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4 Reasons why you should not Buy a Smartphone on EMI

By: Technical Dost

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Listen to Technical Dost before buying a new phone on EMI, as they have reasons to say "NO" to EMI.

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A high-interest rate

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.

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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.

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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.

Penalty on Pre-payment

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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.

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What should you do?

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Don't buy a phone on EMI until it is necessary for you..

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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