Ahmedabad is often mistaken as the capital of Gujarat and does not let people regret moving in. It is one of India's largest and fastest-growing cities and has been a trading hub since the old times, with visible growth in the businesses like textile, cotton, and diamond, among others. Ahmedabad, or Amdavad as it is known in the local language, is estimated to soon receive its title of being the Metro city.
Being a trading hub, Ahmedabad has no end to the business and management institutions in the city. One of India's most prestigious business schools, IIM, is in Ahmedabad. After moving there, people find multiple employment opportunities within the city limit. Ahmedabad is also considered one of the safest cities to live and work in, with the lowest crime rate compared to the other tier-two cities. It promotes a healthy lifestyle, with an alcohol ban and mainly a vegetarian diet.
Ahmedabadi people and, by extension, Gujaratis are known for their colorful lifestyle, not in metaphorical terms but in literal terms. From people's homes and in their day-to-day life to the market, places in Ahmedabad are filled with colors. There is no end to the recreational activities that make up for the absence of nightlife that is common in Mumbai or other tier-one cities.
And lastly, the healthcare facilities in Ahmedabad are also one of the bests in the country. It has a plethora of government and private medical institutions that will take care of the people in their medical emergencies.
Ahmedabad has recently seen growth in the business and other fronts. With many governmental schemes starting in Ahmedabad, people from across the country are migrating there. The influx of employment opportunities results in people having more income, and more income results in an increased standard of living and an increase in the cost of living. In order to maintain their lifestyle, people often indulge in buying services. This can be analyzed by the consumer trends prevalent in the city.
This data is indicative of the increase in the expenditure of the sectors in which it is most prevalent.
Although the cost and the standard of living in Ahmedabad are not that high, it still is higher than the tier three and tier four cities. CRIF data indicates the skyrocketing increase in personal loans from Gujarat from both banks and non-banking financial institutions. It is all steamed from the after-effects of the pandemic. People prefer personal loans to other types of loans as there are almost no restrictions from the lender on how you wish to spend your money. Most Banks and NBFCs also do not ask for the heavy documentation and guarantee to avail the personal loans. Let's look at the contributing factors to the personal loan boom in Ahmedabad.
There are various reasons behind people's choice of personal loans; most often, it is to maintain their small financial crunches or achieve small financial goals such as purchasing household items or investing in a child's education.
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