Buying On EMI? 5 Tips To Know

We have been through those times when we wanted to buy something costly. And what did we do when we found out that it was going to hurt our pockets? We had pledged to save money. We would wait for months, and in some cases, years. 

Sometimes, our patients would just give way and we would spend all the money somewhere else. Other times, with determination, we would buy what we wanted, but realise that the wait wasn’t worth it.

Today, when there are regular advancements in the standards of living, it is next to impossible to wait for years to buy a product. Because why would you wait for 5 years to buy a mobile phone when 5 years later there are going to be better mobile phones and then you would want to buy them? 

As rational consumers, your only goal isn’t to buy whatever fits in your pockets. You would also want to fulfil all your wishes as much as you can. This is where the EMIs come into play.

With EMIs, you do not need to wait to get a product, no matter how expensive it is and how low your budget is! You pay for the product in instalments every month, but you get the product as soon as you would want it. 

An example of EMIs in use is the Flipkart debit card EMI. Now that you know what EMIs are and how helpful they can be, there is something else that needs your notice.

As someone who wants to buy things on EMI, you need to know certain tips about EMIs and after that make decisions that you think will work for you and not decimate your finances. Here’s a list of all the things that you need to know before you buy anything on EMI: 

1. Buy Only What You Consider Necessary.

It might really sound contradictory after we have stated all the advantages of buying on EMI. But this is important. You clearly can lay hands on the product after paying a meagre amount of money. But do not forget this- it is you who is paying the rest of the price, too. 

On top of that, you are being charged some interest. And since chances are that you are buying things like television sets, mobile phones and sorts, you are paying for items that depreciate in value. 

That way, you are paying much more than you should, for an item that is depreciating in value! 

Having said that, EMIs can prove to be extremely helpful when you immediately need things that you have not much money for. Necessity is, after all, the mother of all inventions.

2. Be Punctual with your Payments.

Avoid missing out on payments. There are two reasons. One, you are paying some additional interest amount. The more you delay with payments, the longer you have to pay your interests. Two, your credit score falls, which shouldn’t. 

A drastic fall in your credit score would close all doors of taking up loans in the future. And you might not want a loan now, but in the future, who knows?

3. Know Which EMI Option you Should Select.

Where a lot of people falter is not knowing which EMI options to take up. With all kinds of offers given to consumers, it can be very overwhelming to select one and expect it to be perfect for them. 

In this process of being overwhelmed and not knowing exactly what to do, people take up EMI options that aren’t the right choice for them.

4. Know your Pocket before Emptying it.

You cannot pay more than what you have. No matter what the benefits of the EMIs are, you just cannot. Know about how much you can spend on EMIs, about how much you can pay back within a given timespan without stressing too much, and know if this entire process would be helpful to you in the long run or not.

A lot of people emphasise a lot on the benefits of EMIs while not understanding their own financial capacities. This leads to economic tensions in the future, and you wouldn’t want that.

5. Know About the Options Given to You.

All EMIs aren’t for you. All offers are not going to suit your needs. In the long run, it might not be as beneficial as it sounds right now. And you need to understand these things without getting yourself into unnecessary losses. How? 

Well, get more information on different kinds of EMIs. Look deeply into the terms and conditions. Look at things from the long-run perspective.


EMIs, as described in a lot of adverts, may sound like a fun way to buy things. But it really isn’t. There is no free lunch, not even a discounted one in this case. And in a lot of cases, it costs more than it should. 

As scary as it sounds, you still can take up EMIs and achieve your aims without troubles. All depends on the kinds of choices you make.