Opinion on buying goods in instalment schemes
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Instalment scheme is a business scheme which enables a person to buy
costly goods in convenient parts of payment.
In favor :-
There are many advantages of instalments.
Instalment scheme helps the low income persons to buy costly goods.
The customers had to pay only a little amount of money at the time of
purchase and the rest of the amount is paid in several parts over a
period of time.
When the person pays off all the instalments he is out of debt and he is
the official owner of that good.
In against of:-
At the time of purchase the customer doesn't pay additional charges but
during the instalments they have to pay additional charges in form of
interest.
They face many financial problems.
To pay these instalments they borrow money from money lenders and in
this way they keep taking loans and fall in debt. Hence instalments
keeps a person completely in debt.
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During festivals, good deals are often offered for gadgets. And, if one is short on cash, dealers are quick to point to ‘zero-interest’ equated monthly instalment (EMI) options. The numbers look favourable. A home theatre priced at Rs 15,890 may be bought for a down payment of Rs 5,896. This would be followed by eight instalments of only Rs 1,325. The final payment works out to Rs 16,476. So, for a small difference of Rs 586, you could buy the product you’ve wanted for long. For products such as 3D LED TVs, splashing out about Rs 1 lakh at one go can be a quite a drain on f.....
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