, the challenge is real. 

If you believe the first barrier to securing a job interview is a recruiter’s judgment, mind you! You are yet to see the complete picture. You may be surprised to hear that most companies implement the applicant tracking system or ATS to find the right fit for their organisation.

After all, a bad hire can cost a lot to a company. And it is no easy task to get past such applicant tracking system (ATS) filters without having prior knowledge of how to write CVs for them. 

According to the Pre-employment Testing Benchmark report:

  1. 55% of HR managers use an applicant tracking system or a Human Resource Information System (HRS) to help them recruit employees.
  2. Furthermore, 19% of the respondents do not use a system currently but plan to do so in the future. 
  3. Only 20% of those polled never considered using one.

Source: Criteria Corp

While ATS makes recruiters’ lives easier, it increases the difficulties faced by skilled workers looking for jobs. To understand the trick to beat ATS, you first need to understand what an ATS is and how it functions.

Also Read: Tips To Land On To Your Dream Job In 2021

What is an applicant tracking system?

An applicant tracking system (ATS) is an online application helping companies select the right candidate for the post. With the help of ATS, firms are able to manage their hiring and recruiting requirements hassle free.

The software helps speed up the process of recruiting and navigating huge databases of job applications. With the aid of an applicant tracking system, a resume check is completed in no time. Organisations implement ATS to gather, organise and filter the right candidates. 

With the help of applicant tracking systems, resume screening and shortlisting is no more a cumbersome process. A few notable features of the ATS software include: 

  • Interview scheduling
  • Assessment creation and comparison
  • Message dissemination
  • Universal search
  • Customisable import and export of data

Several ATS alternatives are available for various enterprises, including large, mid-size, and small businesses. Organisations can also pick their ATS preference from a variety of deployment models based on their unique business demands.

Why do recruiters choose ATS?

With ATS, recruiters get to automate manual tasks of filtering candidates. This helps companies minimise the number of repetitive tasks, providing a better recruitment experience.

Furthermore, an applicant tracking system helps in improving the quality of the hire as it follows a rigorous screening process. With the HR department and recruiters struggling to find the right talent, ATS comes in handy.

How does an ATS work?

An ATS collects resumes and keeps them in a separate database. HR managers of companies access the database when choosing the right candidate. These resumes are stored for a long period until the company finds the right fit for the position.

Applicant tracking systems function by automatically matching your resume to the accurate job description. Taleo, for example, refers to this function as ‘Req Rank’, which assigns a score to each candidate depending on how well their resume matches the job description.

Also Read: Workers Now In Search Of Better Jobs And Better Life 

How to write CVs for Applicant Tracking Systems?

To make things standardised and searchable, some ATS process the document into a digital profile. This poses a huge problem for the applicant as many ATS parsing algorithms are obsolete and ignorant, resulting in distorted or lost resume data. 

This implies that important keywords or information may not be imported. Consider what would happen if your most significant certification fell between the cracks! 

Hence, you must strive to create an ATS-friendly resume to ensure a 100% passing rate. Here are a few steps to ensure 100% passing rates in ATS.

Step #1: Use keywords that are specific to the business

Keywords form a part of your CV that interests an ATS the most. Its primary duty is to scan your CV and compare its content to the appropriate job description to find the best match. 

This implies your CV can’t be one-size-fits-all – you must customise it for each job application. Read the job advertisement attentively and explain your abilities and experience using the same terminology to ensure your CV passes successfully through the ATS lens.

Step #2: Use standard titles for your sections 

Applicant tracking systems use headings to browse through your CV, allowing the information in each part to be accurately digested and comprehended. As a result, make sure you utilise basic headers that the ATS will understand.

Step #3: Keep your resume simple and easy to read 

You must prevent the applicant tracking system from getting confused. The ATS should effortlessly explore your CV without being caught up by any complicated formatting features. 

Unfortunately, several formatting tactics that seem fantastic to the human eye may cause an ATS to become confused. So, beware!

Step #4: Avoid any grammatical or spelling errors 

Any CV with a spelling mistake will be discarded by an established company or a hiring manager, but with an ATS, your CV won’t even go that far. An ATS will have no idea what you’re talking about, unlike a person who can deduce your meaning from a misspelt word.

Step #5: Always use full acronyms and titles 

Your ATS-friendly resume must be as simple and as feasible to comprehend. This implies that you should avoid using acronyms at all costs. An ATS may not understand the difference between a company’s full name and its abbreviated version.

Include both the abbreviation and the full title in your CV to be on the safe side. 

Step #6: Do not forget to follow up with the employer

Don’t act like a machine just because the company has opted to use automation to expedite its applicant search. Finding a means to express your excitement and individuality may make an impact that lasts.

Though all large or mid-size firms are already relying on ATS, do not let that discourage your job hunt. With these simple and easy-to-follow steps, perfect your CV and land your dream job!

Already an employee or moving for your career? Download the Fibe Instant Loan App and meet any gaps with a quick loan. You can get up to ₹5 lacs on meeting simple eligibility terms and upgrade your life with ease. 

FAQs on applicant tracking system

What is the applicant tracking system software?

This is a software that helps recruiters and firms find the right talent during the hiring and recruitment process.

What is the primary purpose of an applicant tracking system?

The main goal of this system is to simplify and automate the recruitment process, helping recruiters filter the right candidate from a large pool of applicants. 

How does an applicant tracking system work in the recruitment process?

An applicant tracking system works by collecting and storing resumes in its database. The company’s HR team accesses this database to select the right candidate. Hence, it is crucial to prepare an ATS-friendly resume to avoid rejections.

What are the benefits of applicant tracking systems?

An applicant tracking system brings many benefits as it:

  • Automates tedious and time-consuming processes
  • Minimises the recruitment time
  • Streamlines the entire hiring process
  • Finds the right fit for a position easily

What are the common features of applicant tracking systems?

Here are some features of ATS:

  • Distribution of job description 
  • Easy collaboration with teammates
  • Quick sharing of information on social media channels
  • Sorting and collecting resumes
  • Scheduling interviews
  • Storing resumes

ep experience.

Why Should You Regularly Upskill And Reskill Your Employees?

Highlight: Employee upskilling and reskilling usually don’t sound like a good idea at a time when businesses are battling to stay afloat, do they? Wrong.

It is a common misconception that employees must do what they must with their present talents amid difficult circumstances and not consider how to enhance their skill set. We’ve already seen the economic environment alter as a result of the Covid-19 outbreak, as well as the tough requirements and resources for innovative techniques to mobilize your existing talent pool.

Getting new hires to a good start is a challenge. A solution to the pandemic is to look inside and better prepare current staff for upcoming challenges. Professional development can help people achieve their professional goals both within and outside of their current employment. As a result, HR and L&D departments are being forced to bridge the skills gap independently. The potential benefits of skill-focused development encourage individuals throughout their careers and positively impact an organization’s overall performance.

Upskilling is described as the training that allows someone to get better at a job they already do. Reskilling is defined as developing different skills and new capabilities to assist someone shifts to a new career. 

We need to understand why upskilling and reskilling are necessary, why it is important, and how we might do it.

Learners become a flexible force that can move and bend with any changes in your market as they continually respond to the market and develop new essential abilities.

As a consequence, staff will have a higher depth of knowledge and will be more used to problem-solving for what your industry and market want, allowing you to use their abilities to guide your company through troubled seas.

Impact on employees: Post-Covid 

Since the outbreak, businesses have seen significant slowdowns and halts, necessitating rapid action to make them profitable, if not merely afloat. The worldwide epidemic has wreaked havoc on most industries, resulting in Coronavirus layoffs, hiring freezes, and furloughs. 

Transportation, hotels, restaurants, oil and gas, and other important businesses are among those that have been impacted. Since then, our new normal appears to shift daily, and all of the new information we receive may make creating concrete goals seem even more demanding.

According to sources, unemployment went up to nearly 24 percent in April 2020. Between February and April 2020, the share of households that experienced a fall in income shot up to nearly 46 percent.

As the unemployment rate in rural and urban India climbed, almost 1.5 million workers in both the formal and informal sectors lost their jobs in August 2021, undoing some of the improvements gained in July.

During this crisis, the best firms can do is strive to maximize their present personnel to the best of their abilities and position themselves for success when things start to pick up. Holistic involvement of HR is crucial in this aspect. 

Also read: Fix the Problem of Employee Burnout for your Remote Workers

Importance of upskilling and reskilling employees

One of the most rigorous methods to gain seniority or job stability in a firm is to seek new talents constantly, bridge any skill gaps, and look for ways to provide value to the organization.

How can you keep aiming for success if you’ve lately had to institute a hiring freeze to avoid layoffs? 

One option is to upskill and reskill your staff to maximize their potential in their existing roles or take on new responsibilities when the company needs assistance.

Jobs that you were hiring for or that you had to let go of must still be completed. The skill sets required for job competencies that have not yet been hired are likely already present in your business or require modest skill development. Your employees should be able to wear numerous hats if necessary.

What’s to stop you from transferring your junior recruiters to business development for the time being if you’re on a hiring freeze but still require business development reps? You can reassign people to different jobs to meet the business’s needs, but it will involve some reskilling and peer-to-peer mentoring.

Companies can only thrive at times like these if they have adaptable, agile, and willing to learn.

Employers must focus on workplace education to close the skills gap, and 70 percent of businesses believe that tuition reimbursement/scholarships, university-sponsored discounts, and industry credentials are the most effective means for upskilling/reskilling. 

The Wiley report “Reimagining the Workforce 2021,” which covers the views of CHROs, L&Ds, and CXOs, discovered this. “The most successful techniques for bridging the skills gap among employees are upskilling and reskilling,” they said.

Also Read: Understanding Employee Engagement: The Psychology at Work

How to approach employees

upskilling
  • Start from the Top: Lead by example, ensuring that higher management and people managers are engaged in continuous learning. Please urge them to share their experiences, challenges, and accomplishments with their employees, and encourage them to do the same. Involve the internal communications staff and make sure that these messages are sent out regularly throughout the firm. Getting management involved through all of these methods will help to foster a learning culture.
  • Make it interesting: The safest option is to create a flexible 360-degree learning environment, delivering learning content in multiple formats. Make training materials available on-demand and on mobile devices to learn whenever it is convenient for them. Turn interactive – use polls and quizzes – and collaborative – use breakout rooms for cooperation and in-depth discussions in live instructor-led training. Getting management involved through all of these methods will help to foster a learning culture. According to the LinkedIn 2021 Workplace Learning Report, 91% of L&D professionals feel that workers who learn together are more effective (and that it helps build a sense of belonging) and helps establish a sense of belonging (92 percent ).
  • Improve Learning Experiences: You will need to constantly track, measure, and optimize your employees upskilling or reskilling programs. Education technology may be extremely beneficial by giving data and analytics on student involvement, attentiveness, and interaction with training materials and other students. Getting management involved through all of these methods will help to foster a learning culture. According to the same LinkedIn data, 43 percent of L&D professionals in the UK use qualitative feedback, surveys, talent retention rates, and corporate mobility rates to evaluate how pleased employees are with learning programs.
  • Increase incentives for learning: Incentivizing employees is part of any company’s internal strategy for upskilling or reskilling workforces. Although financial or in-kind incentives might be beneficial, there are many other methods to express gratitude. Gamify learning by awarding badges or certificates for accomplishments shared on LinkedIn or internal social media platforms. Getting management involved through all of these methods will help to foster a learning culture.
  • Promoting Health Well-being: Upskilling and reskilling might be more challenging and time-consuming. How can L&D help its workers learn more effectively?  Staying hydrated, getting enough sleep, eating well, and managing stress are some of the ways through which employees can be well.

Wellness programs by including internal communication and continued HR involvement  can also drive employee strength.

Conclusion

What began as a commercial trend has evolved into a critical requirement of the hour. Reskilling and upskilling are proving to be the most effective ways to close the talent-skill gap in the labor market.

To learn more about the workplace environment and easy financial tips visit our blogs at Fibe.

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience

Learn How You Reduce the Interest Rate on Your Next Personal Loan

There are times when you need quick cash for family expenses, medical emergencies, etc. In situations like these, you may not want to redeem your savings. Hence, a personal loan proves to be an effective source of money, as lenders allow you to borrow the loan without any restrictions on the reasons for borrowing.

Amid high inflation, it is rather difficult to save money. Every day, the cost of necessities rises, forcing us to spend more money than we did yesterday. Groceries, transportation, education, and other basics are no longer available at the cost they were some time ago. Despite the day-to-day expenses, some significant investments must be made to secure one’s financial future or to bring some comfort into one’s life.

For example, a person may want to buy a house to generate money via rent, or they may want to buy a vehicle to make their commute more accessible and enjoyable. Therefore, it is advisable to take a personal loan rather than use one’s own money for such substantial expenditures.

A loan can be utilized to attain any objective in life or to address an emergency need. However, it would be prudent to remember that a loan is an additional expense because banks charge interest on the EMIs. A higher interest rate may make paying off your mortgage more expensive. When the interest rate rises, so does the amount of EMI.

There are several approaches or ideas that might help you save money on your personal loan interest rate. Some of the strategies for minimising the cost of your loan are mentioned below, ranging from bargaining with your lender to moving lenders.

Select a Greater Down Payment

A down payment is an amount paid in advance by the consumer when purchasing the applicable goods. The amount that the client needs to borrow as a loan is decreased since the customer bears a percentage of the total cost of the item. The principal amount borrowed by the consumer determines the interest rate on the loan. As a result, the greater the loan amount, the more interest you will pay and the higher your EMI displayed by the personal loan interest calculator. Consequently, putting down a large sum of money is a wise decision. This will not only help you reduce your loan’s EMI, but it will also help you save a significant amount of money in the long run.

Select a Loan with a Longer Repayment Period

The loan payback period is inversely related to the amount of EMI for a specific loan amount. If you opt for an extended loan term, the total debt will be spread over a more extended period. This, in turn, decreases the amount payable in monthly payments. However, choosing a longer term means you will be charged interest on the existing debt for a more extended period. While lengthening the loan duration will lower your personal loan interest rate, it can also result in a higher amount of interest over the life of the loan. As a result, before extending your loan term, you should exercise extreme caution and carefully examine all the positives and downsides.

Select a Step-Down EMI Plan

There are various banks and non-banking financial organizations that provide Step-Down EMI Plans to their consumers. When a borrower takes out a loan under this plan, they must pay a higher EMI at the start of the term. However, the EMI amount, calculated by the personal loan interest calculator, steadily reduces over time as the principal amount falls with each monthly payment. Therefore, this strategy can assist in lowering the interest expense in the latter stages of the loan’s term. As a result, because it is dependent on the customer’s cash flow needs, this type of Flexi-EMI program is best suited for persons nearing retirement.

Consider Borrowing from Your Current Bank

If you are currently a customer of a particular bank, it is good to examine the same bank while looking for a loan. This might work in your favour if you have a solid relationship with your bank, in which case they are more likely to offer you a cheaper personal loan interest rate on your chosen loan.

Negotiate

Considering the initial point, if the individual has a solid relationship with their bank, they may negotiate a reduced interest rate on a loan. Banks may be prepared to do so for existing clients to boost brand loyalty and attract new ones.

Do Your Homework Before Changing Lenders

If you have decided to take out a loan and your current bank does not provide the best deal, you can shop elsewhere. In the market, there is no scarcity of reputable and well-established loan providers. However, before you choose a firm, make sure you have studied the loan specifics such as the prepayment penalty (if applicable), loan processing fee, and other similar costs that might add to the entire cost of the loan, making it more expensive. Also, if you are switching, be aware of any fees that your current lender may demand for the loan transfer.

Prepayment Consideration

Loan prepayment can go a long way toward lowering the cost of your loan. If you have earned a raise or acquired some money, you are strongly recommended that you prepay your debt in part or whole. As we all know, a more considerable outstanding loan amount will result in a higher interest rate. As a result, although full prepayment helps you erase the loan burden, a partial prepayment may also be helpful. By decreasing the loan’s principal amount and the loan’s term, the payable interest is cut. You may use a personal loan interest calculator to determine your loan payback EMI.

Prioritize Loan Payments with the Highest Interest Rates

Some loans, such as credit card loans, have considerably high interest rates. As a result, if you have a credit card loan, a personal loan, and a house loan, it is best to pay off the credit card debt first for a better personal loan interest rate. You may pay the minimal amount on your other two loans while paying off the credit card debt. If you pay off the loan with the highest interest rate first, you can save a lot of money if the loan had been unpaid for so long.

Consider a Balance Transfer Loan

Because balance transfer loans have lower personal loan interest rates, they might help you reduce your loan EMI. However, additional variables such as processing costs and other expenses must also be considered to ensure that shifting your loan to another bank is worthwhile. If you’re considering opting for a loan, Fibe can help you select a loan tenure per your requirements.

The Future Of Workplace Will Include Flexible Policies

Highlight: While the whole world is in the process of unlocking and returning back to normal, it seems that the idea of having flexible policies at work is here to stay. Here’s how.

The entire world was forced to adopt a remote working model in wake of the COVID 19 pandemic and the subsequent lockdown.  And while initially, the idea of remote working was met with a little resistance on account of lack of technology or even on account of the fact that simple task like taking advice from your colleague or coordinating a team meeting seemed like a task, once work from home became a norm, it ushered in a new era of productivity, convenience, and ease of doing business. The flexible policies adopted during the COVID 19 pandemic opened a whole new dimension for managing the future of the workplace. 

The way forward

Now that the remote working model has been well adopted by almost all organisations in the most comprehensive manner possible, even with the relaxation of the social distancing rules, remote working may be a crucial part of the normal work model of a lot of organisations. 

In fact, according to a report by World Economic forum, ‘companies like Google, Salesforce, Facebook and PayPal are among the big companies extending remote working to at least next summer, while Japanese tech firm Fujitsu is halving its office space and giving its 80,000 employees in the country unprecedented flexibility.’  

The shift to remote working has benefitted both the employers and the employees- while the employers cut down on office maintenance expenses, employees have not only been enabled to achieve a healthy work-life balance, it has also positively impacted on their view of the company. It is clear as day that flexible workplace policies are not only the need of the hour but also may be the solution for a lot of managerial and policy-related problems. 

While the whole world is in the process of unlocking and returning back to normal, it seems that the idea of working from home is here to stay. In fact, according to the PwC’s Remote Work Survey, as many as  69 percent of the companies expect almost two-thirds of their workforce to be working from home once a week in the future as a permanent feature. Here is why having flexible policies in the workplace are a good idea in the times to come:

It promotes Trust-based working in companies 

Having flexible policies for the workplace would bring about an evolution in the leadership styles as well as it would do away with the mandate of ‘presenteeism’ at the workplace and would be replaced by a Trust-based working. The latter would do away with the conventional requirements of a 9 to 5 job and would assess the employee on their output in work.

TBW use in Germany across the productivity distribution.

TBW use in Germany across the productivity distribution

As can be seen from the image above, this flexible working policy has a positive impact on the productivity of the employee, which benefits both the employer and the employees. 

Employee interests are better taken care of 

Flexible policies have proven to positively impact employee development on a personal as well as professional level. In fact, a per  study concluded  by Stanford University found that productivity gains nearly doubled when employees had a choice as to where they worked and how they worked. 

On a personal level, it enables the employees to have a better work-life balance as they can spend the time they spend commuting and during breaks in the office with their family. In addition to that, they can also spend the extra time they now have on upskilling their skills in diverse fields which help not only the employee themselves but also the employer and the economy at large as well. 

Few hiccups down the road 

While flexible policies at the workplace seem like a good idea, they come with their fair share of logistical and practical problems. In a report by Mckinsey and company, it was found that few kinds of work are better done in a natural setting and not virtually. “Negotiations, critical business decisions, brainstorming sessions, providing sensitive feedback, and onboarding new employees are examples of activities that may lose some effectiveness when done remotely.”  

Conclusion 

Even though a more flexible approach to workplace policies may come with its own pros and cons, a general trend in its favour is clearly apparent. In fact, according to a Mercer and AECOM survey, as many as 56 percent of employees said they would consider switching employers if increased flexibility were not offered post-pandemic. 

Even though we all were rushed into the idea of remote working due to the COVID 19 pandemic hitting the unsuspecting world, its associated advantages make it a logical choice for the future of the workplace!

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5 Factors that affect your Personal Loan Interest Rate

Personal loans are becoming a popular source of financing as a result of expanding needs of the average Indian consumer. Quick personal loans help fulfil both, emergencies or unforeseen demands along with your planned goals. 

You can utilise personal loans to support a range of requirements such as:

  • Paying utility bills
  • Home renovations
  • Wedding expenses 
  • Vacations or trips
  • Higher education fees
  • Medical emergencies

Due to its multipurpose benefits, unsecured nature and speedy processing, personal loans can come in handy to meet all your needs. With attractive personal loan interest rates in India, you can easily handle loan repayment too. 

That’s not the only reason that personal loans are appealing. Nowadays, one can get a personal loan in less than 5 minutes. However, make sure you consider a few pointers before applying for the same. 

While you can rely on a number of tips to get a personal loan approved quickly and can forecast your ability to repay it on time in the future, the interest rate of a personal loan can have a significant impact on your finances. 

In the case of certain other secured loans, the interest rate is more or less fixed for all consumers. Personal loan interest rates, on the other hand, can vary based on your profile and the lender’s eligibility criteria. Take a look at 5 factors that can affect your personal loan interest rate.

1. Credit score

When it comes to loan approvals, especially for unsecured loans like a personal loan, your credit score is crucial. It is even more important in this case as it influences the interest rate of personal loans. A credit score, in general, indicates your overall financial health in terms of income, existing debt, borrowing behaviour, and previous repayment history. This three-digit numerical ranking is assigned to individuals by a credit rating agency like CIBIL.

A higher credit score increases a lender’s trust in your sense of financial responsibility. This allows you to get a personal loan at a more competitive interest rate. A CIBIL score greater than 750 is generally perceived as ideal. In order to avail a personal loan at a rate of interest that is low, all you need to do is maintain a healthy credit score.

2. Income

Your income also determines whether or not you qualify for a personal loan. The higher your income, the better your chances of acquiring a personal loan with a reduced interest rate. 

This is because your income determines how easily you can repay the loan. With a higher salary, you can look forward to getting credit at affordable personal loan interest rates. However, this is possible only if your income exceeds a particular threshold set by the lender.

3. Debt-to-income ratio

Even if you work for a well-known company and receive a high salary, what matters is how much you spend on repaying your debt every month. All your existing loans can have an impact on the personal loan interest rates you pay on a new loan.

This is where your debt-to-income ratio comes in play, which is the sum of all your loan payments divided by your total income. A higher debt-to-income ratio indicates that your debt is more, and a lender may impose higher personal loan interest rates as a result of this factor.

4. Loan payment and credit history

Before approving a loan, a lender typically checks your credit report to learn more about your credit history. In addition to your credit score, this report outlines your previous repayment history. 

If you have been punctual with your repayment, you can get an affordable personal loan interest rate from a lending firm. However, lenders reject applications outright if they find that a borrower has defaulted on any payments in the last 12 months.

5. Relationship with the lending institution

The interest rate of personal loans is also impacted by your past and current association with a lender. Most lenders want to keep you on as a customer. So, if you are an existing customer with a good profile, you can get exciting pre-approved loan offers as well as a competitive interest rate. Moreover, this relationship can speed up your loan approval process, giving you access to funds quickly. 

As you can see, the interest rate of a personal loan is influenced by the five criteria mentioned above. Carefully consider and evaluate them before applying for personal loans in order to get the best offer and repay stress-free.

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience