Continued Role Of HR In Health And Wellbeing

Highlight: Learn how HR executives and companies may improve employee mental health and well-being, as well as why these issues have become significant priorities since the pandemic began.

We’ve known for over a year that this pandemic has had an impact on mental health and well-being. It’s all over the news, and many papers have been written to investigate it. 

According to research, pandemic-related mental health difficulties have impacted people differently, with pandemic stress disproportionately affecting various racial and ethnic groups. It is natural for people to be concerned about their jobs from time to time. Perhaps they were looking for a raise, or perhaps there were rumors of layoffs. Things like this could act as a catalyst, causing a cascade of circumstances that lead to mental illness.

HR and mental well being

Mental Health can be a very complicated and personal subject in the workplace, and HR employees must grasp it completely in order to not only recognize when someone is struggling but also to know how to manage the situation delicately and effectively. We spend billions on ‘health and safety,’ but we seem to overlook the ‘health’ aspect and focus solely on physical security. Even if the mental health of a workforce isn’t prioritised enough, a company should at least recognize that our supply chains can only function if people are able to wake up and go to work every day.

Mental Wellbeing in a workplace doesn’t mean diagnosis and treatment

A widespread misunderstanding about promoting positive mental health and wellbeing in the workplace is that doing so entails diagnosing, treating, and psychoanalysing your employees. To help your employees’ or colleagues’ mental health and welfare, you don’t need to diagnose them; all you need to do is be aware of their typical behaviours and be alert to any changes. You don’t have to figure out what’s wrong if something doesn’t feel right, but you should definitely address it.

And this is the part that many employers appear to be afraid of: dealing with the problem. There appears to be a notion that discussing mental health can exacerbate the situation.

So, if you want to make a modest impact on your employees’ mental health and well-being, what should you do? Start by removing those Sigmund Freud images and simply attempting to learn how your staff is performing on a daily basis. From there, you can expand it. 

Roll out programs to understand your employees

Of course, it’s unrealistic to expect to be able to ask every single employee how they’re doing each day if you run a company with thousands of people. It’s also unrealistic to expect you to get to know each employee on a personal basis. That isn’t to say you can’t do something to assist your employees. However, there’s one common issue that seems to be plaguing all workers alike since the pandemic started and it is employee burnout, especially for the remote workforce. Here’s how you can recognize and manage employee burnout at your company.

Moreover, Leena Nair, Unilever’s Chief Human Resources Officer, began her efforts to improve mental health and wellbeing throughout her company by implementing a programme to assist employees to better understand one another. Unilever sent 3,000 employees through their mental health championships programme to assist the company’s efforts, but not before they’d assisted the majority of their employees in starting a conversation with one another. This not only helps the employees understand their colleagues better, but it also brings about productive discourse related to several sensitive issues in the workplace.

HR in Health: Some Important points to remember

  1. One size doesn’t fit all – There is no such thing as a one-size-fits-all solution, at least when it comes to mental health and wellbeing programmes. A single programme cannot simply be taken out of a box and expected to function across the board. While you may want to direct the broad ideas, you’ll need to let local leaders adapt them to the people they’re responsible for.
  2. Upper management needs to be involved – You can’t do this as a side project and expect the needle to move; you need real personnel and real resources, which means bringing in the top table.
  3. The evaluation of results is important – If you want to keep having an impact, you need to track the results you’re getting. Whether it’s measuring employee engagement through your Employee Assistance Program, documenting employee feedback during your yearly survey, or simply monitoring general productivity and engagement across the company. Results measurement will help you gain more buy-in and will become an important aspect of your HR strategy.

When it comes to combating mental health in the workplace, how crucial are HR and its functions? In a nutshell, it’s absolutely fundamental. Employers today have a legal as well as a moral obligation to care for their employees, whose well-being is inextricably tied to a company’s success.

HR professionals will directly contribute to a decrease in the number of working days lost each year due to mental ill-health by having the correct level of understanding during recruitment, monitoring, and absence of employees. They will also save employers money, and most importantly, will result in a content workforce.

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

How to Get a Personal Loan with a Low Salary?

Income is a crucial factor for lenders, so it is sometimes difficult to secure a personal loan with a minimum salary from a traditional financial institution. However, many inclusive online lenders offer personal loans with simplified eligibility criteria, including income parameters. 

You can also employ certain strategies to improve your eligibility and increase the probability of getting a loan. To know more about how to get a personal loan on a low salary by improving your eligibility, read on.   

A Guide to Getting a Personal Loan for Low-Salaried Applicants

You can qualify for a personal loan on a low salary by taking the following steps:

Choose a Lender with the Lowest Minimum Salary Criteria 

While securing a personal loan can be challenging if you have a low salary, the most essential thing to do is to choose the lender carefully. You can compare multiple lenders before zeroing in on a loan offer. Check the eligibility terms of all lenders and see which one has the lowest income requirement. 

While some lenders like Fibe approve applications of borrowers earning just ₹15,000 per month in non-metro cities, other lenders may have a higher salary requirement. Spending a little time researching can help you find the right lender who matches your earnings. This will help you qualify for a loan with ease. 

Boost Your Credit Score 

Another way to boost your eligibility as a low-income borrower is to ensure your credit score is high. A good credit score signifies that you are responsible with credit, helping lenders make a decision that works in your favour.

At Fibe, you don’t need to worry about maintaining a good score. It is because our alternate credit scoring mechanism helps us offer loans even to those who are new to credit. Simply check our easy-to-meet eligibility criteria and apply for a personal loan hassle free! 

Showcase All Sources of Income

While your salary may be low, you may earn income from other sources like investments, rental earnings from property or land, freelance income and more. You can get a personal loan even with a low salary by proving that you have the funds to repay on time and in full.

Apply with a Lender You Have a Prior Relationship With 

If you have a bank account or an investment with a bank or NBFC, the chances of getting a personal loan with a low income requirement with the same lender are higher. This is because the lender already has your profile on record. 

Pay Off Any Existing Debt 

Lenders prefer to provide loans to those who don’t have many existing financial obligations. Hence, you can also ensure a higher possibility of fulfilling a lender’s eligibility requirements by freeing yourself from debt. 

Take a Secured Loan 

Some lenders offer loans secured by an asset, such as an FD or government bonds. Pledging an asset as collateral allows you to get funds even if your salary is low.

Get a Co-applicant to Apply 

If your spouse or parent has a good salary, you can jointly apply for a personal loan with them. In this case, lenders consider your salary along with your co-applicant’s income, which can help you qualify for the loan. 

However, remember that the responsibility to repay falls on both of you. Your co-applicant needs to be ready to take on this responsibility in the event that a lack of funds causes you to miss an EMI or default. 

Documents Required for a Low-Salary Personal Loan

Here are some of the basic documents lenders require you to submit to get a low-salary personal loan:

  • A photograph
  • PAN card
  • Address proof like your Aadhaar card, voter’s ID, driving licence (any one) 
  • Income proof like bank account statements and salary slips 

Using all these tips, you can get a low-salary personal loan when you have a need for funds. On Fibe, getting access to Instant Cash is easy. Simply meet our eligibility terms and apply on our website or download our Personal Loan App and get instant funds!

FAQs on LowSalary Personal Loan

Can I get a loan if my salary is ₹12,000?

Yes, you can get loan approval depending on the lender’s terms. All you have to do is show other sources of income and meet the rest of the lender’s eligibility terms. At Fibe, you can avail of a personal loan if your minimum in-hand salary is ₹15,000/month in non-metro cities and ₹18,000/month in metro cities.

How can I get a loan if my salary is less than ₹15,000?

If your income is less, ensure you opt for a lender with easy-to-meet eligibility terms. You can avail a loan at Fibe even with a monthly income of ₹15,000.

What is the lowest salary personal loan?

Lenders set income criteria based on their discretion. For instance, Fibe offers a personal loan with a minimum salary of ₹15,000 per month if you live in a non-metro city. 

Does a personal loan depend on salary?

When deciding on whether to approve your loan application, financial institutions account for your income and other factors. It helps them ascertain your ability to repay the loan. Mostly, lenders sanction a lower loan amount if your salary is low.

Can a new employee get a loan?

Yes, certain lenders provide personal loans even to new employees. In such cases, you can also choose a salary advance.

Will my income affect my personal loan eligibility?

When lenders assess your personal loan eligibility, income is one of the essential elements that they consider. This is mainly because your income, along with other factors, determines your repayment ability.

What is the minimum salary required for a personal loan?

The minimum salary criteria vary from one lender to another. If you opt for a loan at Fibe, you can qualify if your monthly income is ₹15,000.

Can I get a low-salary loan after my first paycheque?

Getting a personal loan is possible after you receive the first paycheque. The main requirement that the lender may put forward is a stable and regular source of income. 

Can I apply for a low-income personal loan if I am not residing in a metropolitan area?

Yes, you can get a personal loan with a low income if you reside and work in non-metros, too. At Fibe, you can get an instant loan with a salary of ₹15,000 a month if you reside in a non-metro area.

References:

https://www.fibe.in/personal-loan/documents-required/

https://www.hdfcbank.com/personal/resources/learning-centre/borrow/personal-loan-rejection-due-to-low-salary

Most Common Mistakes to Avoid While Purchasing Second-Hand Car

Highlight: Buying your first car is a big step, especially if you’re looking for a second-hand car. Here are the documents to check and the car-buying mistakes to avoid.

Used or second-hand car sales have grown manifolds recently. There are many reasons why buying a used car has more financial advantages than picking up a new model from the showroom. If you have budget constraints and require transport, you can easily fit a second-hand car into your budget. 

Not only are they more affordable, but the secondary expenses, such as insurance coverage, are also lower. But lower cost does not mean that you have to compromise on quality. There are many high-quality, well-performing second-hand models available in the market. 

With that said, buying a second-hand car can be a risky and research-intensive task, especially if you do not know what to be careful about. Even with many online platforms offering secure channels for buying and selling cars, it depends on the buyer to thoroughly inspect the car before finalising the purchase.

If you miss any dent or document on your car purchase, it can cause a slew of issues while you own the vehicle. In the long run, you may have to invest a lot of money in repairs and maintenance. So, if you are not careful, you will end up with unnecessary hassles. To avoid a bad ownership experience in general, you must avoid the common car-buying mistakes that used-car buyers make when purchasing a vehicle. 

Also Check: Apply personal loan for used car

5 Most Common Mistakes That Buyers Make When Purchasing Used Cars

Not Taking into Account the Fuel Efficiency

Pre-owned car buyers frequently make the mistake of overlooking the vehicle’s fuel consumption. Some buyers start their search for a good used car that provides good fuel efficiency but then forget about it. Finally, they end up with a fuel-guzzling vehicle, like a tough but low-mileage SUV.

With fuel prices skyrocketing by the day, vehicle mileage should be a priority. After all, you are buying a used car, which will need more maintenance with increased use over time. The smart plan of action is to check the mileage to avoid an unnecessary burden on your pocket.

Ignoring the Vehicle Inspection Report

Another very common mistake that people make is to skip the inspection report for the pre-owned vehicle. A trustworthy car dealer will only offer a second-hand car for sale once it clears all the checks and tests. If the car has cleared the inspection, you can simply look at the report, which should be available at any car dealer. So, if your dealer cannot provide an inspection report, something is wrong. In such a case, moving on to a new dealer would be better. 

On the other hand, when purchasing a used car from a private seller, you should take it to your mechanic. You can also have it checked out at a professional workshop while taking it for a test drive, which is also on the must-do list. While this will take some of your time and money, it will save you a lot of trouble once you have purchased the car.

Choosing Someone Known Instead of a Certified Seller

When you are planning to buy a second-hand car, friends, family and acquaintances will try to pitch their used cars. While it may seem safer, certified cars are the best option. This is because getting an unbiased opinion is easier with a certified dealer and you can get full disclosure of the vehicle’s condition. Moreover, sellers will provide you with a vehicle history report and make any required repairs before selling the vehicle.

Pay attention to the extended manufacturer warranty that certified sellers offer too. Yes, certified used cars are more expensive than private sellers or dealers. But you’ll have peace of mind knowing that the car you’re buying is worth the money you’re paying and that there are no hidden issues.

Not Comparing

Why would you buy something without comparing it in this day and age when the internet makes it easy? You can find the same model for different prices with variable kilometres driven with proper research. Comparing the prices of different cars based on their age and make will give you a good idea of how much a used car should cost you. 

Based on this, you can determine whether a seller is asking a reasonable price for a specific used car. To make things easier, you can utilise free online comparison tools to avoid common car-buying mistakes.

Not Asking for Car History Report

The car history report includes a complete record of the car for the review of the prospective buyers. However, there may be some who have no idea what a vehicle history report is. This is a must-check because you want to know everything the car has been through, such as accidents, floodwater damage and massive repairs. 

The report also states whether it was operated by a single driver or used as a rental car by multiple drivers and the exact kilometres it has driven. As a result, the vehicle history report is critical for accurate information about your potential purchase.

What are the Documents to Check Before Buying a Second-Hand Car?

Buying a second-hand car is only completed after legally transferring all the documents from the previous owner to the buyer. In that case, you should have a checklist of the following documents when making the purchase.   

  • Registration certificate or RC
  • Car purchase invoice 
  • Car insurance documents
  • Service records book
  • RTO forms: 28,29, 30, 32, and 35
  • NOC or clearance certificate
  • Road tax receipt
  • PUC or Pollution Under Control certificate

Buying Second-Hand Cars: What to Keep in Mind

Note that certified second-hand cars are the most expensive. Compared to this, other dealer prices are slightly lower and private sellers have the lowest asking price. However, when purchasing a used car, the price tag is not the most important factor. Having knowledge about the vehicle and having clarity in communication is important. 

A certified second-hand car dealer will always provide more value with the safest and best-cared-for vehicles. This reduces the risks of purchasing a used car to the absolute minimum. So, if you’re thinking about buying a two-wheeler, these tips will be helpful. To get easy access to funds to buy a used car, rely on our online instant loan. Get up to ₹5,00,000 in just 10 minutes on our Personal Loan app or by registering on our website! 

FAQs on Purchasing a Second-Hand Car

What precautions should be taken when buying a second-hand car?

Here are some precautions you should take when buying a second-hand car:

  • Ask for the car history report
  • Do your research and compare cars and dealers
  • Choose a certified seller
  • Inspect the car thoroughly
  • Take a test drive
  • Collect and verify all the documents

Is it wise to buy a second-hand car or a new car?

Buying a second-hand car or a new car is a very subjective decision. However, seeing the rising cost of living, a second-hand or used car can offer more financial benefits.

Why is buying a second-hand car better?

Buying a second-hand car has many advantages if you are on a budget. Also, second-hand cars depreciate at a slower rate than new cars. However, you should avoid common car-buying mistakes to get a good deal and avoid an increase in expenditure later on.

Cyber Fraud & Bank Statements: What You Need to Know

Sharing your bank statement for loans, KYC or income checks is common today. Lenders use your statement to confirm who you are and check if you qualify for a loan. It is generally safe as long as you share it with a verified and regulated institution. But rising cyber fraud makes safety a real concern. The risk comes only when documents go to unverified or suspicious platforms.

Read on to understand how bank statement fraud happens, what red flags to look out for and the simple steps you can follow to keep your financial details protected.

How Cyber Fraud Can Happen from Shared Bank Statements?

Cyber fraud is not always about someone hacking your account. Sometimes, even basic details from your bank statement can be misused if they land with the wrong person. Here is how it can happen.

  • Phishing attempts: Scammers may use your details to send fake emails or messages that look real and try to trick you into sharing an OTP.
  • Identity misuse: Information like your name, address and masked account number can be used to pretend to be you and attempt unauthorised actions.
  • Social engineering: Fraudsters may study your spending patterns and create convincing stories to get more details from you.
  • Loan misuse: If shared with unverified apps, your documents can be used to apply for loans in your name.
  • Fake customer service calls: Once they know your bank, scammers may call pretending to be support staff and ask for sensitive details like your PIN or OTP.

Red Flags: When Sharing Bank Statements Becomes Risky

Always keep an eye out for warning signs. If any of these appear, avoid sharing your documents.

  • The company asks only for your account number and IFSC code without any formal process
  • They pressure you to share documents over WhatsApp or personal email IDs
  • Their website does not have HTTPS security
  • They ask for your debit card PIN, CVV or OTP
  • They are not listed on the Play Store or App Store with proper details
  • Customer care numbers seem fake or unreachable

Checklist Before Sharing Your Bank Statement

Before you share your bank statement, do a quick safety check to make sure your details stay protected.

  • Verify lender authenticity: Check if they are RBI registered, visit their official website and read customer reviews. Make sure they use secure systems like HTTPS and data encryption.
  • Share details carefully: Never give your account number or IFSC to unknown apps. Share them only with regulated and verified lenders.
  • Avoid informal channels: Do not send statements on WhatsApp or personal emails. Use only the lender’s official platform.
  • Use secure PDFs: Share password-protected PDFs whenever possible for extra safety.
  • Review your statement: Ensure it does not contain your debit card number, PIN or any sensitive card information.

What to Do if You Suspect Fraud?

If something feels suspicious or you think your document has reached the wrong hands, follow these steps immediately.

Step 1: If you shared the statement with a fake lender, stop further communication

Step 2: Inform your bank and request them to monitor your account for unusual activity

Step 3: Change your internet banking password and mobile banking PIN

Step 4: Enable SMS alerts if not already active

Step 5: Report the incident on the National Cyber Crime Portal

Step 6: Keep all messages, emails and screenshots for reference

Acting early prevents misuse.

Ask Questions and Go Through the FAQs on the Official Website of Instant Loan Apps 

Before sharing your banking details, make sure you understand how the lender keeps your information safe. Here’s what you can do:

  • Clarify safety measures: Ask the lender how they protect your data, what systems they use and whether your information is encrypted.
  • Check the FAQs: Read the FAQ section on the lender’s official website or app. Platforms like Fibe share answers to common concerns so you know how your data is handled.

While there isn’t a foolproof way of protecting yourself from cyber fraud and scams when submitting your banking details online, these points will help you lower the risk. Ultimately, it is in your hands to keep your banking data secure by making sure the lending institution is legit and has good reviews over the internet.  

Fibe is a leading lender with the best security measures, including the PCI-DSS app journey and ISO/IEC 27001 certification. You can get an Instant Personal Loan of up to ₹5 lakhs with a simple online application and adequate safety.  

Download our Personal Loan App or log in to our website and get started!  

FAQs on Submitting Bank Statements 

  1. What happens if you submit fake bank statements? 

Submitting fake bank statements is illegal and can lead to serious consequences, which include fines and imprisonment. 

  1. Does submitting my bank statement affect my credit score?

No, sharing your statement won’t have any impact your credit score. Your score changes only when you take or repay credit.

How can I verify if a loan provider is legitimate and trustworthy?

To verify a lender’s legitimacy, always visit their official website, check customer reviews and confirm that they are RBI governed. Avoid lenders that ask you to share documents over informal channels.

What are the red flags if a company asks for my bank statement and seems suspicious?

Red flags include asking for your statement on WhatsApp or not having a secure HTTPS website. Be careful if they request your PIN or OTP. Unclear customer care numbers or an unverified app listing are also big signs to stay away.

Work Culture Boosts Productivity And Health. Here’s How

Highlight: A productive work culture is essential. Discover how investing in a positive and productive work culture increases productivity and health.

The work culture of a company is essentially its overall personality. It’s a collection of intangible elements that come together to create an environment where people can work to the best of their abilities and creative abilities.

Some of the most important elements that come together to create a positive, productive ambience where employees can make a mark on their performance are ethics, expectations, value, goals, task management, collaboration, workflow, feedback, and time management.

Work culture, in a nutshell, reflects the organization’s ideology, leadership, and employee satisfaction rate.

What exactly is positive workplace culture?

Employees who are constantly encouraged to work as a team, to have each other’s backs, and to bring the best results in every project are said to have a good work culture.

Respect, trust, accountability, adaptability, result orientation, teamwork, seamless communication, learning opportunities, and other characteristics distinguish an ordinary work environment from an exceptional one. When a company has a positive work culture, the advantages mentioned above are almost certain to follow.

As an employer or HR, investing in a positive and productive work culture reaps benefits beyond a better work-life balance and a sense of purpose for employees. It also boosts the company’s productivity and, as a result, profitability.

Here’s how you can help your team develop a productive work culture:

Establish the culture and principles of the organization

To give employees a sense of belonging, it’s critical to have a set of defined corporate core values that are properly communicated and debated. It is a commitment made by an organization or a company to certain policies and initiatives, such as “to go green” or “cultural reform.” It’s critical to take demonstrable actions on a regular basis so that employees feel personally accountable for these values. Employees will be able to assess and enjoy their own attitudes toward these positive core principles as a result of this. Positive attitudes and activities aid productive work culture.

Be a mentor

It is the responsibility of company leaders to act as mentors to employees and project team members and empower those employees to mentor others. An open-door policy that encourages and welcomes employees to share new ideas and make suggestions reduces employees’ fear of being ignored or criticized, fostering the climate of mutual trust that is critical to an organization’s success. Loyalty, efficiency, and productivity are more likely to be rewarded for leaders who invest in their employees’ creativity and self-improvement.

Implement corporate wellness 

Take steps to improve your employees’ physical and mental health. In our digitally-driven society, addressing office work problems – hours of sitting, typing, and staring at screens – is critical. A company that genuinely cares about its employees’ physical and mental health should assist them in becoming the best versions of themselves. As a leader, you must consider the health of your employees when developing or improving the work environments in which they work. Uncomfortable working conditions, such as poor lighting, low-quality furniture, and outdated equipment, can exacerbate employees’ already high levels of stress, eventually leading to a major problem.

Encourage cooperation and communication

In order to create a healthy workplace environment, a leadership or management style that promotes cooperation, as well as open and honest communication, is required. Regularly checking or evaluating how individuals interact with one another, how criticism is accepted or taken into account, and how opportunities for social connection are enabled is what open and honest communication entail. This enables team members to form and maintain relationships with their entire team or coworkers.

Be flexible

Organizations can give employees more freedom and flexibility by avoiding rigid job descriptions and permanent office space. Allowing employees/team members to combine their skill sets in order to achieve shared goals maximizes everyone’s strengths. Another way to provide flexibility to team members is through flexible work hours and remote work, which has become increasingly important during the COVID-19 epidemic.

Be supportive

Planning for the inevitable is the most effective way to ensure your employees’ long-term productivity. Employees may be unable to perform tasks effectively due to the fear of illness, loss, or other unforeseen events. Show that you care as an HR or a leader. This can alleviate your employees’ concerns, resulting in increased productivity and overall performance.

Employees should be appreciated and rewarded

It is the responsibility of leaders and managers to instill a sense of worth in their employees. For their success, organizations should recognize, encourage, promote, and reward team members or employees. Another important component of productive work culture is self-improvement and learning. Activities and benefits that aid employees’ continuous enlightenment and progress are the ultimate reflections of how much a company values and supports everyone’s continued growth.

Be open to feedback

Excellent communication is something that all top teams have in common. If your team encounters a problem, they must be confident that they can express it without having their competence called into question. As a result, incorporating a continuous feedback loop into your corporate culture aids project managers and department heads in eliminating any obstacles to job efficiency, such as excessive workload.

Your company’s culture, which is comprised of your company’s values, vision, and goals, is at its core. When people work remotely, it’s much more difficult to create a company culture that reaches everyone in all of their locations. The leadership of your company must foster a culture of productivity and belonging that brings the entire team together, even if they are spread out across the globe.

Conclusion

A positive, productive, and effective workplace culture is required to develop a sense of pride and ownership among employees/team members. People who are proud of their companies invest their future in them and work hard to create opportunities for them.

The Covid 19 pandemic has also had an impact on workplace culture. Learn about the role of human resources in the post-Covid workspace.

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

Application Rejected For Personal Loan ? What Next?

Highlight: People can be confused about what to do after their personal loan application is rejected. Read on to know what one can do once this happens.

When you realize that the personal loan application has been rejected, you might be left confused. As a borrower seeking capital, you need a clear path to understand what should be done after this has happened. What you must do, is correct the errors that might have caused your rejection to occur. 

There could be several reasons for a loan application rejection. It could be due to a low credit score, filling up of incorrect or incomplete information, lack of correct documentation, or some other factors like employability checks, age, income regularity, or sometimes even educational qualifications. 

You should always make sure that you are well versed with all the criteria given by the lender so as to avoid this kind of possibility of your rejection of a personal loan application.

Where to get a loan if your application is rejected

Although there are multiple lenders available in the market, both online and offline, one of them that stands out is EarlySalary. EarlySalary is one of the forerunners by being India’s earliest consumer lending platform. They have helped in getting short tenure loans to people in form of salary advances and have passed a million loan disbursals. Fibe has got you covered with all kinds of financial trouble with help of its various facilities. Be it for paying bills, or planning an impromptu trip, Fibe is your one-stop solution for all kinds of instant cash needs.

When your personal loan application gets rejected, EarlySalary can save you with its instant cash loan. How instant you ask? Get the cash loan in under 10 minutes to suit all your needs. The registration procedure is absolutely simple. All you got to do is download the Early application from the Google Play Store or the iOS App Store or you could log on to the  EarlySalary website. Once logged in, all it takes is minimal documentation, an easier application for your loan, and quick approval at last. 

Eligibility Criteria for Personal Loans From Fibe

The eligibility criteria for loan approval are simple too. The only criteria you have to follow to avail of a loan from here are:

  • You have to be a salaried Indian citizen
  • Existence of a Facebook/Google account to sign-in on the EarlySalary Instant Loan App
  •  You should be aged at least 18 years or above
  • You must have a minimum salary of Rs 15,000 if you are a resident in a non-metro city or Rs 18,000 if you are a resident in a metro city.

The basic documentation including PAN Card, Address Proof, bank statement, Aadhar card, and a single selfie will ease your way into getting the desired loan for your needs. You can find Fibe all over India. 

Fibe’s personal loans are made for all of your needs. Once you get approved via Fibe’s eligibility criteria and get your credit limit, the loan disbursal process takes just a few minutes for the money to reach your bank accounts. The loan amounts are flexible, you can avail Rs. 5,000 to Rs. 5,00,000 to fulfill your requirements. It is quick, secure, and given in online format where there are no hassles of carrying paperwork, available 24*7. 

The advantages of getting a loan from Fibe? No collateral, flexible repayment schedules, zero prepayment charges, no pre-closure charges, no restrictions on usage of the loan amount, and always availability of attractive and lower rates of interest. 

Want to talk to us about credit, education loans, and your instant cash needs? We are here, ping us on:

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

Get Education Loan For Your Kid’s Higher Studies

Highlight: Education cost is on the rise and an instant education loan helps secure the best education for yourself or your child, without compromising in other aspects of life. 

A personal loan for students for higher studies can help you manage the costs associated with a good quality education. Quality education is of critical importance to every individual. It is, in fact, one of the precursors of a successful life. A good college education can provide a strong foundation to withstand the challenges of life. 

However, the cost of education has been on the rise lately. This can make it difficult to get the quality of education required to achieve life’s goals. Therefore, getting an instant personal loan for students is among the best options to acquire a quality education without burning a hole in your pocket. 

Read on to learn more about an education loan for higher studies and how to get an educational loan.

What are education loans?

A personal loan for education is a loan that students apply for to cover the costs of the course of their choice. The funding acquired through an instant loan for students helps cover a multitude of costs that the borrower may come across while pursuing a degree. These costs include: 

  • Tuition 
  • Books 
  • Supplies 
  • Living expenditures

Given the purpose of the loan, they are also known as study loans. Students can get an instant student loan for their studies within and outside India. The quantum and cost of this loan depend on numerous factors and vary across lenders. 

Generally, a student themselves or their parent/guardian/relative can apply for a loan for a child’s education. This depends on whether or not you are working. Say you want an instant loan but are unemployed or still studying. In this case, you will need a co-signer to offer a guarantee as you may not have the financial bandwidth to take on the repayment of an education loan for higher studies. The co-signer can be any eligible adult, such as a friend, parent, or relative.

How does an education loan work?

The way an instant loan for students works is similar to other credit options. You apply with a lender of your choice and then proceed with the application formalities. The lender will disburse the sanctioned amount to the university at or before the start of your course and charge interest until you repay the loan completely. 

Although a student or their parent or guardian can get an education loan, the repayment responsibility generally lies with the student. However, unlike other loans, the repayment does not begin immediately. In fact, most of the student loans available to individuals in India are available with attractive interest rates, and as an added convenience, you need not make interest payments instantly. 

Lenders generally grant students a grace period, also known as the moratorium period, from the moment they take the loan to the time they start making repayments. As such, students can begin the repayment sometime after completing their education. The grace period depends on the lender and a few other factors. Generally, it ranges between 6 to 12 months.

Once the student completes the course, the repayment will begin after 6 to 12 months. This gives them a chance to gain their financial footing and manage timely payments. However, keep in mind that this may vary depending on the lender you choose. So, be sure to check these and get clarity from the lender before applying.

Different types of educational loans

Institutions offer several different personal loans for students for different types of education programs. This can depend on the location, type of course, availability of collateral, and more. Here is a glimpse into the different types of instant student loans one can get: 

1. On the basis of location

There are two main categories of loans for education offered on the basis of location: 

  • Domestic education loan

These are for educational courses that are within the geographical limits of the country. These are the loans you take if you or your child wants to go to the neighbouring city for better educational prospects. 

  • Foreign education loan

Study abroad loans are for educational courses that take place outside the geographical boundaries of the nation. Lenders offer different loan options based on the type of course you choose. Apart from paying for your college fees, these loans can also help you pay the cost of daily expenditures like food, housing, travel, etc. 

Apart from the above, you can further divide education loans based on the type of course and availability of collateral. These comprise the following:

2. Based on course

  • Higher Education Loan
  • Diploma Studies Loan
  • Loans for Professional Courses

3 Based on security or collateral

  • Secured Loans (if collateral offered)
  • Unsecured Loans or Personal Loans for Education (if collateral is not available)

Education loans available in India

  1. Undergraduate student loans 

These are loans for individuals who have already completed secondary education and wish to undertake a three or four-year course to strengthen their job opportunities. 

  1. Professional or graduate student loans

These loans are for professionals/graduates who want to pursue advanced degrees or higher education. To be eligible for this loan, a student must complete an undergraduate course. However, there is no specification on the type of course, and it can be from any field. 

  1. Loans for parents 

These are loans where it is the parent or guardian who takes the loan instead of the student. These are unsecured loans that can help handle expenses related to the child’s education. Parents and other guardians who wish to fund their children’s further education can apply for this instant student loan. 

Getting a loan for a child’s education or your education offers an opportunity to equip your child or yourself with the tools to achieve your dreams. Fibe EMIS offers educational loans and school fee financing at easy EMIs that you can use to finance education-related costs with ease. 

This way, you can get an Instant Personal Loan for a quality education without compromising on other needs and necessities of your life. Download our Personal Loan App here or register on our website to experience a 100% digital borrowing experience.

FAQs on Education Loans for Higher Studies

Can I get an education loan if my parents are unemployed?

Yes, you can get an instant student loan even if your parents are unemployed. However, if you are unemployed too, you will need to get a guarantor or co-signer. This can be your sibling, relative or other person, as accepted by the lender.

Who is eligible for an education loan?

The eligibility for a personal loan for students depends on numerous factors, such as the course you want and the lender you choose. Generally, this information is present on the lender’s website and you can confirm your eligibility before applying.

Can I take a personal loan for education?

Yes. An instant personal loan is a multi-purpose loan that you can use for education-related expenses. With a personal loan for students, you can cover the cost of studying abroad, tuition fees, accommodation, travel, buying study materials and more. 

Which loan is best for education?

To choose the best lender, you need to compare the costs, loan amount and your eligibility. Based on it, you can choose a lender that offers the best deal. 

Who is eligible for an education loan?

The eligibility for an education loan depends on a number of factors, which vary across lenders. You can check your eligibility for individual lenders from their website. Here are some general eligibility criteria for an education loan:

  • Applicant must be a resident of India to apply
  • Applicants must be above 18 years of age to apply for an education loan for themselves
  • Applicants must not be above the age of 35 years when applying for the loan
  • Applicant must have an excellent academic record in the previous highest qualification
  • Applicant must have admission to an institution recognized in India and abroad through the clearance of the entrance exam 
  • Applicants must have complete documents, including admission confirmation documents, 10th and 12th mark sheets, as well as an undergraduate and PG degree if applying for a higher education course 

When you take a personal loan for education, the criteria are simpler. At Fibe, you can get an Education Loan with ease by meeting the following terms: 

  • Be an Indian resident 
  • Be between 21 and 55 years of age
  • Earn a salary of ₹18,000 (as a resident of metro cities) or ₹15,000 (as a resident of non-metros)

How To Save Income Tax On My Salary

Highlight: Learn what income tax is, how it works, and how to save money on income tax in India.

What is the income tax on my paycheck?

Income tax is a percentage of an individual’s or business’s earnings that is paid to the government in order for it to run the country smoothly, fund infrastructure development, pay salaries to state and central governments, and so on. All of these taxes are imposed as a result of legislation. The law governing the provisions of our income tax is known as income tax.

Individuals, corporations, businesses, and all other establishments that generate income must pay income tax. The Income Tax Act of 1961 governs India’s collection, recovery, and administration of income tax. Despite the fact that income tax is paid monthly from monthly earnings, it is calculated annually.

The amount of income tax a person must pay is determined by a number of factors.

How to save income tax in India?

You must pay close attention to India’s available tax-saving financial products if you want to save a significant portion of your income. If you work as a salaried professional in India, you can save money on taxes by using sections 80C, 80CCC, and 80CCD.

If you believe you have been paying a significant portion of your income in taxes, it is highly likely that you have not properly planned your taxes. You can save taxes in a number of ways that are legal. The Income Tax Act of India allows citizens to save money on taxes by deducting certain expenses. The deductions are available to claim when filing a tax return.

Here are some tax saving options for salaried individuals:

Section 80C, Section 80CCC, and Section 80CCD deductions

These three sections allow Indian citizens to save money on income taxes. People can claim certain deductions if they invest in the instruments listed in Sections 80C, 80CCC, and 80CCD. PPF Accounts, Pension Plans, Life Insurance Policies, NSC (National Savings Certificate), 5 Year Tax Saving Fixed Deposits, and so on are some of the popular instruments that people invest in. 

Citizens can claim a maximum deduction of Rs.1,50,000 under any one of the three sections or all three sections combined. Section 80CCD allows people who invest in the National Pension Scheme to claim an additional deduction of Rs.50,000.

Medical Expenses

Taxpayers can deduct the cost of medical treatment from their taxable income. People’s medical expenses become tax-free if they provide their medical bills. Medical Allowance is also provided to all employees by their employers. In a given year, people can claim a maximum of Rs.15,000 in medical bills. 

Section 80D, Section 80DD, and Section 80DDB of the Internal Revenue Code allow taxpayers to deduct income spent on health insurance for themselves or a family member. The amount of the deduction varies by section and is determined by the type of insurance policy purchased by the taxpayer.

Home Loan

Most people are advised to save money on taxes by taking out a home loan because deductions can be claimed under three different sections, resulting in significant savings. People who take out a home loan can deduct the principal loan amount from their taxes under Section 80C of the Internal Revenue Code. People can deduct the interest they’ve paid on their home loans under Section 24. 

In some cases, a maximum deduction of Rs.2,00,000 is allowed, while in others, there is no limit to the deduction that can be claimed on the amount spent on home loan interest.

Shares and Mutual Funds

Investing in stocks and mutual funds can help people save money on taxes. Citizens earning less than Rs.12 lakhs annually are eligible for an additional deduction under Section 80CCG of the Income Tax Act if they invest in shares of certain companies and certain mutual funds. The deductions are available to first-time investors under the Rajiv Gandhi Equity Savings Scheme.

Donations

Citizens of India can save money on taxes by claiming deductions on the amount they spent on donations for social or charitable purposes or contributing to the National Relief Fund. Section 80G of the Income Tax Act allows them to claim such deductions. The Ministry of Finance lists the organizations to which taxpayers can donate, and whether or not deductions are allowed depends on the purpose for which the money was donated. Donations that are made in kind are not eligible for tax deductions. Taxpayers can deduct up to Rs.10,000 in cash donations, but they must donate more than Rs.10,000 to be eligible for a deduction.

Leave Travel Allowance (LTA)

Taxpayers who receive LTA from their employers are entitled to tax-free LTA. It can be claimed twice in a four-year period. They must travel anywhere in India during their leave period to claim it.

Saving Income Tax: What to Remember

These are a few of the most common methods for people to save money on their taxes. Taxpayers who carefully plan their income, investments, expenses, and taxes may be able to save a significant amount of money. It is strongly advised against using illegal methods to save money on taxes. 

For instance, if people try to save income tax by not paying it at all, the money they save will be considered unaccounted money or black money, which can cause a slew of problems if discovered.

Learn about your in-hand salary and CTC before diving into saving income taxes!

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The Real Philosophy Of “Wellbeing”

Highlight: Learn about the importance of workplace wellbeing, how HR can help with it and, how the pandemic demonstrated just how important it is.

Recognizing employees as human beings and genuinely caring about their wellbeing is a fundamental tenet of any HR strategy. And it’s the one lesson that’s more clear than ever about the future of employer-employee relationships due to the pandemic – that humans are more than just resources. 

The role of human resources (HR) in promoting psychological health through motivation and engagement in an organization is critical. Their goal is to promote self-confidence, creativity, autonomy, and initiative, which are critical to meet the organization’s internal demands and streamline the productive flow of work performance.

HR’s role in motivating and keeping employees committed

The human resources function plays an important strategic role in organizations – driving job satisfaction, improving the quality of work-life balance, and more. While it does this, the organizational climate improves, which has a direct impact on productivity.

The discerning HR manager must understand that motivation is directly proportional to individual performance improvement. While many employees worldwide can and do work while suffering from mental health issues such as anxiety or depression with little impact on productivity, there are some cases where an individual is unable to work due to the severity of the condition. In most cases, supportive HR intervention can be the key to long-term productivity. 

Furthermore, HR must provide opportunities for employees to participate in discussions about their jobs, the activities of a department or team, or issues impacting the organization as a whole. Employees who believe their meaningful contributions are valued at work are more likely to have higher morale and better emotional health.

How can you foster a positive wellbeing culture?

Because employee motivation and wellbeing strongly influence organizational health, financial success, customer satisfaction, and loyalty, HR managers can implement specific strategies in this context.

Pleasant working conditions

Healthy and pleasant working conditions contribute to professional wellbeing. It is critical to provide employees with a comfortable, clean, and, if possible, customized work environment. Aside from that, flexible working hours or work from home opportunities (if compatible with work activities) can be provided, boosting motivation and reducing work-related stress.

Recognizing positive attitudes

HR managers should continue to value employees who bring proactive and successful attitudes. Because autonomy adds dynamism and flexibility to the workplace, this professional stance is currently in demand. Aside from that, passing on job-related compliments and positive feedback can go a long way toward showing employees that positive attitudes are never overlooked.

Promote creativity

Creativity leads to innovation. As a result, human resources should always be open to implementing techniques that facilitate this process. To thrive, such processes should not rely on exaggerated structuring but rather on flexibility. Facebook’s “Hackamonth” program allowed employees to work with different teams and projects for a month. This approach promotes integration among different teams while also allowing employees to gain new experiences and perspectives from their peers.

Communication channels that are transparent and open

HR managers should always be open to conversations or discussions with employees about any issue. Anxieties, frustrations, and potential problems must be heard and addressed in order to prevent negative consequences for the organization.

Employee wellbeing during the pandemic

The Covid-19 pandemic has sparked significant changes in our workplaces. After more than a year, organizations realized the global event’s profound impact on our personal and professional lives. Some might even argue that these two are no longer distinct – rather, they are more entwined than ever before, as people encounter colleagues and family members on a daily basis (in one form or another). Organizations must adapt to these changing dynamics and reinvent how they engage with their associates, teams, clients, and communities as a result of this emerging new normal.

While progressive organizations have long recognized the importance of health and wellbeing, the pandemic brought home just how essential it is. During these challenging times, organizations’ aspirations, values, and purpose serve as a compass, with wellbeing at the forefront. Protecting associate health and reducing stress become critical to business, and organizations were forced to prioritize associate wellbeing as a matter of survival. Recognizing the inextricable link between our health, work, and lives allows us to think about how each component can be integrated to ensure the success of both associates and organizations.

A happy and inclusive workplace requires an environment where people from all walks of life feel supported and valued. This setting allows people to be their most productive selves at work, at home, and in their communities. Companies with a culture of trust, transparency, and empathy will stand out in today’s world.

Employees’ mental wellbeing in the workplace is demonstrated when they feel free to seek feedback, ask questions, report mistakes and problems, or propose new ideas without fear of repercussions to themselves, their career, or their job. A psychologically healthy and safe workplace actively promotes emotional wellbeing among all employees while taking all necessary precautions to protect employee mental health.

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Why Salary Advances Are Better Than Credit Cards

Highlight: A Salary advance can be a better option when considering a short-term loan for emergency purposes instead of swiping a credit card, which in comparison is expensive.

Meeting with an unexpected event or emergency can be frustrating when you are out of savings or you did not plan your finances in advance. However, sometimes your savings are not enough to meet these unexpected situations. The question is, how would you approach such a situation? A personal loan? Well, the minimum tenure of personal loans is 12 months. So personal loans are out of the question. Credit cards? That calls for high interest rates. 

The best option at hand is a salary advance loan, which is essentially an urgent cash loan that works far superior to credit cards in many ways. Earlier, a conventional salary advance was the domain of employers to pay their employees a portion of their salary in advance. However, with the advent of online lending institutions, it is no longer the case. If you are a salaried employee, you can easily opt for an instant loan in India online via Fibe platform and pay back the advance in easy installments with low-interest rates.

Salary advance loans are grants against your salary, and the loan amount is proportional to your salary amount and can also be in multiples of the same. There are so many benefits of salary advances over credit cards. 

If we talk about credit cards, the interest rates are high. It can become an exceedingly frustrating burden if you use credit cards for emergencies and cannot pay back the credit amount on time, such as paying hospital bills, making bill payments, or using it for other purchases. 

Benefits of using salary advance loans over credit cards

There are many benefits of instant loans or salary advance loans over credit cards. We are going to list down the most prominent ones and why salary advances are better than credit cards. 

  1. Flexibility to opt for salary advances – When you think about choosing a loan option, a lot of paperwork might come to your mind. But it is not the case with salary advance loans. With great apps like Fibe, you can opt for salary advance loans with minimal requirements and filling out an application. 
  2. Low-interest rates – The most important benefit of using a salary advance loan is the low interest rate. If you encounter an unexpected situation such as paying the medical bills or making any purchase, a salary advance will be the right choice. You get low-interest rates and easy repayment options. On the other hand, credit cards will require you to pay off the credit every month, and if you are unable to pay back the credit on time, it can have a negative impact on your credit score. 
  3. Easy repayment in installments Credit cards may sound simple and an easy way to go through all your small expenditures, but they have relatively high rates of interest. If you don’t pay off the debt in time, you will be looking at a recurring rate of interest, which might double your debt. Salary advances are the best option considering easy repayment options in small instalments within a tenure of 3-12 months. In most cases, the salary advance loan is deducted from your future payslips making the repayment even easier.
  4. Improves your overall credit score – Good credit score is the requirement for you to be eligible to apply for big loans. Any traditional loan requires a credit score of 750 or above. Many individuals struggle to improve their credit scores due to not being able to pay their credit dues on time. This is where salary advance loans come in place, which can improve your overall credit score. Borrowing and subsequently paying off the credit can help you improve your overall creditworthiness. 

Conclusion 

Salary advance loans from Fibe can be the ideal option for fast and easy cash transfers and more manageable repayment options. On the other hand, credit cards can be a liability if you are unable to make credit payments on time, which can also lower your credit score. The choice is obvious!

Want to talk to us about credit, education loans, and your instant cash loan needs?

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