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Purchases on EMI

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I favor buying only for cash in lump sum and do not like any type of loan. However these days nobody wants to wait till he has sufficient money to pay in one installment. The EMI payment enables you to enjoy a consumer durable immediately. But buying of too many items through EMI may cut your carry home salary drastically with consequential hardship.

However, if you decide to buy on installments through EMI, you need to see that interest element is not excessive. For more details see:

http://in.finance.yahoo.com/news/purchases-made-emi-good-bad-114202090.html

7 Replies

U
I favor buying only for cash in lump sum and do not like any type of loan. However these days nobody wants to wait till he has sufficient money to pay in one installment. The EMI payment enables you to enjoy a consumer durable immediately. But buying of too many items through EMI may cut your carry home salary drastically with consequential hardship.

However, if you decide to buy on installments through EMI, you need to see that interest element is not excessive. For more details see:

http://in.finance.yahoo.com/news/purchases-made-emi-good-bad-114202090.html
Honorable Supreme Court has warned companies in creating zero interest financing, as they are cheating, it is now illegal according to honorable Supreme Court of India.
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U
Buying everything on EMI is a bad habit also. According to me, it keeps you indebted for months. It is better to buy products instantly for cash at once. EMI costs more than instant cash purchase.
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U
I favor buying only for cash in lump sum and do not like any type of loan. However these days nobody wants to wait till he has sufficient money to pay in one installment. The EMI payment enables you to enjoy a consumer durable immediately. But buying of too many items through EMI may cut your carry home salary drastically with consequential hardship.

However, if you decide to buy on installments through EMI, you need to see that interest element is not excessive. For more details see:

http://in.finance.yahoo.com/news/purchases-made-emi-good-bad-114202090.html


Purchase on EMI is suitable only for persons who have fixed income. I don't like it.
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U
Well, at some level it is good deal.. People who are having regular income can buy expensive things like that.
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U
Well, at some level it is good deal.. People who are having regular income can buy expensive things like that.


Yes. This is advantage. But this also curtails carry home income and causes hardship.
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U
Well, at some level it is good deal.. People who are having regular income can buy expensive things like that.


Yes. This is advantage. But this also curtails carry home income and causes hardship.


Yes.. But for those who can afford things like this, it is very convenient way to have expensive things which is unaffordable in direct purchase..
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U
I didn't have cash so I decided to buy a motorcycle on EMI. I paid about Rs, 20,000/- more than the price in two years. Well, My satisfaction was that I had the bike in my possession and that I was using it as my own. EMI system is like that.
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Topic Author

G

Gulshan Kumar Ajmani

@gkajmani

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Created Tuesday, 29 October 2013 06:23
Last Updated Tuesday, 30 November -0001 00:00
Replies 0
Views 953
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