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.
Choose the EMI option wisely based on your level of urgency