Smartphone market is ever-evolving, and every few months, there is a new phone launched by Smartphone giants. This makes the buyers switch to a new variant every year or two. However, most sellers these days offer phones on lucrative EMI schemes. The zero-cost EMI scheme enables people from all strata of the society to get access to high-end Smart phones.
We can easily avail EMI option for 6, 9, and 12 months and repay the amount without making a hole in our pocket. But the downside is we are tied to an EMI for almost a year and also get tempted quite frequently to switch to a newer phone. On the other hand, when we pay lumpsum amount for the phone, we actually tend to save first and use the phone for a significant duration before mindlessly buying a new one.
Is it really economically viable and a better choice to buy a phone on EMI? What are your views?
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I think even if zero-cost EMI schemes make high-end smartphones more accessible, I don’t think it is the right choice to go for unless you really need the device. The commitment for a year long EMI is just huge and it happened with me when I bought a high end Samsung phone because Amazon Pay Later gave me the credit limit to buy one. By the end, I was pretty frustrated to give 7500 per month. After that, I have realised that paying a lump sum is much more mindful and it doesn’t causes stress of EMIs. That’s just my preference, I don’t know what others think or do.
I absolutely agree with you. EMIs make people overspend and commit to a long-term EMI repayment schedule, which can turn out to be frustrating and create economic pressure after some time. People planning to buy high-end phones must save the money for a while and buy them in one go. If it is difficult to save money every month, it is going to be equally challenging to shell out the EMI amount every month. It’s time people made mindful choices as it decreases unnecessary financial burden.