Kolkata: It is very hot. And thinking of buying AC in this summer is not wrong at all. However, if you are planning to take EMI to buy an AC this summer, you must consider your own peace of mind. However, if you buy without AC, then of course there is no such worry. Why are you saying? Then it is necessary to take a little calculation.
While buying an AC on EMI, you may think that if you pay a little money every month, it will be done, there will be no pressure. But reality is very different. Because, the less monthly installments you take thinking that this will be less EMI, the more the pressure will increase in your pocket. Because, if the installment amount is less, the time will increase, the total interest amount will be bigger. And in that you have to multiply a lot of money. As a result, you may overheat despite the cool air of the AC.
Suppose you buy an AC for 45 thousand rupees. If you complete this loan within 6 to 9 months, then the interest amount will be very less. Usually interest is paid in this case at the rate of 14 percent per annum. In many cases it becomes ‘No Cost EMI’ too. As a result, there is less pressure on the pocket overall. But if one does a 2 year EMI, then the pressure on the pocket is a lot. Because, as the interest rate increases, in many cases up to several thousand rupees may have to be multiplied.
EMI will lock in your future income. That is, a certain amount of money will be deducted from your earnings every month. As a result, if any additional expenses are incurred, the pressure increases.
What can you do?
If you can buy it at a one-time price, then that is good. And if you have to take a separate EMI, keep the period as short as possible. If ‘No Cost EMI’, check if there are any hidden charges. No AC, will keep you cool in summer. If Kinru chooses the wrong EMI, your peace of mind will be gone. So calculate well before taking EMI. Only then think about it.