I have no experience of this thing personally as I have never tried it. But I always thought that going with EMI will cost you more for any electronic item. I mean they will charge some interest in overall cost. But recently one of my friend purchased one costly smart phone with EMI. And that company was providing EMI facility with no extra money. They were giving this facility on same cost of the mobile. That's really great. I wonder if it is true and something like this available. Is anyone having experience like this? It would be really great saving with EMI if something like this available.
I have bought with EMI facility but have paid interest on it. It cost me Rs.200-300 more on the actual value. But still I find this convenient since you don't have to spend the money at once. Sometimes, there are other needs which has to be met. At that time EMI facility becomes very handy. In fact I like this facility. There are schemes where you don't have to pay any interest on the EMI, but in those schemes, you have to pay one third of the amount at the time of purchase, which sometimes is not possible.
@anupamas2 About EMI feature I was talking about having term to submit three advance emi from 12 emi. So may be that's why it wasn't charging any extra interest. But still from 12 payment , if we are paying 3 in advance is not bad deal. Surely EMI is good option to buy costly gadget if we can't afford whole payment in one time. This is surely good option.
@naruto100 You are very true. I bought a number of items online through my Bank’s EMI scheme. Even though you don’t have to pay anything extra with your monthly installments they deduct an amount as one-time processing charge before the EMI payment starts. So ultimately they are the beneficiaries out of this deal. But if you are short of money to buy a product and you need that urgently then I think EMI scheme is a blessing. As it is said that there is nothing free in this world, you need to bear the cost for the comfort you enjoy. I think credit card is a better option than EMI if you can repay it on time.
Recently I have purchased a Panasonic air conditioner with EMI. I had to pay 30% of the price as down payment and the rest was covered in EMI. It is a 0% interest EMI which is quite helpful as I don't have to pay the full amount at one time. Nowadays people are buying smartphones, laptops, TV's and other expensive electronics using EMI.
@luckycharm Here in this scheme nothing extra charge is getting applied. I haven't heard about one time processing charge. I have no personal experience with EMI, so can't say more. But yes it is really good option for those who want to purchase thing and they can't afford all the money instantly. I mean people have to maintain their monthly budget. But with help of EMI they can surely go for the costly item too. Really good option.
I think that's definitely not a good idea to purchase the items with EMI. You'd be ending up with the lot of money in debt this way. I guess the much better way in this case is purchasing things that do make sense. You'd have to buy them with cash instead. EMI is inviting more of a trouble to your own lifestyle. That's what I have learned over the years.
