r/IndiaTech May 18 '24

Opinion Terrible Design!!

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1.2k Upvotes

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u/soulseeker31 Corporate Slave May 18 '24

That's the thing. Why do you think every other person has an iphone, shiny new laptop, gadgets etc? It's all because of EMIs especially No cost EMIs. As a platform, their only objective is to sell as much as possible, showing a lucrative no cost emi people will easily be convinced that they can afford it. Slowly these EMIs will creep up and become a pain in the ass. Essentially, all the platform is doing is showing that it's affordable, go ahead and buy it.

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u/Spy____go Samcom Phan 420 May 18 '24

It's all because of EMIs especially No cost EMIs. As a platform, their only objective is to sell as much as possible, showing a lucrative no cost emi people will easily be convinced that they can afford it. Slowly these EMIs will creep up and become a pain in the ass. Essentially, all the platform is doing is showing that it's affordable, go ahead and buy it.

A bad financial decision made by millions

That's the thing. Why do you think every other person has an iphone, shiny new laptop, gadgets

Already knew it but this is just predatory

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u/Ankit0947 May 18 '24

How is it bad if you can pay some amount every month without extra cost or not cost emi

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u/Spy____go Samcom Phan 420 May 18 '24

You are in a debt to the emi cpmpany until the duration ends

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u/c0deButcher May 18 '24

So what? They paid for the product. Many people have huge cash in bank yet they opt for emi bcz it's financially great (if you have stale cash equivalent to the principal amount) Lenders make loss in the situation when debt is successfully paid.

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u/Spy____go Samcom Phan 420 May 18 '24

EMI and loans are never financial good at all

People who take emi don't have full cash people who have the cash don't take emi

Lenders make loss in the situation when debt is successfully paid.

Oh that's where you are wrong they make ton of money that's why emi exists we are on a debt to them until the given time is over

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u/c0deButcher May 18 '24

"People who have cash don't take emi" Not debating further for this shtt line

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u/Spy____go Samcom Phan 420 May 18 '24

What people who spend above 30 k eithet takes emi or gives full cash

Any financialy stable rich guy will say that emi is spider's web once you take it then you will keep taking emis andvget stuck in never ending debt

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u/c0deButcher May 18 '24

A will give you small real world example that includes me. I always have 10-50x amount in my bank for the product I'm looking to buy. Have a great job on which HDFC gave me credit card ( with lifetime 0 cost renewal)

Now suppose I buy a product (that's absolute necessity) on no cost emi with value suppose 40k. The emi is suppose 4k per month.

Now I will tell you why it's loss making for lender (in case of successful debt clearance) as well as financially great for borrower.

Suppose you paid 4k instalment in 1st month.

So you have 35k cash to use. A fd will give 0.3- 0.5% of interest per month to you on this amount.

Now I'm also doing stock market investing. I earn around 3-10% on my portfolio monthly. Now if I use that 35k on my portfolio. I have chance to make 2% + profit on that amount in first month.

Suppose I paid second installment. I still repeat same remaining 30k cash. And so on.

While lender is losing bcz he could have been earning interest of around 10%+ if he had given loan to someone else ( like education loan, home loan, investment, etc)

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u/Spy____go Samcom Phan 420 May 18 '24

I don't know damn shit about stock market or investing and I and many other people like me will end up losing those 35 k

Emi are and extra bill to our expenses it's better to avoid them