Bengaluru, Karnataka Jun 6, 2018 (Issuewire.com) - Bangalore is one of the most popular cities in India, with rich multi-regional and multi-cultural attributes. It is one of the few cities that has a high percentage of outsiders – people from other states/cities, migrants, and expats, all congregating to collectively contribute to its economic growth and overall development. Bangalore has made quite a journey from being the Garden City of India to the country’s very own Silicon Valley. With a city that has a lot to offer, the horizons of Finance and credit have expanded as well, quite palpably fuelling its success story. The city has witnessed significant credit penetration in the recent past and the role of amplified credit access cannot be discounted in a success story. Apart from the likes of traditional lenders such as banks, Bangalore has witnessed first-hand, the advent of Fintech companies providing seamless access to private loans and instant loan in Bangalore.
Being the hub of startups and information technology companies, working class individuals have quite evidently been able to enhance their standard of living (while this is true, the role of credit in contributing to the same cannot be disregarded). Multiple lenders offering personal loans and private loans in Bangalore are helping individuals get instant access to credit. With the evolution and now rampant presence of Fintechs, private loans in Bangalore have become extremely popular among working professionals.
While we talk about instant loans in Bangalore, more than becoming an “economic want” among the general populace, this form of credit has more or less become a necessity. So to speak, several salaried individuals are using instant personal loans as a means to achieve monetary freedom, improve purchasing power and get rid of debt. Let’s go ahead and find out how personal loans in Bangalore have become part of a lifestyle that can today quite vividly, boast of financial freedom.
A City that has a lot to offer
Bangalore has always been a city that has a tremendous lot to offer. The city is known to have the most number of pubs in a single city (in India), the most number of Engineering Colleges (in a single city in India), an extremely high greenery quotient, so on and so forth - all this of course fairly motivated by a rich presence of people from all over world. As such, the city has several upscale and classy entertainment options for its citizens to explore. When there is so much to do, access to credit becomes an essential part of the popular lifestyle and general culture. So many of these factors have massed together, leading to the steady advancement of instant credit in the form of instant loans in Bangalore.
A city well placed for travel enthusiasts
Gone are the days when people used to save money to take vacations – definitely not when there are personal loans that you can get almost instantly. Bangalore offers a lot of travel options and popular trends in recent times cite that Bangaloreans have switched to instant credit to further their travel plans. Quite expectedly, there are several lenders offering private loan in Bangalore, helping citizens advance their ambitious travel plans.
A surge in credit card debt
An aspect that has become quite noticeable is that with the ease of credit access comes an increased debt burden. With the standard of living witnessing tremendous growth, credit card debt has surged as well.
Now, the interest rate on credit cards is quite massive, standing on an average at 35% - 40% per annum. With overall economic growth improving entertainment options, services, goods and monetary freedom, several individuals have found themselves maxing out their credit cards.
A proven and very effective way to get back on track and take control of debt is to take out a personal loan to settle outstanding credit dues. Personal loans, in comparison to credit cards, come with an annual interest rate of about 12%. The dramatic difference in interest rates has prompted individuals to opt for private loans in Bangalore to wipe-off their credit card debt for good.
Increased demand for personal loans in Bangalore
A bustling lifestyle and an advanced culture have translated into an increased demand for the personal loan in Bangalore. Credible statistics indicate that Bangalore has the highest number of search inquiries for personal loans amongst Indian cities, much higher than the likes of Mumbai and Delhi.
Bangalore posted an average of “272,410” monthly searches for the keyword “personal loan” - hold your horses when we say that this volume is only for the keyword “personal loan” and does not include other popular keywords such as online loans, unsecured loans and instant loans. This number very clearly indicates the existing demand for credit in Bangalore, showing full well the extent of potential credit penetration in one of India’s most popular cities.
Convenience in repayment
To elaborate this point, let’s again cite some characteristics that have made Bangalore a force to reckon with. Growing startups, a spate of Multi-National Companies and a multitude of career opportunities have allowed individuals to easily repay their loans. Convenience in repayment is another reason why an increasing number of individuals are opting for instant credit options.
More importantly, applicants can choose their loan tenures and make repayments based on their financial convenience. For instance, most lenders offering personal loans in Bangalore offer them in tenures ranging from 6 months to 60 months. Longer tenures mean lower repayments while shorter tenures mean higher repayment amounts.
Qbera is a leading Fintech company headquartered in Bangalore, India. We provide personalized finance options to salaried individuals, offering loan amounts ranging from Rs. 25,000 to Rs. 25,00,000. As a leading managed marketplace for personal loans, Qbera provides instant personal loans to individuals with a minimum credit score of 650. Individuals applying for loans from Qbera can expect to receive their loan amounts in as little as 48 hours!
Website: https://www.qbera.com
Media Contact
Qbera anirudha@qbera.com 8971928484 1st Floor, Wolfpack Workspaces, #39, 8th Main Road, Vasanth Nagar. https://www.qbera.com
