Over 1 in 3 Indians lack basic understanding of financial products and many do not have access to banks or affordable credit. With limited access to financial products coupled with poor financial knowledge, most resort to loan sharks, exposing them to cycles of debt.
To provide a comprehensive financial wellness suite of solutions for workforces under one platform, financial wellness and salary on-demand provider Refyne has launched financial coaching and salary top up for employees.
With financial coaching, Refyne users can get one-on-one access to SEBI-certified advisors or CFPs in their preferred language of communication. This can help them understand various aspects of managing finances by making the optimum use of available resources, the company said in a statement.
Salary top up, on the other hand, will act as an additional line of liquidity, over and above salary on-demand, that users can unlock for more demanding financial needs. With salary top up, users can access upto 1.5 times their salary at zero interest payable over monthly installments.
Refyne’s solution integrates with the client’s preferred HRMS seamlessly. Once the employee places a request on the app, it is approved by the HR basis custom company policies. Upon verification, the salary top is credited to the employee’s account and is auto deducted from the following salaries in regular and easy monthly deductions. Employees can withdraw funds for a one-time transaction fee, without hidden charges.
Chitresh Sharma, CEO and co-founder, Refyne, said in India, just about 27% people are considered financially literate and the rest lack even a basic understanding of how financial products work. This often leads to uninformed and poor decision making when choosing liquidity options. Instant payday loans are luring because people do not understand the impact of the high interest rates they charge. And hence financial education along with access to liquidity is crucial.
“With the launch of salary top up and financial coaching, Refyne can now offer a holistic financial journey to users arming them with sensible liquidity options and the financial know-how to make the right choice,” he added.