One of the personal finance bloggers reported that his post on analysis of iphone offer with a service provider got the maximum hits this year. Apple is now trying to woo Indian buyers with "Subsidized" old model phones and "attractive" EMI offers for other models. One other website reports that Indian youth take "pride" in flaunting a smart phone. Of late, buying a tablet or smart phone on EMI has become a way of life.
Coming to the point, I have nothing against Apple or any other smart phone seller. But buying a smart phone on EMI ( Easy Monthly Instalment) doesn't sound like a great option to me from a personal finance perspective.
First , assess the "need" for the smart phone. Check whether you can "afford" it ( For me , buying a phone which is worth more than your month's salary is a financial 'mistake'). If it is only an emotional need to own this smart phone, then you should definitely not fall to trap on such offers.If you decide to buy after this evaluation, look for a genuine offer and pay for your phone upfront .
Whenever you buy something on a loan or EMI, you are consuming future income upfront. More so on an item like a smart phone. Be prudent and avoid EMI traps!
By doing this, you will not only help yourselves but save some valuable foreign exchange for the nation too.
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