These days it is very easy to purchase whatever one wishes for. Almost everything is available with a small down payment, be it the latest gadgets, home appliances or cars. You name it and chances are you will find an EMI or equated monthly installment solution for your desired purchase. Consumers looking for instant gratification are scooping up these offers like candies, they get to use the product right now and pay for it later, what’s not to like?
Well if you look closely you will be enraged!
Do you know how much extra you are paying for this so called ease and comfort? Lets understand this with help of an example.
Let’s say you want to buy a car of ₹7 lakhs. For this you pay ₹1 lakh as down payment and take ₹6 lakh loan @ 10% for 3 years. Now let’s understand how this ₹6 lakh loan works. Read More