By: Technical Dost
The EMI option requires an additional amount of 3,000 to 4,000 rupees for a 10,000 rupee phone, which is equivalent to 12-18% interest.
Increased Reselling Depreciation
Companies release new models every 6 months, so if you want to replace an EMI phone, you must sell it for a loss of 3,000-4000 rupees and pay off the remaining EMI before the end of your term.
If you repay the loan before the loan's term expires, most EMI schemes will charge you a prepayment penalty of 2% to 3% of the original amount.
Pre-installed Apps Can be Dangerous to Privacy
Companies use pre-installed apps to remind customers to pay on time, but this can lead to the leak of personal information.
Don't buy a phone on EMI until it is necessary for you..
Control your needs and spend according to them, not luxury. Save money first, then buy your dream phone.