Silicon Valley of India's Fintech Future: Navigating Bangalore's Financial Innovation

Dec 22, 2023

Bengaluru (formerly Bangalore) is one of India’s rare metropolitans blessed with everything from a pleasant climate, a glorious history, a thriving shopping, dining, and drinking scene to the creature comforts of natural greenery and a never-ending supply of technological talent.

Living expenses, transportation, and lifestyle costs are key considerations for those who live in Bengaluru. As the cost of living continues to rise, it’s essential to be aware of the expected changes in these areas to plan your budget accordingly.

In 2020, Bangalore led the momentum in the fintech sector, with 447 startups making their mark. This surge in fintech activity showcased the city's commitment to technological advancements and innovative solutions for everyday challenges, including those related to personal finance.

At the forefront of the fintech revolution and regarded as one of the best loan app in Bangalore. Viva Money low interest personal loan app offers a range of low-interest loan plans to help you achieve your financial goals with the increasing cost of living in Bangalore. With its line of credit of ₹2 lacs coupled with low-interest rates,Viva is here to help you every step of the way.

Read on to learn more about the cost of living in Bangalore in 2024 and how Viva Money Instant Personal Loan App can help you navigate it.

The Cost Of Living In Bangalore:

Here’s a breakdown:

Living Cost in Bangalore for Bachelor:

Here are a few factors that influence the cost of living in Bangalore for single person.

Room Rent in Bangalore
Living Cost in Bangalore for Bachelor renting a 1 BHK apartment may range from Rs 10,000 - 15,000 per month. They can also share housing to split the room rent in Bangalore.
Household Expenses
The average monthly household costs will be around Rs 10,000. This includes utility costs such as internet and electricity bills, as well as domestic help, maintenance fees, and other expenses.
Transportation
By purchasing a monthly bus pass, one can keep transportation costs under Rs 1,000 for normal buses and INR 3000 for AC buses. Alternatively, bachelors can also prefer aggregating mobile apps like Ola, Uber, and others for cabs and carpooling within and outside the city, or Rapido, Bounce, and others for scooters within the city.
Lifestyle and Entertainment
From budget-friendly spots to opulent clubs, being one of the top cities in Karnataka, Bangalore offers a wide variety of recreational activities. Depending on lifestyle choices, a bachelor/spinster would spend around Rs. 5000-6000 per month.

If you’re looking to avail loans in Bangalore, visit Viva Money’s low interest personal loan app. Recognized as the best loan app in Bangalore, now you can secure a personal loan in Bangalore, while sitting at the comfort of your home.

Living Cost in Bangalore for a Family:

The cost of living in Bangalore will likely skyrocket if you have a family. With children, the cost of living in Bangalore could be around Rs 40,000-45,000. In Bangalore, there are several residential apartments available for rent or purchase in 1 BHK and 2 BHK configurations. Availing a personal loan in Bangalore from Viva Money instant personal loan app can help make these important financial decisions with ease.

Room Rent in Bangalore
A 2 BHK apartment in Bangalore costs around Rs 16,000 - 35,00 per month for a family.
Household Expenses
In a city like Bangalore, a family of four will have to pay around Rs 20,000-Rs 30,000 per month in expenses such as school fees, domestic help, and groceries.
Transportation
Owning a car will incur additional costs, estimated at Rs 8,000 per month. However, the cost of public transportation could be as low as Rs 3,000.

Living Cost in Bangalore for Working Couples:

The cost of living in Bangalore for couples is more difficult to calculate due to their different lifestyle choices. It may vary from person to person depending on the location and recreational facilities available.

In Bangalore, for instance, a working couple will spend about Rs 25,000-30,000 per month, including rent. There are a few affordable sectors in the city that offer residential units that cost between Rs 15,000 and Rs 20,000 per month.

A couple should be able to keep their household expenses to around Rs 35,000, including travel and daily needs. This varies depending on factors such as internet bills, electricity transportation, domestic help, and maintenance, among others. If the couple owns a car, the costs may rise slightly. If you’re looking to avail loans in Bangalore, check out the Benefits of using VIVA - Credit Line Loan to make smart financial choices.

How Can The Fintech Industry Help You Build Financial Stability?

Digital Payments and Transactions:
The city's residents are increasingly adopting digital payment methods, making transactions more convenient and secure. Loan providers in Bangalore are at the forefront of this shift, offering user-friendly apps and platforms that streamline payment processes for a personal loan in Bangalore.
Financial Inclusion:
Fintech in Bangalore is contributing to financial inclusion by providing access to banking and financial services to a broader population. This inclusivity is particularly beneficial for those who were previously underserved by traditional banking systems.
Flexible Fintech:
The city’s fintech ecosystem is diverse and encompasses a wide range of services such as digital cash loan apps in Bangalore that offer low interest personal loans. This diversity reflects the city's commitment to offering comprehensive financial solutions.

Viva Money In The Fintech Landscape:

Flexible Line of Credit:
Viva Money offers a flexible line of credit of ₹2 lacs. This financial cushion can be instrumental in tackling unforeseen expenses, from medical emergencies to sudden home repairs.
Quick and Easy Application Process:
Applying for a line of credit with Viva Money’s low interest personal loan app is a seamless process. With quick approval times, you can access funds within hours of applying, providing a timely solution to urgent financial needs.
Low-Interest Personal Loan Rates and Flexible Repayment Terms:
As one of the best loan app in Bangalore, Viva Money understands the importance of affordability. With the low interest personal loan app and flexible repayment terms, individuals can use the line of credit without worrying about exorbitant charges, making it a sustainable financial solution.

How Can You Make Better Financial Choices:

Tech-Driven Budgeting:
Leverage financial planning tools to create a tech-driven budget that adapts to your changing financial needs. Stay ahead of rising expenses by efficiently managing your income and expenditures.
Digital Payments for Everyday Transactions:
Embrace the fintech wave by making use of digital payments for your everyday transactions. It not only adds a layer of security but also contributes to the overall efficiency of managing your finances.
Smart Investment Choices:
Explore fintech-driven investment platforms to make smart choices with your savings. From robo-advisors to user-friendly investment apps, learn more about Bangalore's fintech ecosystem to grow your wealth.

Final Thoughts

Living in Bangalore offers a vibrant lifestyle but comes with its share of financial challenges. The rising cost of living necessitates strategic financial planning, and Viva Money emerges as a valuable partner in this journey. With its line of credit of ₹2 lacs coupled with low-interest rates, Viva Money Instant Personal Loan App facilitates residents to navigate the dynamic financial landscape of Bangalore.

Don't let the rising expenses overwhelm you. Sign up for Viva Money today, start planning for a better financial future, and tackle the challenges of urban living with confidence. Remember, financial stability is within reach with the right partner by your side.