Question

advantages and disadvantages of EMI

Answer 1

Disadvantage of EMI
Longer Debts: The borrowers have to pay the monthly installments or EMIs until they are done with the principal amount and the applicable interest rate. In terms of home loans or car loan these tenures go as long as 20 to 30 

ADVANTAGE OF EMI
The five key benefits of EMI share option schemes. The first and main benefit of EMI is the array of tax advantages for employees. There is noincome tax to pay when the options are granted or when they're exercised to buy the shares

Answer 2

hiiiii mate here your answer ✔️ ✔️
____________________________

Disadvantages of EMI:

There are several disadvantages to EMIs. Listed below are some of the disadvantages of EMIs.

Long Term Debt: EMI is a long term debt. One has to keep making payments till the entire loan is paid off.

Additional costs: Additional costs in terms of interest. One doesn’t have to pay interest if the payment is made all at once.

Prepayment penalty: Several institutions do not allow prepayment and even if they do there will be serious penalties that one will have to pay for prepayment.


Advantages of EMI

EMIs are a boon to people who depend on a steady source of income and are incapable of paying off lump sum amounts at a time. Listed below are some of the advantages of EMIs.

Affordability: EMIs give the consumers the freedom to afford things that they won’t be able to make full payments for. EMIs lets the consumer make payments in installments thus allowing them the freedom to purchase a home, car, home appliances for which they can’t make lump sum payments.

Flexibility: The EMI option lets you decide the amount that you want to pay in installment and the duration for which you want to make the payment depending on your financial situation and income.

Absence of a middleman: The EMI is directly paid to the lender and there are no hassles of a middleman.

Easy on the wallet: EMIs save you from burning a hole in your pocket since you only have to make minimal payments every month instead of a lump sum payment.

_____________________________

❤️ I hope you mark as brainlist answer⭐❤️✨✨✨✨

✨✨ FOLLOW ME