FinCrif India : First time ever to offer 15% hike In Every 3rd Months


Fincrif India

Jul 11

05:20 AM

FinCrif operates as a digital credit marketplace catering to a diverse range of financial needs such as personal loans, business loans, home loans, insurance, credit cards, and digital lending solutions.

Our platform empowers customers to access an extensive selection of lending products at highly competitive interest rates. Established in 2022, our primary objective is to streamline the online lending process, providing customers with a seamless journey that encompasses online application, efficient document submission, prompt approval, and disbursal within a remarkably short timeframe of 3 hours. Our operations rely on a fully automated system driven by a robust credit scoring model. This empowers customers to efficiently search for the most suitable loan products, compare quotes, evaluate offers from various reputable lending institutions, and conveniently apply online. Leveraging sophisticated profile analytics, we exclusively partner with the most cost-effective banks and non-banking financial companies (NBFCs) to ensure that our customers have access to loan options with the most favorable Equated Monthly Installments (EMIs).

Fincrif completed its 1st Year with a team size of approx 410+ employees. With the target of reaching out to 2000 employees by the end of 2023.

Salary  Hike in Every 3 months. 

FinCrif has undertaken a strategic initiative to address the prevailing challenges pertaining to salary progression and professional development encountered by employees, specifically in the telecalling, BPO, and sales sectors, subsequent to the disruptive effects of the COVID-19 pandemic. In our unwavering commitment to enhance the well-being and quality of life for our workforce, we have implemented a meticulously designed salary increment program. This program encompasses a rigorous performance-based assessment, with salary hikes of 15% being awarded on a quarterly basis, ensuring periodic enhancements aligned with individual achievements. Furthermore, as part of our long-term commitment to nurturing employee growth, we are pleased to announce that annual salary increments have the potential to reach an impressive scale of up to 60%, reflecting our dedication to recognizing and rewarding exceptional performance and fostering professional advancement.

How Salary  Hike in Every 3 months helped in J curve growth ? 

After the salary sike process we easily reached 410+ team size and every month we are growing 20% in team size.

Benefits of ESIC benefits for Our: 

The Employees' State Insurance Corporation (ESIC) in India is a social security scheme that provides various benefits to employees and their dependents in case of sickness, maternity, disability, or death due to employment-related injuries. Some of the benefits of ESIC in India include:

Medical Benefits: ESIC provides comprehensive medical care to insured employees and their dependents. This includes outpatient treatment, specialist consultations, diagnostic tests, medicines, hospitalization, surgeries, and even certain super-specialty treatments. The medical facilities are available at ESIC dispensaries, hospitals, and tie-up hospitals.

Cash Benefits: ESIC offers cash benefits to insured employees during periods of sickness or temporary disablement. In such cases, the employee is entitled to receive cash compensation at the rate of 70% of the average daily wages for the period of certified leave.

Maternity Benefits: Female employees are entitled to maternity benefits under ESIC. These benefits include paid leave for a specified period before and after childbirth. The leave duration may vary depending on the number of surviving children and other factors. The benefits also cover medical expenses related to maternity and childbirth.

Disablement Benefits: In case an insured employee suffers a permanent or temporary disability due to an employment-related injury or occupational disease, ESIC provides disablement benefits. The benefits vary based on the extent of disability and may include cash compensation, vocational rehabilitation, and employment assistance.

Dependent Benefits: ESIC extends benefits to the dependents of insured employees in case of death due to employment-related injuries. The dependents, such as the spouse and children, are eligible for monthly cash compensation and funeral expenses.

Unemployment Allowance: ESIC also provides an unemployment allowance to insured individuals who become unemployed due to closure of the establishment, retrenchment, or permanent invalidity. The allowance is provided for a specified duration and helps support the individual during the period of unemployment.

Other Benefits: ESIC offers various other benefits such as physical and medical rehabilitation services, provision of artificial limbs and aids, vocational training, and financial assistance for education of insured employees' children.

These benefits provided by ESIC contribute to the overall well-being and financial security of employees and their families, ensuring access to healthcare and financial support during challenging times.

Benefits of  EPF: 

The Employees' Provident Fund Organization (EPFO) in India is a statutory body that manages the Employees' Provident Fund (EPF), which is a retirement savings scheme for employees. EPFO offers several benefits to employees in India, which include:

Retirement Savings: EPF is a long-term savings scheme that helps employees build a corpus for their retirement. Both the employee and employer make contributions to the EPF account, and the accumulated funds, along with interest, are paid out to the employee upon retirement.

Employee Contributions: The employee also contributes a certain percentage of their salary towards the EPF account. The current rate is 12% of the employee's wages, which goes entirely into the EPF account. The employee's contribution is eligible for tax benefits under Section 80C of the Income Tax Act.

Tax Benefits: EPF offers tax benefits to employees. The contributions made by both the employee and the employer are eligible for tax deductions under Section 80C. Additionally, the interest earned on EPF is tax-free, and the withdrawals made after completion of a certain period are also tax-exempt.

Withdrawal Options: EPF provides flexibility in terms of withdrawal options. Employees can withdraw the accumulated EPF balance on retirement, after reaching the age of 58, or they can choose to continue their EPF account and earn interest until the age of 60. Partial withdrawals are also allowed for specific purposes like purchasing a house, medical emergencies, marriage, education, etc.

Pension Benefits: Apart from the EPF savings, EPFO also provides pension benefits through the Employee's Pension Scheme (EPS). The employer contributes 8.33% of the employee's wages towards the EPS, which is a pension scheme. Employees are eligible to receive a monthly pension after reaching the age of 58 and fulfilling certain conditions.

Insurance Benefits: EPFO offers insurance coverage to employees under the Employees' Deposit-Linked Insurance Scheme (EDLI). In case of an employee's death during the service period, a lump sum amount is paid to the nominee or legal heir of the employee. The amount is equivalent to the average balance in the employee's EPF account, subject to a maximum limit.

Transferability: EPF accounts are portable, which means that an employee can transfer their EPF account when changing jobs. This ensures continuity of savings and benefits, irrespective of the employer.

These benefits provided by EPFO contribute to the financial security and retirement planning of employees, ensuring a source of income after their working years and providing insurance coverage during their service period.

Benefits of Esops for Senior management : 

The eligibility criteria for ESOPs (Employee Stock Ownership Plans) can vary depending on the specific policies and guidelines of each company. However, here are some general factors that determine the eligibility for ESOPs in Indian companies:

Employment Status: Typically, only employees who are on the payroll of the company and have a permanent employment status are eligible for ESOPs. This can include full-time employees, part-time employees, and sometimes even contract employees or consultants, depending on the company's policy.

Tenure of Employment: ESOPs often have a minimum tenure requirement, meaning that employees must complete a certain period of service with the company before they become eligible to participate. This period is known as the vesting period, and it can range from a few months to several years, depending on the company's policy.

Job Level or Designation: Companies may have specific eligibility criteria based on job levels or designations. ESOPs are commonly offered to employees at higher levels such as managers, executives, and key personnel who play a significant role in the company's success. However, some companies may also extend ESOPs to employees across different levels in the organization.

Performance Criteria: In some cases, eligibility for ESOPs may be tied to performance criteria. This means that employees must meet certain performance targets or achieve specific milestones to become eligible for participation in the ESOPs. These criteria can vary based on the company's performance evaluation system.

Regulatory Requirements: It's important to note that there may be certain regulatory requirements and guidelines set by the Securities and Exchange Board of India (SEBI) that companies must adhere to when implementing ESOPs. These regulations may impact the eligibility criteria and other aspects of the ESOPs in order to ensure transparency and fairness.

It's essential for employees to refer to their company's ESOP policy and consult with the HR department or the designated ESOP administrator to understand the specific eligibility criteria, vesting period, exercise period, and any other conditions associated with the ESOPs offered by their company.

We will love to have you in #teamFinCrif as part of the wonderful journey ahead.

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