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.

Personal Loan Application Rejected? Here’s What to Do Next

A personal loan application can be rejected for several reasons, such as a low credit score, high existing debt, unstable income, incomplete or mismatched documents, or not meeting the lender’s eligibility rules. If your application is rejected, do not rush to apply again immediately. First, identify the reason, review your credit report and application details, correct any errors, improve the areas affecting your eligibility and reapply only when your financial profile is stronger. 

A simple step-by-step fix is to: understand the rejection reason, check your credit profile, correct documentation or data mismatches, reduce excessive debt obligations, ensure you meet the lender’s age and income criteria, and then submit a fresh application with accurate details. 

Common Reasons Why Personal Loan Applications Get Rejected 

Loan approval depends on your complete financial and eligibility profile, not on a single factor. Even applicants with a regular salary or a good credit score may face rejection if another key requirement is not met. 

  • Low credit score or poor repayment history: Missed EMIs, overdue credit card bills, settlements or defaults can make lenders view the application as higher risk. 
  • High existing debt or EMI burden: If a large share of your monthly income is already committed to EMIs and other debt, the lender may doubt your ability to take on another repayment. 
  • Insufficient or unstable income: Irregular income, frequent job changes, a short employment history or income below the lender’s minimum requirement can affect approval. 
  • Incorrect, incomplete or mismatched documents: Differences between your application details, KYC records, salary information and bank statements can lead to delays or rejection. 
  • Multiple loan applications in a short period: Several recent credit applications can result in repeated hard enquiries and may signal high dependence on credit. 
  • Limited or no credit history: A thin credit file can make it harder for a lender to evaluate your past repayment behaviour, although some lenders may use additional data points. 
  • Not meeting eligibility criteria: Age, residence, employment type, serviceable pincode or minimum income requirements can vary by lender. Failing any mandatory criterion can result in rejection. 
  • Internal lender risk policies: Lenders use their own underwriting and credit policies. An application may be declined even when some basic eligibility requirements are met. 

What to Do If Your Personal Loan Gets Rejected 

A rejection does not mean you should keep applying with different lenders immediately. Use it as a signal to identify and fix the weak points in your application before trying again. 

1. Find out why the application was rejected. Review any communication from the lender and identify whether the issue relates to credit score, income, existing debt, documentation or eligibility. 

2. Check your credit report. Look for incorrect personal details, loans that have already been closed but still appear outstanding, or repayment entries that you believe are inaccurate. Raise a dispute with the relevant credit bureau if required. 

3. Correct documentation errors. Make sure the name, date of birth, address, PAN, Aadhaar, employment details, salary information and bank records are consistent across the application. 

4. Reduce your existing debt burden. Repaying outstanding dues and lowering credit card utilisation can improve your repayment profile before you take on a new EMI. 

5. Avoid multiple applications. Repeated loan applications in a short period can create multiple hard enquiries. Check eligibility first and apply selectively. 

6. Strengthen income and employment stability. A steady salary and consistent employment history can improve a lender’s confidence in your repayment capacity. 

7. Reapply only after the problem is addressed. Approval is always subject to the lender’s credit policy, so correcting the underlying issue is more useful than simply submitting the same application again. 

If you are considering Fibe, you can check your eligibility and apply through the Fibe app or the Fibe website. The process is digital, and approval depends on eligibility, verification and Fibe’s internal credit policy. 

Eligibility Criteria for Personal Loans From Fibe 

Before applying again, check whether you meet the latest basic eligibility requirements. Meeting these criteria does not guarantee approval, as the final decision also depends on credit assessment and internal policy. 

Fibe Personal Loan Age Limit 

Fibe currently lists the eligible age range for a personal loan as 19 to 55 years. Your age can influence the repayment tenure and overall eligibility because lenders assess whether the loan can be repaid comfortably during your earning years. 

Minimum Income Criteria 

Fibe currently lists a minimum in-hand salary of ₹25,000 per month for its personal loan eligibility. Income helps the lender assess whether you can manage the proposed EMI alongside your regular expenses and existing financial obligations. 

Other basic eligibility points include: 

  • You should be a resident of India. 
  • You should be a salaried individual. 
  • Your credit profile, monthly expenses, existing debt obligations and serviceable location may also affect eligibility. 

Documents Required for a Fibe Personal Loan 

Keeping your KYC and income documents accurate and up to date can reduce the chances of delays or rejection due to verification issues. Depending on the application and verification requirements, you may need: 

  • A clear selfie or recent photograph 
  • Identity proof, such as PAN card, Aadhaar card, passport or driving licence 
  • Address proof, such as a utility bill, rent agreement, passport or voter ID 
  • Income proof, such as salary slips for the last 3 months 
  • Recent bank statements, as required during income and banking verification 
  • Active bank account details for verification and disbursal 

Make sure the details in your documents match the information entered in your loan application. The exact document requirement may vary depending on your profile and the lender’s verification process. 

How to Reapply for a Fibe Personal Loan After Rejection 

If your earlier application was not approved, focus on the reason first rather than submitting repeated applications. You can follow these steps before reapplying: 

1. Review the reason for the earlier rejection, if available. 

2. Check that you meet Fibe’s current age, income, residence and employment eligibility requirements. 

3. Review your credit report and correct genuine errors, if any. 

4. Clear overdue payments and reduce excessive existing EMI or credit card obligations where possible. 

5. Keep updated KYC, income proof and bank details ready and ensure all information is consistent. 

6. Avoid making several loan applications at the same time. 

7. Once the underlying issue has been addressed, submit a fresh application through the Fibe app or website. Final approval remains subject to verification and Fibe’s internal credit policy. 

Fibe Personal Loan at a Glance 

If you meet the eligibility criteria, Fibe offers a 100% digital personal loan journey with minimal documentation. Eligible applicants can apply for a personal loan of up to ₹10 lakh and choose a repayment tenure based on the available offer. Fibe currently lists personal loan tenures of 6 to 36 months on its product pages, with no foreclosure charges on applicable personal loans. 

You can check your eligibility, upload the required documents and complete the application through the Fibe app or website. The loan amount, interest rate, tenure and final approval depend on your profile, verification and the applicable lending policy. 

FAQs On Personal Loan Application Rejected – Reasons & What to Do Next 

1.What is the age limit for a Fibe personal loan? 

Fibe currently lists its personal loan age eligibility as 19 to 55 years. Applicants must also meet the applicable income, residence, employment and credit assessment requirements. 

2.Why do personal loan applications get rejected? 

Common reasons include a low credit score or poor repayment history, high existing EMI obligations, insufficient or unstable income, multiple recent credit applications, incomplete or mismatched documents, limited credit history, or failure to meet the lender’s eligibility and internal credit rules. 

3.Can I reapply for a Fibe loan after my application is rejected? 

You may submit a fresh application after addressing the reason for rejection and checking that you meet the current eligibility requirements. Avoid repeated immediate applications. Final approval is subject to Fibe’s verification and internal credit policy. 

4.Does a personal loan rejection affect my credit score? 

The rejection itself is not typically recorded as a negative repayment event on your credit report. However, a loan application may involve a hard credit enquiry, which can have a small temporary impact on your score. Making several applications within a short period can lead to multiple enquiries and may affect your credit profile more noticeably. 

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!

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

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

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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Latest RBI Guidelines For Banks And Digital Payments. Do You Know?

Highlight: Learn about the most recent RBI laws regarding digital payments in India.

The digital payments ecosystem in India has matured in recent years, with the pandemic hastening the adoption of digital payments. An increasing number of citizens, including those living in non-metro cities and India’s hinterlands, have begun to transition to cashless transactions via Unified Payments Interface (UPI), Aadhaar-enabled Payments System (AePS), Internet Banking, and others.

The Reserve Bank of India (RBI) proposed in its statement on ‘Development and Regulatory Policies’ dated December 4, 2020, to establish a robust governance structure for digital payment products and implement common minimum security controls for channels such as internet and mobile banking and card payments. In accordance with the announcement, the RBI issued the Reserve Bank of India (Digital Payment Security Controls) Directions, 2021 (Master Directions) on February 18, 2021. 

These rules apply directly to scheduled commercial banks, small finance banks, payment banks, and NBFCs that issue credit cards. The new set of rules also lays out the criteria that will be utilized to enforce the rules.

In a circular, the central bank stated, “The Master Direction provides necessary guidelines to establish a robust governance structure and implement common minimum standards of security controls for digital payment products and services. The guidelines are technology and platform agnostic and shall create an enhanced and enabling environment for customers to use digital payment products more safely and securely.”

The Master Directions will apply to four regulated entities (REs):

  •  Scheduled Commercial Banks (excluding Regional Rural Banks)
  •  Small Finance Banks
  • Payments Banks; and
  • Credit card issuing Non-Banking Financial Companies.

The Master Directions establish a new set of regulatory guidelines for a more secure and safe digital payment system. The following are the key features of the new guidelines:

  • The REs are required by the Master Directions to develop a policy for digital payment products and services with the approval of their respective boards of directors. The policy must be reviewed regularly, at least once a year. On a regular basis, the policy shall incorporate appropriate processes into their governance and risk management programs to identify, monitor, and manage the specific risks associated with the digital payment products and services portfolio. The policy must explicitly address the payment security requirements’ functionality, security, and performance.
  • If the REs rely on third-party service providers, adequate mechanisms and controls for monitoring such third-party activities must be put in place following RBI outsourcing guidelines. These entities must also undertake risk assessments for the safety and security of digital payment products, processes, and services, according to the Master Directions.
  • According to the Master Directions, these REs must implement a web application firewall solution as well as distributed denial of service (DDOS) mitigation techniques to secure the digital payment products and services offered over the internet. Furthermore, to track user activity, security changes and identify suspicious behaviour and transactions, mobile banking, mobile payment, and internet banking applications must have effective logging and monitoring capabilities.
  • The REs must establish an escrow mechanism for the source code of digital payment applications licensed by a third-party vendor, according to the Master Directions, to ensure service continuity in the event that the third-party vendor defaults or is unable to deliver services.
  • When sending SMS or e-mails, REs will be expected to protect client information such as account numbers, card details, and other sensitive information. They’d need a system in place to actively monitor non-genuine, unauthorized, and malicious apps on the internet and in major app stores and take the appropriate steps to shut them down if necessary. Digital payment application security measures must ensure that the apps manage, store, and safeguard payment data. 
  • The Master Directions require REs to implement multi-factor authentication for electronic payments and fund transfers, including cash withdrawals from ATMs/business correspondents, through digital payment applications to combat various cyber-attack mechanisms and protect the confidentiality of payment data. In addition, REs should define the maximum number of unsuccessful log-in or authentication attempts beyond which access to the digital payment product/service would be stopped.
  • REs would need to implement configuration aspects for detecting suspicious transactional behaviour, alerting customers in the event of failed authentication, and so on.
  • A real-time reconciliation mechanism for all digital payment transactions will be implemented between RE and all other stakeholders, such as payment system operators, card networks, business correspondence, and so on, to improve the detection and prevention of suspicious transactions.
  • Certain requirements are outlined in the Master Directions in order to protect customers’ interests and raise customer awareness. To educate customers, REs would need to incorporate secure and safe guidelines and training materials for end-users into digital payment applications. After each or major updates to the digital payment application, the REs shall make it mandatory for the consumer to go through secure usage guidelines while recording confirmation during the onboarding procedure in the first instance.
  • The Master Directions require REs to provide a customer grievance redressal mechanism. The REs must include a section on the digital payment application that clearly specifies the process and procedure for lodging consumer grievances (with forms/contact information, etc.). Furthermore, the REs must follow current RBI instructions regarding the online dispute resolution system for digital payments.
  • To prevent authentication-related brute force attacks or Denial of Service (DoS) attacks, the Master Directions require REs to implement additional levels of authentication to internet banking websites, such as adaptive authentication, strong CAPTCHA with server-side validation, and so on.
  • The REs would ensure that mobile applications require re-authentication whenever the device or application is inactive for a specified period of time, and each time the user launches the application. Furthermore, the mobile application should not store sensitive personal or consumer authentication information on the device, such as user IDs, passwords, keys, hashes, or hardcoded references, and any sensitive customer information should be securely erased from the memory when the customer exits the app.
  • The Master Directions require REs to follow various payment card standards as prescribed by the Payment Card Industry for comprehensive payment card security, depending on the applicability/readiness of updated versions of the standards.
  • To improve ATM security, REs must: To improve ATM security, REs must: 
  1. Implement security measures such as BIOS password, disabling USB ports, applying the latest patches of operating system and other software, terminal security solution, disabling auto-run facility time-based admin access, and so on; 
  2. Implement an anti-skimming and whitelisting solution; and 
  3. Upgrade all ATMs to supported operating system versions. The use of ATMs with unsupported operating systems is strictly prohibited.

These rules will affect not only regulated banks but also third-party payment apps like Google Pay, WhatsApp Pay, and PhonePe in terms of how they interact with banking partners and store customer data.

How to sign up with Fibe in 100 seconds or less

Made in India, Fibe is a mobile-based application that is the ideal solution for every credit need. An online lender that facilitates young professionals with their short-term money needs aids in meeting the urgent cash requirements before people get their monthly salary. Fibe offers loans up to ₹5 lacs with a flexible repayment tenure.

Benefits of teaming up with Fibe?

  • The process of applying for a loan with Fibe is pretty simple and is 100% digital with minimum documentation.
  • There’s no collateral required, we just need your monthly income proof and some basic details.
  • Repay your loan any time over a tenure of 3-24 months.
  • With Fibe, pay interest only for the number of days you use the amount.
  • Our application process is transparent and involves no hidden cost.
  • No long forms and minimal paperwork involved. 
  • Apply for repeat loans anytime.

How to Login on the Fibe App?

You can download the Fibe app on Android or iOS via Google Play Store or App Store. You can apply for a loan through Fibe in the following way:

Step 1: Launch the app and agree to all app permissions and terms & conditions. 

Step 2: Log in to the app using the Facebook or GMail account and fill in particulars such as loan amount and repayment tenure.

Step 3: Enter your mobile number and the OTP to verify your number.

Step 4: Once verified, fill in your personal, professional and bank account details.

Step 5: You may be required to submit some basic documents.

Step 6: Once approved, choose the loan amount you need and repayment tenure.

Step 7: Set up the smart repay feature and never miss an EMI payment.

What Documents would be Required to Apply for a Fibe Personal Loan?

These are the following documents you’d require to apply for a loan and sign up with Fibe:

  • PAN Card
  • Address proof: Rent agreement and landlords electricity bill, landline bill/ mobile postpaid bill/ water bill/ gas bill (not three months old)
  • KYC documents: PAN Card, Passport, Aadhaar Card, Driver’s license, Voter ID card.
  • Income proof: Bank statement/Last three months’ salary slips.

Other Important Aspects:

  • Check your credit score: It is essential to check your credit score before you apply for a personal loan, as a healthy credit score helps in the smooth approval of your loan application at a lower interest rate.
  • Check your repayment ability: With the help of the Fibe Personal Loan EMI Calculator, you can evaluate the EMIs that you would be paying if you apply for a Personal Loan. It helps you to know your repayment ability and you only borrow what you can quickly repay.
  • Do not apply with multiple lenders: If you apply with multiple lenders simultaneously, this might decrease your credit score and may lead to the rejection of your personal loan application.

Fix the Problem of Employee Burnout for your Remote Workers

Highlight: Employee burnout has been a major issue and has elevated during the pandemic. Here is how employers can fix the problem of employee burnout.

Employee burnout or job burnout is a psychological process. One that happens due to prolonged stress or excessive workload. Unsurprisingly, it leads to physical and emotional exhaustion. 

Employers need to look out for the burnout signs for obvious reasons – it impacts work productivity, and isn’t it the responsibility of an employer to create a positive work environment to avoid burnout in the first place? Since the pandemic, firms all over the world have adopted work from home culture. How then, can employers recognise employee burnout remotely? 

Well, remote workers do display these burnout symptoms, provided you’re looking:

  • Lack of motivation and enthusiasm when a task is assigned.
  • They show decreased productivity and lack of concentration during work hours.
  • Inability to make work-related decisions when needed.
  • Irritable and more sensitive to feedback given by managers.
  • Decreased energy during meetings or discussions.
  • Their output goes down, and they perform less compared to their performance early in the pandemic or when on-site. 

Job burnout has been pervasive in the market for a long time, and it has spiked since the pandemic. According to Microsoft’s latest Work Trend Index, which surveyed over 6,000 data across eight countries globally, India had the second-highest percentage of workers facing increased burnout in Asia. Almost 70% of remote employees in India suffered burnout symptoms, a recent Monster.com survey found.

Limeade, a software company that surveyed its employees before the pandemic, found that 42% of workers were burned out. When they asked employees about burnout again, a few months after the pandemic, the number had shot up to 72%. 

What contributes to remote workers’ burnout? 

Unmanageable Workload

When an employee has excessive workload and limited time to complete tasks, stress and anxiety follow. Remote workers often take up loads of work, and some may even procrastinate and work ungodly hours. This deteriorates their mental and physical health leading to job burnout.

Lack of recognition and unfair treatment 

Employees of all fields expect primarily two things from their firm – recognition and fair treatment. For all the efforts they put in to complete their work, it is only fair to appreciate and recognise them. Since all the work is done remotely, managers ignore acknowledging their employee’s work efforts. 

Mismatched work skills and knowledge 

There have been too many remote job vacancies since the pandemic, and graduates apply for these vacancies irrespective of their educational compatibility. When the actual task is given, they feel too stressed and irritated since they don’t possess the skill set for that concerned job.  

Workplace buddy time is put on hold.

Employees have a social circle at their workplace, and this helps them relieve personal stress and work stress too. Due to work from home culture, they don’t find the time to converse with their colleagues, and their workplace buddies are put on hold. 

Lack of work-life balance 

Well, not being able to balance work and life remains an important factor for job burnout. Without time off from work, a person becomes exhausted, bored, depressed, and burnt out. Everybody needs some quality time with their family or friends or even alone time. Even though it is remote work culture, most workers never leave their room until nighttime. They keep themselves busy in finishing the work and ignore work-life balance. 

Employers must find a way to eliminate or mitigate burnout to maintain a healthy workspace for the employees, even if it’s WFH. So, it is necessary first to identify burnout signs and then incorporate some tactics to help overcome these issues. 

These tactics might help employers/managers/HRs eliminate employee burnout: 

1. Providing time off from work can help to have a work-life balance. From a poll conducted by OnePoll,

  • 67% of those working remotely feel pressured to be available at all hours of the day
  • 65% admitting to working longer hours than ever before.
  • Six in 10 respondents fear that their job would be at risk if they didn’t go above and beyond working overtime.
  • 63% agree that time off is generally discouraged by their employer.

Employers have to make sure their workers develop actual barriers between their work and personal life and have a dedicated workspace to join and leave work. Employees look to their managers for hints about what’s expected in terms of work hours. 

If you are constantly available, then your employees will believe they need to be as well. Model a clear work-life balance and encourage your remote team to do the same.

2. Many workplace cultures provide options for taking a vacation and other time away from work responsibilities. This is a productive approach since studies have shown that taking time off to rejuvenate helps boost worker productivity over the long term. Also, remember that if managers/employers don’t take a vacation, employees may not feel comfortable taking vacation either.

3. When you notice an employee is not his usual self and something might be wrong with them as a change of attitude or performance, you can address them and discuss it. Once they open up with you, you can help them in solving the problem in all possible ways you can. By doing so, you will see a decrease in burnout rates in your organization, and your employees will be more motivated. 

4. Give employees the chance to connect with coworkers or colleagues and avoid work-related conversations. This allows employees to get to know each other well and provides some relaxation time.

5. Suggest that teams ‘sign off’ from email and turn off work notifications after regular work hours. This helps employees to get back to their personal lives, and work-life conflict is addressed. Because when workers get notified about a new task or any updates in the task after work hours, they tend to complete it and spend working overtime.

6. Workforce management system helped ensure employee safety, wellbeing, and work/life balance during the pandemic. These extra programs and benefits, in addition to the workforce management system, show workers that they are valued and cared for during this time. For instance, fatigue management systems track- hours worked, tasks performed, breaks taken, and time off scheduled to flag employees that may be at risk of becoming exhausted and burned out.

Paul Gionfriddo, president and CEO at MHA, stated “Company leadership–including executives, HR, and management–have a responsibility to their employees to model and talk openly about behaviors that reduce stress, prevent burnout, and help employees establish the appropriate boundaries when working remotely.” 

Source 

Remote work is believed to remain a norm both during and after pandemics. Employers increasingly have the responsibility to assure their employees’ well-being and take proactive steps to make operational changes. By paying attention to those workers most vulnerable to pandemic fatigue and burnout, managers/employers can build better organizations for their employees. 

So next time when employees do take time off, approve it to be completely uninterrupted. If someone is on vacation, avoid reaching out to them with work-related tasks. These measures will allow them to come back more refreshed and productive, which will lead to higher levels of employee satisfaction and better business outcomes.