EMI lene ki aadat ne aapko financial freedom diya ya aapko debt ke chakravyuh me phasa diya? 💸 Kya har sapne ka payment plan sahi hai? Samajhiye India ke EMI culture ka asar, sirf Nazar Ya!
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00:00Jinta Janardhan, in this very cold weather, Sanika and I are going to talk about…
00:17AMI culture.
00:18Yes.
00:19Sanika ji, what do you think?
00:21Recently, I wanted to buy a phone.
00:24And then I was thinking of buying an iPhone.
00:26But then I saw that 7 out of 10 iPhones bought in India are on AMIs only.
00:31So, basically, then I remembered that, no, a little, you know.
00:36But nowadays, Indians are mostly buying things on AMI.
00:40In fact, groceries are also going to be available on AMI.
00:43Especially on Zepto.
00:44Hmm.
00:45There is more financial awareness compared to the previous generation.
00:48Actually, AMI culture is also fooling people.
00:52Because usually it happens that we buy things on AMI.
00:55But mostly, no-cost AMI is written.
00:58So, it feels like we are buying on the actual price.
01:01But there are so many hidden charges in no-cost AMI.
01:04Exactly.
01:05One is that processing is free.
01:06RBI actually says that no banking institution in India can give loans at 0% interest rate.
01:13Hmm.
01:14So, how are no-cost AMIs valid?
01:16Exactly.
01:17And GST is also very high on them.
01:19I think GST is around 90-20%.
01:21Yes.
01:22And this is the same thing.
01:23Earnings, expenses.
01:24Rupees.
01:25Rupees.
01:26How did this happen?
01:27My earnings are Rs. 50,000.
01:28And expenses are Rs. 4-5 lakhs.
01:30If I want to buy something like this.
01:31Buy.
01:32I know.
01:33And because of this, I think, spending has also increased so much that,
01:36overall, all the people who have lived in the world,
01:40our savings have been the least.
01:42Hmm.
01:43Exactly.
01:44And I remember that, even if they take,
01:46so they will invest more in housing.
01:48Hmm.
01:49Or vehicles.
01:50Yes.
01:51But slowly, it is going from macro to micro.
01:53Slowly.
01:54And I am surprised that,
01:56there are 3 types of consumer goods.
01:58Convenience, shopping, and speciality, which is luxury.
02:02Hmm.
02:03Now, if you start buying on luxury,
02:05so I think there is a big problem there.
02:07Hmm.
02:08I think that is what is drawing people.
02:10But actually, this also stems from the generational gap.
02:14This is because,
02:15our interest rates have increased so much in this.
02:17We can't even afford to buy a house in the metro cities.
02:22So, eventually, if I can't buy a house,
02:25then I will buy good expensive luxury things,
02:28and at least satisfy that much.
02:30You can satisfy yourself.
02:31Yes.
02:32So now, I think that is also going on.
02:33The culture of soft saving is going on.
02:35That we will invest very little in our future.
02:37Because the future is so uncertain.
02:39By changing the climate, we can just die.
02:41So we are not going to retire.
02:43And Covid has actually lived in the moment.
02:45Yes.
02:46It doesn't exist anymore.
02:47This is more in people, in Gen Z.
02:49I actually saw a survey.
02:5140-50% people have stopped retiring from Covid.
02:56Whether they will live now or tomorrow.
02:59Yes.
03:00And it has actually,
03:01all the big brands, all the big companies,
03:03they have created this ignorance towards inflation.
03:06Hmm.
03:07See, on our Amazon Flipkart,
03:09one is the main price of the thing.
03:12Along with that, there is an EMI.
03:14Yes.
03:15This is an illusion.
03:17Because since RBI has banned giving loans on zero interest.
03:22So whatever the cost is,
03:24suppose there is a phone of Rs 30,000.
03:26So the discount of Rs 5,000 out of Rs 30,000,
03:29actually goes to the bank as an EMI interest rate.
03:32And the rest goes to the vendor.
03:34So actually, we are giving interest rates.
03:36And when we take this 1000 times,
03:38then the bank inquires with our credit score.
03:41Similarly, our Sybil can also go bad.
03:43Oh, nice.
03:44And I think EMI is essentially not a bad practice.
03:48It is a good practice.
03:49But its different aspects can be exploitative.
03:53Okay.
03:54Like you said,
03:55a good practice can be that
03:57if your Sybil score is good,
03:59it will help you take more bigger loans.
04:01I think EMI is a very good option
04:03because it makes things affordable.
04:06Because we don't need a lot of savings.
04:08For example, I need a fridge.
04:10My fridge is broken.
04:11I don't have money to buy a new fridge right away.
04:14So it actually helps you live.
04:16But I think the problem arises
04:18when we actually overexploit it so much
04:22that as soon as the salary of the month comes,
04:24the entire bank account is empty in giving EMI.
04:27But I think the same people don't understand
04:29that whenever we take anything on EMI,
04:31there is a processing fee in it.
04:33So that processing fee actually adds up.
04:35And it is not seen before.
04:36And taxes also add up.
04:38So these are all hidden costs
04:40that we should actually study in fine print
04:42before doing things on EMI.
04:43Absolutely.
04:44There is a lot of need for more awareness towards EMI.
04:47If you want to buy something,
04:49for example,
04:50if you want to buy a phone worth Rs 30,000,
04:52then you should have Rs 60,000.
04:54Only then you buy it.
04:55You should have 2x amount.
04:57Only then you will buy it.
04:58And this is a part of the financial advices.
05:01And Sanika's financial sense is very good.
05:03She has given me some such advices before
05:05which we will share with you today.
05:07And it is not a mutual fund.
05:08There are so many options for savings.
05:10There is digital gold,
05:11there are stocks.
05:12You can just read it up yourself
05:14and you can invest anywhere.
05:15Save that money first with you
05:17and then buy the product directly.
05:19True.
05:20I have to agree with this.
05:21And also,
05:22I have heard that
05:23there is an extra charge on prepayment.
05:25Yes.
05:26If you pay quickly,
05:27then they will charge more money.
05:29Usually loans are like this.
05:31If you do prepayment,
05:32then there is a fee.
05:34But if you do it on EMI,
05:36then this fee is very high.
05:38Exactly.
05:39So if you are taking EMI,
05:41then plan it in such a way
05:42that it is in that period
05:43when you don't have to pay any extra charge.
05:45Yes.
05:46So guys...
05:48Before going,
05:49Sanika told me a very interesting thing.
05:51Are flights available these days?
05:52Oh yeah.
05:53Actually,
05:54if you want to book a flight to Indigo,
05:56then with ICICI or Kotak Mahindra card,
05:59you can book a flight in 3-4 months in advance on EMI.
06:02But suppose there is a flight for Rs. 10,000,
06:04then the processing fee is Rs. 300-400.
06:06Yes.
06:07So it's upon you.
06:08Yes.
06:09But make an informed decision.
06:10That's what we mean by this video.
06:12Yes.
06:13Thank you for watching this video.
06:15Please don't forget to like, share and subscribe to us.
06:18On Instagram and Facebook.
06:20Of course,
06:21we are on Instagram and Facebook.
06:22And if you are watching this video on iPhone,
06:24then please tell us in the comments
06:25whether you have taken this on EMI or not.
06:28Okay.
06:29So this is Sanika.
06:30This is Ashish.
06:31We'll see you.
06:32Bye.
06:33Bye.