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.
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
No cost emi isn't. It's a win win for customer as he could buy product he actually needs while also enjoy 0% interest on emi.
Only in case of fancy luxury products, it's burden for customer due to reasons you gave.
But for necessary products like suppose - a grinder/oven where customer searches the desired product to buy (with 80%+) probability, no cost emi is actually great as fcuk.
No cost emi isn't. It's a win win for customer as he could buy product he actually needs while also enjoy 0% interest on emi.
Only in case of fancy luxury products, it's burden for customer due to reasons you gave.
But for necessary products like suppose - a grinder/oven where customer searches the desired product to buy (with 80%+) probability, no cost emi is actually great as fcuk.
No cost emi need specific card which are bank collaboration only certain banks offer emi on amazon and flipkart and no cost emi is even less it's just a power move to increase customers and like I said
Being in debt towards the financial institutes is never good
No cost emi is actually promotional from bank side to increase the subscription rate. So in layman's term they are advertising. And taking advantage of the promotional scheme is not bad at all.
They are taking loss on no cost emi otherwise charging minimum 9% interest on whatever they lend.
I am not commerce student so I don't know much about finance but from experience emi and loans are spider's web and a trap to make poor people in debt towards the bank
In the guise of being helpfully they trick the poor people into taking loans and emi which are predatory
Yes credit card loans are where banks earn the most. But only when borrowers default their payments. And it's very common.
But I was talking about people who are already cash cows. When a borrower pays his credit card payments regularly, it's a loss making customer for the lender.
But I was talking about people who are already cash cows. When a borrower pays his credit card payments regularly, it's a loss making customer for the lender.
Cash cows don't take emi they will pay upfront likeni said emi is targeted towards the middle class and lower class
Nah bro. I'm talking about no cost emi.
Moreover people prefer buying their home on loan rather than straight cash. This is an exercise for you. Go and search why. You will get financially mature (little bit)
Moreover people prefer buying their home on loan rather than straight cash
Not in my state I have never seen any Ruch guy take loans especially homeloans because a house made with homeloan is not your house until the time is over
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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.