Do You Go For Emi Option While Shopping Online?

Discussion in Shopping Discussion started by luckycharm • Aug 10, 2017.

  1. luckycharm

    luckycharmActive Member

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    As you can see for almost all products there is a 0% EMI option open for the buyer so that he can buy it even if he doesn’t have the amount to pay. But if you look at it closely there will be a onetime charge (they call it processing charge or some other wordings) which is more than or equivalent to 12-13% of the total amount. In that way bank is getting the interest beforehand in a single installment.

    I think it is always better to pay it from your pocket or opt for COD (Cash on Delivery) and it will lessen the burden on your pocket. EMI option is just to tempt you to go for the product and at the same time the bank is benefiting out of it. If you fail to pay any installment penalty would be very high too.
     
  2. Ray1

    Ray1Well-Known Member

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    I have bought nothing but two homes on EMI basis. The one I am living in was bought on outright basis but later I bought two other investment properties which I am still paying for although almost there. I have never bought anything else so far on EMI even if it is interest free because I see the hidden charges behind all such schemes.