New Delhi: Although everyone wants to buy an expensive and good phone, but not everyone can afford its budget. In such a situation, often middle class people fulfill their desire by buying an expensive phone of their choice on EMI. About 80 to 90 percent of people in India buy phones on EMI.
However, when we buy a phone on EMI, we get our favorite phone in our hands, but we never know how much loss we suffer. Yes, it is very important to pay attention to some things while buying a phone or any other thing on EMI, so that we can avoid huge losses. In such a situation, if you are also going to buy a phone on EMI, then definitely read these rules and save yourself from this loss…
If you are buying goods on EMI then do not make these mistakes?
Actually EMI is a one-time installment. It is the monthly payment that is made to repay any type of loan you have taken. If you take a loan, you have to repay a part of the principal and interest every month until the entire loan is repaid completely.
If we understand EMI in simple words, then you want to buy a new item for Rs 50,000, but you do not have the full amount for it. In such a situation, EMI helps you. Its simple meaning is that you can buy any item on monthly installment. For this, you will have to pay the EMI amount every month. EMI includes personal loan, home loan, car loan, AC and mobile phone etc.
How correct is it to buy goods on EMI?
There are many misconceptions in the society about buying goods on equated monthly installments. Some people think it is right to buy a phone on EMI, while some people consider it wrong. In such a situation, it becomes important to know whether it is right or wrong? Actually, it is not wrong to buy any item on installments. Just understand the interest rate, additional charges properly while buying that item on installments. Apart from this, it is very important to know the total price of the item, term and condition (TC) and additional cost.
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Keep these things in mind before buying goods on EMI
Find the best deal:-
Many people do very little research while buying goods on EMI, which ultimately leads to losses. So before buying a new item on EMI, find the best deal and find a better option for EMI funding. During this, read the interest rates, processing charges and other terms and conditions properly.
Read the bill in full:-
Before signing any loan agreement, read it thoroughly, it is very important to know the selling rate, processing charges and other costs. So that you can avoid loss.
Consider your budget:-
It is very important to take care of your budget while buying goods on EMI, so make a proper budget. While buying new goods, definitely know about the interest and additional amount, so that you do not have trouble while paying EMI, make sure it fits in your monthly budget.
Make sure to get insurance:-
Often people do not buy insurance to save some money. If a phone bought by you on EMI gets damaged or stolen, then insurance will be the only suitable option in this situation. Therefore, while buying any phone on EMI, it is mandatory to buy insurance.
