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You are WRONG Example Samsung Galaxy S6 Lite Tab costs Rs.21408 on Amazon. Option 1 : If I were to buy it in full, then Rs.21408 gone from my bank account instantly. Final Cost Rs.21408. Option 2 : If I were to choose EMI, then I keep that Rs.21408 in the bank account. But pay Rs.1784/month for 12 months ie Rs.21408 plus the interest in this case it's Rs.1740 (15.99%pa) Final Cost Rs.23148. Option 3 : If I take No Cost EMI, then I keep Rs.21408 in the bank account. Pay Rs.1784/month for 12 months ie Rs.21408 And the interest of Rs.1740 is given as discount. Final Cost Rs.21408. So No Cost EMI wins. We can use this extra cash in bank account for other purposes.
Hello Akshat, I'm new to bond market, how liquid is government Bonds? Will selling Government Bonds might become an issue if the interest rate is higher than 10% after 10 years?
The best way to use a credit card is to use it like a debit card. That means you have the full cash to pay for it. Then calculate your credit card due dates(buy when your credit card statement starts) enjoy the 50 day credit period and pay in full by the end of the due dates, that way you enjoy all the benefits like reward points and discounts and also ensure you're not in debt.
Thing is most people dont realise money can be made today or tomorrow but time once gone it wl never come back. Suppose i want to enjoy an expensive tv today and i start saving it wl take 1 yr to save but that one year of my life is gone without that tv in my life. Will that time come back . So credit does give u opportunity to have what u want at right time . Its win win for everyone us , banks , sellers it is what keeps economy going.
00:00 Zero % interest rate on EMI options leads to increased buying on credit. 02:20 India's credit addiction is leading to a worsening job situation and low GDP per capita. 04:24 Excessive credit consumption is leading to the Americanization of the Indian economy. 06:31 High credit uptake in India due to availability of credit and societal factors 08:46 India's loan taking culture has dramatically increased, leading people to borrow money for almost everything. 10:47 Retailers used to offer discounts on products, but now they use zero-cost EMI to hide the extra cost. 12:48 Credit addiction in India leads to uninformed decisions and aspirational culture. 14:43 Governments are not addressing the credit addiction problem 16:59 Credit card companies are making a massive amount of profit. 18:54 The banking industry is experiencing exponential growth with credit addiction in India. Crafted by Merlin AI.
I am member of this community from last 12 months. Without any doubt i can say he is actually teaching us something for free that people are not gonna teach us for money also. Sooo deep analysis of everythibg every aspect of the situation is covered. He makes a full prood vudeo. Respect ❤
@@Ur.cristiano07-t3o ya obvious if its not taking money. Then we are giving aur presious time. But here with akshat its worth it. My views because i am getting take my own financial decisions in life now. Thats because of the knowledge i have gained. So, its totalky worth it.❤️
@@specializedbalaji i am not talking about member community. I am talking about normal posts and his long videos. They are sooo informative. And this information and analysis are for free....
If it's your need, then you can use a no-cost EMI to purchase. Because it's essentially something you need and would eventually buy with the full amount, so if you can manage your cash flow and it fits within your budget, you can certainly opt for it. From this perspective, no-cost EMI is a reasonable choice. However, I agree that if it's a want, and you're short on cash flow, and you're buying it because others are doing so, that can be problematic.
@@sobhanbabu1883 and nullify growth with gst and transaction fee. No cost emi is not free. Why can’t people get this simple thing. It’s a marketing gimmick.
I think he was also got scammed and not aware of their ill intentions. He’s very credible person in all other aspects. Whatever it is, an investor should be well aware of something he’s putting money into. No one to blame except self on money matters
@@Nitish-BharadwajI think you may be partly right. if you say this about your own money it is right but when you ask others to do we should be more responsible as it makes you more credible .
Yes I also received their mail but unable to upload documents for kyc wtf thank god I only invested like 2% of my portfolio otherwise it would have been too painful
@@train_xcdifferent people value different things, and have different objectives, a lot of people are also building wealth to pass on to their kids and descendants
Hi Akshat in this world of greediness and facade you have shown yourself to be a man of integrity, generosity and honesty. Your keenness to share the investment wisdom among the community is commendable. You are one of the rarest of gems standing tall with your courage and determination. This is just a small gesture to show you that we care for your well being and support your endeavour in spreading financial awareness among retail investors. Thanks for being a torch bearer of knowledge for the community.
Everything needs to be balanced. If you spend too much, you become poor & indebt leading to tension & poor health. If you save too much, you will end up sitting with lot of money but nothing to enjoy or become too old or end up dying with something like Corona with cash under the bed 😊 Make sure you save but enjoy too :)
I have a question, many people work hard to create these products, if these products are not sold, they'll sell less and sales go down and it'll indirectly affect the growth of economy ? I think to some extent the argument makes sense and people should take sensible decision. But I think the biggest problem for the economy is fear of economy in people's mind ??
No cost emi : 199+18% gst Plus 18%gst on interest amount. Only interest amount gets subsidies as upfront discount The gst still is billed every month as per interest ( it is non reducing unlike home loan)
Akshat please make video on Vauld. many people have lost their hard earned money based on your" suggestion " / "bet". please explain what was your primary motivation to market it
It is money , he made his money , and many have lost theirs . He is just a person on TH-cam here to make money . I don't buy any products youtubers recommend .only download and use those that you need
Absolutely Akshat, I agree with you. I have a friend who had not paid his EMI for a few months and I started to get calls and it was not a nice feeling for me or my friend as well...All these things should be considered before buying any loan especially if that loan doesn't generate any money like commercial property or other rental income...
Akshat : Nice video. The system is designed so that we don't get discount say for buying a TV even if we pay full amount in one go (after saving for TV). There is no incentive for people who save any buy. How you would explain the necessary financial prudence is such situations?
exactly my point, person who is not taking loan still paying 15000. People taking loan just paying 200/- processing fees! At the same time this dude is suggesting people not to use loans and also asking people to invest in banks!
My idea is if you need a product and already have the money and you get it for the same price on no cost emi its a better option. But if the money to cover the purchase has to come from subsequent salaries then its just a poor buy!
For the people who are arguing we will get the item for same rate (with or without no cost emi ) What Akshat actually means by buying things on no cost emi is that : People specially with less income who can't afford the item , are still buying this because of this no cost emi option. They would think that we're gonna earn this amount later and pay this debt . No cost emi option is numbing the senses of people in this way. So buy things when u have enough money to buy the same thing at least twice without even worrying much about it or without taking a hard toll on your savings. If you already have twice the amount saved with you. Then go & buy it on no cost emi or without it . I'd now go for no cost emi because i get to invest this money in short term funds and earn profit and also pay the emi on time.
People have forgotten that, living frugally and being a minimalist is a way of happy living ♥️ However, these days people want to live on credit card with huge debt. I can never understand this concept.
Now the problem is I want 2-3lakh loan for my small business which I unable to get.but if I want to buy an Iphone I'm getting very easy 0 down payment emi option 🙂
Actually we are forced to do it as companies are offereing cash back schemes on EMI transactions only . I will explain with a example here Recently i bought a apple macbook air m2 chip it costed me 98500 on EMI i consider 1500 ruppes i have to pay in coming 9 months for processing fee and gst on intrest so in all it costed me 1 lac rupees But on upfront payment it was costing me 105500/-.. So i had no option but to take it on EMI . I follow a simple thumbrule that whatever i m going spending on my card i have that money in my bank account as spare. And i follow a practice of transferring entire payment to my credit card on the date i buy the product on emi..
Akshat bro you forgot to mention how to make money from NO COST EMI. Let me help Firstly if you really can afford to pay upfront full price of some product (lets say iphone which is approx 50k) then more sensible decision is to go with no cost emi. Here's how You firstly create a no cost emi on your credit card via Flipkart or Amazon then when it will reflect on your credit card (approx 48 hrs later) then call your credit card customer care and ask them to cancel the emi and pay full amount upfront,( which again takes 3-4 days to reflect) and then your emi will be cancelled successfully. Now here the interest amount that you were supposed to pay is vanished because you paid the amount in advance. Hence you saved that no cost emi interest as discount. I myself been applying this for 2 years. If anyone here has an doubt i am free to share my transaction screenshots with proper calculation.
Akshat one request, nowadays you are using Hindi words in between, it will be helpful for us if you subtitle those words meaning so that we can learn Hindi also from your channel....also you are doing great work continue it....thought of buying mobile in no cost emi and after seeing the video dropped it....
I find two statements contradicting each other. One side we say "don't fall into this EMI trap" and other side we say "buy those companies stocks who creates theses traps". Even though I am building long term positions on this trend but somehow feel we are taking advantage of people who are getting into this trap.
There is lot of opportunity in IT, esp. in cloud, ML, AI, but IT companies are unable to find skilled people. 90% of Computer Science graduates in India cannot tell the configuration of their computer. How do you expect them to learn the complex technologies? Bas raatke pass ho gaye.
Buying with credit card is ok as long as you pay off the balance every month. Some credit cards do offer discounts and points which maybe useful. If you maintain balance on your credit card that is bad as credit card interest rates are very high.
On no cost emi point, the phone would cost 15k even if it is bought paying lumpsum amount. So the thing is even if you pay lumpsum amount businesses are not offering the 2250 discount to consumer this days.
How is the discontinued indexation benifit on " Debt mutual funds" affect a person investing in " Equity based Mutual funds" which is the majority bit? To blame the government, speaking anything vague specially when you have these many followers is not justified.
There's 1 catch in the zero cost emi example that you gave.. these days even if you offer the shopkeeper upfront instead of emi they won't give you any discount.. so you end up paying full cost upfront.. so if you opt for zero cost emi, you'll end up saving upfront payment.. This is the case with most of big showrooms like Croma, Vijay Sales, etc
Usually when I need to purchase anything be it a 4-5k stuff or 20-30k stuff, I make a FD where the most percentage is given and I buy that thing on No cost emi, after the emi period is over, let's say 1/2 years my fd also gets matured because I make the fd for same tenure as my emi. So the cash in hand gets recovered after the tenure and also the interest is extra that I get.
I do everything from buying products to premium membership, eat food I like, do invest, bought personal loans, credit loans, own credit card, debit card. I enjoy. I know me and what i am doing. I am managing all.
But according to point no. 1, even if I don't go for 0% emi, and pay the whole amount upfront, I will still pay the retail amount and not the discounted amount. So if I HAVE decided to buy something after adequate due diligence, it's still a no-loss, more convenient option to buy a product on no-cost emi.
Absolutely right. No-cost emi are actually no-cost. You can see the whole payment plan beforehand. Processing fee of Rs.200 has to be paid if levied by the bank. There is nothing like 'fraud' in this scenario.
Very relevant issue! & good insights! I believe these credit providing institutions are the main culprits of converting most Indians into ‘heavy consumerists’ dashing out loans for anything under the sun! Also the root cause of severe traffic jams on r roads, affecting air-quality, pollution & the stress that follows! People don’t have their own houses & parking spaces but own huge cars (on EMI ofc). Nuisance!
If people stop buying cars, then what will happen to the stock price of Maruti Suzuki, Tata Motors, Mahindra motors etc? Who will give jobs to the direct employees of these companies? What will happen to Motul, Shell, Servo and other synthetic oil manufacturers? What those people will do? What will happen to the car service centres opened? People have to pay rent to have a big space and buy machinery for providing water wash to cars. A car has 5 tyres and MRF is a high valued stock in the stock market. What should we do here? Do you have a solution for these?
One of the best persons, Akshat bhai!❤ Chahe koi kuch v bole please videos banana band mat karna. Aur kisi din laalach me aa ke sab advice paid mat kar dena. You are really having substantial impact on youth like us! Thank you from the core of heart! Best wishes for ur family! Do let us know if you ever drop by Kolkata. Would love to meet you!!
For this Thanks to my institution ICAI who taught me wonderful lesson on Financial management and risk management. Now i don't have any luxury loan Don't have any EMI Don't have any depreciable asset Don't have any expensive luxury items in my pockets Rather I have savings Medical insurance MF Term plans Equity in my pocket And teaching the same to my juniors and colleagues 👍🙏🏻
Out of the total credit disbursed by banking sector of the country, personal loan shares the highest percentage As per rbi data In 2013 it was industrial loan
I purchased a scooter on emi but after that I made a mistake now i understand taking loans is only good for doing business......or for adding assets not liabilities
I'm willing to pay the full amount and purchase the product. However, in certain instances, opting for the EMI option could secure a discount, whereas choosing to pay upfront would mean forgoing that discounted amount. Essentially, companies encourage EMI choices by enticing with discounts.
The overall video is eye-opener and very informative. But I have another point to add on reduced savings now in Indian economy. This is basically because of very high inflation. How much the grocery has increased within 3 or 4months . So buying more and more debt is one side on another side very high inflation also a problem. But rbi say 6 or 7% which is so funny. The real inflation as of now would be close to 10 to 11% minimum
Buying land, house or other property with loan. The value increases with time and value of money drops. We save less money and pay debt carefully. Take debt to buy asset.
The calculation is incorrect. Zero cost EMI is good. The example given is correct only in few cases. But mostly even after considering the procuring cost and retailing cost, we still get at discounted price only, and on the top of it additional discounts during the festive season, plus card discounts. it’s done mostly to push volume sales and not cheat customers. However in this people end up buying things that are not required and that is not good. Totally agree. But it’s not the same cost… there’s no hidden cheating that’s happening. Consumer finance companies that are listed through Amazon or flipkart or Bajaj n many other sources, they don’t call anyone randomly from your phone and harass. It’s loan taking apps that do. Over all it’s never good to buy things that are not necessity n you shouldn't buy something unless u can buy it twice or thrice without feeling burdened . Just pointing out some inaccuracies as per me.
Sir i admire your videos but actually i deny this concept since if we use to buy with full down payment also we have to pay 15000 for a mobile that u showed as example.. And my POV : use credit card only for the things u have prior money and get some handfull of cashback which might be usefull for an fresher . Once u have grown to a level where those cashback dont matter a lot then u can stop using credit card still then.. Credit card is useful and can become a two sided knife use it wisely
Very informative and with genuine concern for people who fall into the trap of zero emi and sales pitch. I joined your member community and following you for more than a year. Really happy the simplified way you teach complex economy with a motive of helping people grow and save their wealth. Thanks a lot Akshat.
but Akshat bhai... why the product sold on 0% emi final price is lower than non emi purchase option.. Consumer would buy a credit card and still take the lower price option Right ----
the 15k product comes at 15k cash or 15k no cost emi, so the explanation doesn't stand. Yes the product is already marked up to 15k from 12k, but you are buying at 15k only whether cash or emi.
If the price of a product is 15000 & no discount is provided even when you pay 100%, why not take the 0 EMI route? The price remains the same in both case.
Buy on credit because buying on cash or debit card is stupid. No need for a hour long video. Now buying stuff which are not needed, that's a different issue.
Rightly said. This whole process of push selling generates more waste. in the world of circular economy, reusing & recycling is the key, price of new product will go up significantly and the cheap fast products will be removed eventually. The more u buy and dump ur old products it becomes waste. It effects the earth and ultimatly yourself. So buy responsibly with a mindset of using it as long as it last.
Can you please explain how is interest component passed on consumer? Consumer is paying around Rs. 199 only. For your kind information iphone are not selling on 0% interest EMI. Apple doesn't need to do it. People who are paying full amount are getting instant 10% discount and people who can not afford are getting on EMIs so what is your problem? I don't understand. What per capita income has to do with this thing?
Ncemi is good . Offcourse u wont get 0% duh . For a 50k product , yes the interest is given as upfront discount , 199 processing fee, and gst on interest component every month . So u end up paying additionally 600-800 .which is like 1.6% interest so buying essential things if its a good smartphone like iphone that u r gonna use for 3-4 yrs , ac fridge washmach , tv . Its absolutely a good tool . Like anything if u decide to abuse it it will haunt u
I think this is a bit misleading. If the phone is available at the price of 12750 if you pay in full, and it's available for 15000 at no cost EMI, then it makes sense to say that the discount of 2250 is added to the total cost in case of EMI making the total as 15000 as opposed to paying in full (12750). However, if paying in full is still costing you 15000, and paying with no cost EMI is also costing you 15000, then it doesn't matter if the retailer got it for 12750 and added 2250 to make it 15000 for EMI. Because there was no real way for me to utilise that discount. That phone cost me 15000 in both the cases. In the case, the EMI is really at zero cost. Because you had to pay 15K in both the cases. In that case, EMI would be a better option for me since instead of spending 15000 at once, I can pay it in installments over a long period. And the money will remain with me. In that period if I invest that 15K money, I can get returns on it which I wouldn't have gotten if I had paid 1K at once. And I will be easily able to pay the smaller EMI amount. I think it's misleading because the real problem is that you may end up buying something that you don't even need because it's available to you on EMI.
100% truth. Yahi dekhne ke liye Maine comment section mein newest mein click kiye. Kitni impractical hawa hawai baat kar rhe hain akshay bhai I think the motive is to curb credit culture and to stop people getting indebted which is noble in itself But why be intellectually dishonest saying factually incorrect stuffs. The bigger pt nobody liked your comment yet
@Akshat Shrivastava Can you explain the narrative behind the recent trending discussions between many influential youtubers and Robert Kiyosaki where he mentions about his million dollar debt which he leverages to make around 12 to 15K properties. I know for a fact that the property market and the debt works quite differently in US v/s India which has been highlighted in the videos as well, but is it justified to invest so much money into single asset class.
The point explained is valid that 0% emi is actually 14% emi on a discounted price. But hear me out, if you don’t avail the 0% emi, you end up paying the inflated amount only. So there’s no point in paying 100% upfront. Bought a dji action cam in the big billion days, the price was roughly 35k for instant payment, and 31.5k for the so called 0% emi. So instead of paying 35k from my bank balance, and making a dent in my reserve, I opted to pay 12k a month, which makes sense to me, as the bank at least gives me 6% interest on RD. This way I’m gaining .5% each month on my 36k in RD. Isn’t that better?
Artificial Intelligence is starting to show effects on USA job demads, Infosys is just the start, 25000 people already lost jobs this year from top-5 companies,
I like to use credit card ( I avoid EMI), it helps me get miles on my travel and towards end of the month I get to know what I have spent throughout the month. Any opinions ?
That's an intelligent way of making use of credit card . You should stick to not taking emi if u don't have twice the amount of money of your emi in your bank account.
This approach might be helpful. I pay all my Credit Card & other monthly expenses through my Net Interest Income(NII)! This way almost all my expenses are covered. Moreover with this, I am able to maintain my “Principal Amount (Fixed Savings)” and Monthly Salary is there as well. Furthermore inorder to diversify my financial risk, i have made Long Term Investments in Stocks, Gold Bonds, LT insurance policies and NPS.👍🏻
Even if I buy product without opting for EMI, I have to pay the same amount, then why not take the EMI and invest the money for the time period to earn some returns ?
An average autowala in Bangalore earns more than what I earn right now, after working for 3 years full time and 6 years of total experience. I come from Arts background and have an education loan which I took for studying journalism at a fancy college. There is no way I can afford living in this city without EMI, loans, and credit cards.
You pinpointed the issue. I am a finance professional and I can relate the consumer finance bubble by observing my clients. It's very painful to see a person not even making 3L p.a. and buying couple of mobile phones in a year on EMI @ 28-36% interest rate. And they don't even know the underlying interest rate.
Ur 100 % right, indian economy going into spending economy from saving economy, in the long run it is very very very dangerous...every one go into debt trap including country like USA...
You are WRONG Example Samsung Galaxy S6 Lite Tab costs Rs.21408 on Amazon. Option 1 : If I were to buy it in full, then Rs.21408 gone from my bank account instantly. Final Cost Rs.21408. Option 2 : If I were to choose EMI, then I keep that Rs.21408 in the bank account. But pay Rs.1784/month for 12 months ie Rs.21408 plus the interest in this case it's Rs.1740 (15.99%pa) Final Cost Rs.23148. Option 3 : If I take No Cost EMI, then I keep Rs.21408 in the bank account. Pay Rs.1784/month for 12 months ie Rs.21408 And the interest of Rs.1740 is given as discount. Final Cost Rs.21408. So No Cost EMI wins. We can use this extra cash in bank account for other purposes.
You end up spending the no cost emi savings on other things. Net net, you end up spending more than you would normally spend otherwise, which will eat into your savings coefficient
Hi, there is nothing wrong in being aspirational which will drive you to fix better aims or targets in life. There is always comparison of investment in equity between India & US, without consumer spending picking up, it could be difficult to achieve higher GDP. Financialization of economy is taking place against physical assets, its good for India. If someone want to buy a Iphone for 1.5 lakh and if he has it in cash, invest that money sensibly in good stocks or Index funds and buy the Iphone on EMI even if the discount is nil. It will be like funding your interest with returns from equity (investing period be >3 years) and enjoy your aspiration.. No philosophy or person is perfect, need a good favourable balance Though I invested in SBI Cards at 790, it has great future I believe😀
I don't understand why "finfluencers" bad mouth the 0 cost EMI. They try to say that Interest has already been added to the cost, but then if I purchase it with full cost even then I am paying interest without EMI, this is just absurdly crazy and everyone is just trying to tell you something different then you think thats all. I agree with the point that 0 cost EMI pushes you to go over your budget, but implying that 0 cost EMI are have already calculated interest is absurd.
You are correct on many points but let me tell you one thing i wanted to purchase a fridge for my house for cash and shop keeper was also a family member he himself said if you buy on cash i will not be able to give you bank discount price was 50k for cash and 45k when you buy from credit card so it makes sense to buy on card instead cash as the economy turned from cash driven to credit.
Generally electronics items are cheaper online with a great discounts and after this discounts these are available at EMI. So all the time it z not a matter of loss. Spend responsibly!
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You are WRONG
Example
Samsung Galaxy S6 Lite Tab costs Rs.21408 on Amazon.
Option 1 : If I were to buy it in full, then Rs.21408 gone from my bank account instantly.
Final Cost Rs.21408.
Option 2 : If I were to choose EMI, then I keep that Rs.21408 in the bank account.
But pay Rs.1784/month for 12 months ie Rs.21408 plus the interest in this case it's Rs.1740 (15.99%pa)
Final Cost Rs.23148.
Option 3 : If I take No Cost EMI, then I keep Rs.21408 in the bank account.
Pay Rs.1784/month for 12 months ie Rs.21408
And the interest of Rs.1740 is given as discount.
Final Cost Rs.21408.
So No Cost EMI wins. We can use this extra cash in bank account for other purposes.
school mai teachers ko v yahi kehte they kiya jab fees dene ka time ata tha? @harshA-wk7zy
sir which platform you use to invest in bonds
Hello Akshat, I'm new to bond market, how liquid is government Bonds? Will selling Government Bonds might become an issue if the interest rate is higher than 10% after 10 years?
"The Happiest socities are the ones that do not define themselves with excessive materialism and they spend within their means". Thank you Akshat.
Great line by Akshat. Noted in my phone
Dubai is also total materialistic. Are they considered good or bad ?
Jai Bhim Jai Savidhaan
@@mayankjain2690it’s good until they have a source of money without working (oil) after that they will be sheapherds again
Chaaadar dekh kar pair failaao...
The best way to use a credit card is to use it like a debit card. That means you have the full cash to pay for it. Then calculate your credit card due dates(buy when your credit card statement starts) enjoy the 50 day credit period and pay in full by the end of the due dates, that way you enjoy all the benefits like reward points and discounts and also ensure you're not in debt.
I use credit cards exactly like this.
most of the people use credit card like that only
There comes the time when you are short of paying in full and end up paying exorbitant interest rates.
Thing is most people dont realise money can be made today or tomorrow but time once gone it wl never come back. Suppose i want to enjoy an expensive tv today and i start saving it wl take 1 yr to save but that one year of my life is gone without that tv in my life. Will that time come back . So credit does give u opportunity to have what u want at right time . Its win win for everyone us , banks , sellers it is what keeps economy going.
00:00 Zero % interest rate on EMI options leads to increased buying on credit.
02:20 India's credit addiction is leading to a worsening job situation and low GDP per capita.
04:24 Excessive credit consumption is leading to the Americanization of the Indian economy.
06:31 High credit uptake in India due to availability of credit and societal factors
08:46 India's loan taking culture has dramatically increased, leading people to borrow money for almost everything.
10:47 Retailers used to offer discounts on products, but now they use zero-cost EMI to hide the extra cost.
12:48 Credit addiction in India leads to uninformed decisions and aspirational culture.
14:43 Governments are not addressing the credit addiction problem
16:59 Credit card companies are making a massive amount of profit.
18:54 The banking industry is experiencing exponential growth with credit addiction in India.
Crafted by Merlin AI.
I am member of this community from last 12 months.
Without any doubt i can say he is actually teaching us something for free that people are not gonna teach us for money also.
Sooo deep analysis of everythibg every aspect of the situation is covered.
He makes a full prood vudeo.
Respect ❤
Nothing comes free in a cruel world. 😅😅😅
@@Ur.cristiano07-t3o ya obvious if its not taking money.
Then we are giving aur presious time.
But here with akshat its worth it.
My views because i am getting take my own financial decisions in life now. Thats because of the knowledge i have gained.
So, its totalky worth it.❤️
Sure membership ka 160 deke free me toh samjhayenge hi na!
How is it free, you have paid for subscription
@@specializedbalaji i am not talking about member community.
I am talking about normal posts and his long videos.
They are sooo informative. And this information and analysis are for free....
You know what Akshat.. you have taught summary of "Rich dad Poor Dad" book in like 20 mins. Kudos !
If it's your need, then you can use a no-cost EMI to purchase. Because it's essentially something you need and would eventually buy with the full amount, so if you can manage your cash flow and it fits within your budget, you can certainly opt for it. From this perspective, no-cost EMI is a reasonable choice. However, I agree that if it's a want, and you're short on cash flow, and you're buying it because others are doing so, that can be problematic.
No cost emi :
199+18% gst
Plus 18%gst on interest amount.
Only interest gets subsidies as discount
@@onceajordanAccumulate the required money for purchase, invest this money and purchase the product at no cost EMI.
@@sobhanbabu1883 and nullify growth with gst and transaction fee. No cost emi is not free. Why can’t people get this simple thing.
It’s a marketing gimmick.
Full payment is always desirable
Have you done the maths 👀 ?
3:40 Soo true😂😂 every other guy in our college has an iPhone on emi paying 3-5k pm for 18-24m, and then crib for a 500rs online course 🤦🏼♂️
Can you prepare a video on vauld there are some withdrawal Mails to us unable to understand the same
I think he was also got scammed and not aware of their ill intentions. He’s very credible person in all other aspects. Whatever it is, an investor should be well aware of something he’s putting money into. No one to blame except self on money matters
@@Nitish-BharadwajI think you may be partly right. if you say this about your own money it is right but when you ask others to do we should be more responsible as it makes you more credible .
@@Nitish-Bharadwajhe is very " Credible " Person😂😂😂😂😂😂 he is only money minded person!!!!
He is too scammer 😅
Yes I also received their mail but unable to upload documents for kyc wtf thank god I only invested like 2% of my portfolio otherwise it would have been too painful
I love my minimalist life. I get a high when i keep pushing my discretionary income into my investment portfolio
Are you sure you’re going to live long?
@@train_xcdifferent people value different things, and have different objectives, a lot of people are also building wealth to pass on to their kids and descendants
I hope you're taking a balanced approach with debt and equity then, market crashes/corrections can cause a lot of pain otherwise
We all need this drive 😅
“I love my minimalist life” coming from the guy paying for this membership 🤡
Thanks Akshat for making us recall our Indian traditional way of spending, keep up the good work!!
Hi Akshat in this world of greediness and facade you have shown yourself to be a man of integrity, generosity and honesty. Your keenness to share the investment wisdom among the community is commendable. You are one of the rarest of gems standing tall with your courage and determination. This is just a small gesture to show you that we care for your well being and support your endeavour in spreading financial awareness among retail investors. Thanks for being a torch bearer of knowledge for the community.
Everything needs to be balanced. If you spend too much, you become poor & indebt leading to tension & poor health. If you save too much, you will end up sitting with lot of money but nothing to enjoy or become too old or end up dying with something like Corona with cash under the bed 😊
Make sure you save but enjoy too :)
I have a question, many people work hard to create these products, if these products are not sold, they'll sell less and sales go down and it'll indirectly affect the growth of economy ?
I think to some extent the argument makes sense and people should take sensible decision. But I think the biggest problem for the economy is fear of economy in people's mind ??
the price is the same even if zero intrest emi is used. So why not use it, if you can inteligently manage cash flow
10:30
No cost emi :
199+18% gst
Plus 18%gst on interest amount.
Only interest amount gets subsidies as upfront discount
The gst still is billed every month as per interest ( it is non reducing unlike home loan)
It mentions there in terms and conditions that the banking partner may charge processing fee and other applicable charges.
It takes a lot of courage to say all these things against giants. You provide arguments with facts and data. Superb job. Thanks for enriching us
Akshat please make video on Vauld. many people have lost their hard earned money based on your" suggestion " / "bet".
please explain what was your primary motivation to market it
It is money , he made his money , and many have lost theirs . He is just a person on TH-cam here to make money . I don't buy any products youtubers recommend .only download and use those that you need
Absolutely Akshat, I agree with you. I have a friend who had not paid his EMI for a few months and I started to get calls and it was not a nice feeling for me or my friend as well...All these things should be considered before buying any loan especially if that loan doesn't generate any money like commercial property or other rental income...
TRUTH -> Selfless, Unfiltered, Motivational, Informative ❤❤❤👍👌👏
Akshat : Nice video. The system is designed so that we don't get discount say for buying a TV even if we pay full amount in one go (after saving for TV). There is no incentive for people who save any buy. How you would explain the necessary financial prudence is such situations?
First you save, then buy using a credit card and then pay the bill.
exactly my point, person who is not taking loan still paying 15000. People taking loan just paying 200/- processing fees! At the same time this dude is suggesting people not to use loans and also asking people to invest in banks!
Thank you for making this video!! This video is much needed for todays generation
My idea is if you need a product and already have the money and you get it for the same price on no cost emi its a better option. But if the money to cover the purchase has to come from subsequent salaries then its just a poor buy!
No cost emi :
199+18% gst
Plus 18%gst on interest amount.
Only interest gets subsidies as discount
If you have money why not buy it directly?
The key is to live minimalistic and have a healthy lifestyle. We need to pass on this to our next generation.
This needs to be highlighted. Its a grave and dark future we are looking at!
Very good advice to youngsters. I wanted to tell these to many people I know
For the people who are arguing we will get the item for same rate (with or without no cost emi )
What Akshat actually means by buying things on no cost emi is that : People specially with less income who can't afford the item , are still buying this because of this no cost emi option. They would think that we're gonna earn this amount later and pay this debt .
No cost emi option is numbing the senses of people in this way.
So buy things when u have enough money to buy the same thing at least twice without even worrying much about it or without taking a hard toll on your savings. If you already have twice the amount saved with you. Then go & buy it on no cost emi or without it .
I'd now go for no cost emi because i get to invest this money in short term funds and earn profit and also pay the emi on time.
People have forgotten that, living frugally and being a minimalist is a way of happy living ♥️
However, these days people want to live on credit card with huge debt.
I can never understand this concept.
Now the problem is I want 2-3lakh loan for my small business which I unable to get.but if I want to buy an Iphone I'm getting very easy 0 down payment emi option 🙂
Actually we are forced to do it as companies are offereing cash back schemes on EMI transactions only .
I will explain with a example here
Recently i bought a apple macbook air m2 chip it costed me 98500 on EMI i consider 1500 ruppes i have to pay in coming 9 months for processing fee and gst on intrest so in all it costed me 1 lac rupees
But on upfront payment it was costing me 105500/-..
So i had no option but to take it on EMI .
I follow a simple thumbrule that whatever i m going spending on my card i have that money in my bank account as spare.
And i follow a practice of transferring entire payment to my credit card on the date i buy the product on emi..
You are right. This guy's video is biased and away from reality. We should spend the money after knowing details but NOT blindly be against EMI
You save money not that you may not be able to use it ever, but the money you saved give you the confidence to thrive in society amidst turmoil
Akshat bro you forgot to mention how to make money from NO COST EMI.
Let me help
Firstly if you really can afford to pay upfront full price of some product (lets say iphone which is approx 50k) then more sensible decision is to go with no cost emi.
Here's how
You firstly create a no cost emi on your credit card via Flipkart or Amazon then when it will reflect on your credit card (approx 48 hrs later) then call your credit card customer care and ask them to cancel the emi and pay full amount upfront,( which again takes 3-4 days to reflect) and then your emi will be cancelled successfully.
Now here the interest amount that you were supposed to pay is vanished because you paid the amount in advance. Hence you saved that no cost emi interest as discount.
I myself been applying this for 2 years.
If anyone here has an doubt i am free to share my transaction screenshots with proper calculation.
Akshat one request, nowadays you are using Hindi words in between, it will be helpful for us if you subtitle those words meaning so that we can learn Hindi also from your channel....also you are doing great work continue it....thought of buying mobile in no cost emi and after seeing the video dropped it....
I find two statements contradicting each other. One side we say "don't fall into this EMI trap" and other side we say "buy those companies stocks who creates theses traps". Even though I am building long term positions on this trend but somehow feel we are taking advantage of people who are getting into this trap.
There is lot of opportunity in IT, esp. in cloud, ML, AI, but IT companies are unable to find skilled people. 90% of Computer Science graduates in India cannot tell the configuration of their computer. How do you expect them to learn the complex technologies? Bas raatke pass ho gaye.
Buying with credit card is ok as long as you pay off the balance every month. Some credit cards do offer discounts and points which maybe useful. If you maintain balance on your credit card that is bad as credit card interest rates are very high.
Exactly. I don't buy things that I can't afford. I use credit card only for discounts and offer.
We need to be just smart with our spends
On no cost emi point, the phone would cost 15k even if it is bought paying lumpsum amount. So the thing is even if you pay lumpsum amount businesses are not offering the 2250 discount to consumer this days.
The sponsor of this video is One Score which is a One Card company which in turn is a credit card provider. Irony died a thousand deaths today!
How is the discontinued indexation benifit on " Debt mutual funds" affect a person investing in " Equity based Mutual funds" which is the majority bit? To blame the government, speaking anything vague specially when you have these many followers is not justified.
All his videos, some way or the other target this only.... He's no longer a financial influencer but a person with a hidden agenda.
There's 1 catch in the zero cost emi example that you gave.. these days even if you offer the shopkeeper upfront instead of emi they won't give you any discount.. so you end up paying full cost upfront.. so if you opt for zero cost emi, you'll end up saving upfront payment..
This is the case with most of big showrooms like Croma, Vijay Sales, etc
Why purchase an item at Croma? Croma is a rip off.
They don't charge interest but they charge good amount in the name of processing fees.
Usually when I need to purchase anything be it a 4-5k stuff or 20-30k stuff, I make a FD where the most percentage is given and I buy that thing on No cost emi, after the emi period is over, let's say 1/2 years my fd also gets matured because I make the fd for same tenure as my emi.
So the cash in hand gets recovered after the tenure and also the interest is extra that I get.
No cost emi still have:
1. 199+18% gst
2. 18%gst on interest amount
Only interest amount gets subsidies as discount
I do everything from buying products to premium membership, eat food I like, do invest, bought personal loans, credit loans, own credit card, debit card. I enjoy. I know me and what i am doing. I am managing all.
But according to point no. 1, even if I don't go for 0% emi, and pay the whole amount upfront, I will still pay the retail amount and not the discounted amount. So if I HAVE decided to buy something after adequate due diligence, it's still a no-loss, more convenient option to buy a product on no-cost emi.
Absolutely right. No-cost emi are actually no-cost. You can see the whole payment plan beforehand. Processing fee of Rs.200 has to be paid if levied by the bank. There is nothing like 'fraud' in this scenario.
When one runs out of content they end up making such content, aur fir paid promotion of one score bhi to banana hai
Very relevant issue! & good insights!
I believe these credit providing institutions are the main culprits of converting most Indians into ‘heavy consumerists’ dashing out loans for anything under the sun!
Also the root cause of severe traffic jams on r roads, affecting air-quality, pollution & the stress that follows! People don’t have their own houses & parking spaces but own huge cars (on EMI ofc). Nuisance!
If people stop buying cars, then what will happen to the stock price of Maruti Suzuki, Tata Motors, Mahindra motors etc? Who will give jobs to the direct employees of these companies? What will happen to Motul, Shell, Servo and other synthetic oil manufacturers? What those people will do? What will happen to the car service centres opened? People have to pay rent to have a big space and buy machinery for providing water wash to cars. A car has 5 tyres and MRF is a high valued stock in the stock market. What should we do here? Do you have a solution for these?
I believe real credit card limit is the balance in my savings account.
But i spend the same amount from credit card to get cashback and save money .
One of the best persons, Akshat bhai!❤
Chahe koi kuch v bole please videos banana band mat karna. Aur kisi din laalach me aa ke sab advice paid mat kar dena. You are really having substantial impact on youth like us! Thank you from the core of heart! Best wishes for ur family! Do let us know if you ever drop by Kolkata. Would love to meet you!!
For this Thanks to my institution ICAI who taught me wonderful lesson on Financial management and risk management.
Now i don't have any luxury loan
Don't have any EMI
Don't have any depreciable asset
Don't have any expensive luxury items in my pockets
Rather
I have savings
Medical insurance
MF
Term plans
Equity in my pocket
And teaching the same to my juniors and colleagues 👍🙏🏻
Not sure that our ICAI taught us not to buy a house on home loan 😊
@@Luckyily that is why i use term 'luxury ' 🤗
It's good that people buy on emi.... Sales growth is high... Economy will grow and stock market 📈
Out of the total credit disbursed by banking sector of the country, personal loan shares the highest percentage
As per rbi data
In 2013 it was industrial loan
Highly recommended video for young college going generations and there can not be a better example than iPhone :)
I purchased a scooter on emi but after that I made a mistake now i understand taking loans is only good for doing business......or for adding assets not liabilities
I'm willing to pay the full amount and purchase the product. However, in certain instances, opting for the EMI option could secure a discount, whereas choosing to pay upfront would mean forgoing that discounted amount. Essentially, companies encourage EMI choices by enticing with discounts.
Can you help me to understand how your sponsor makes money by giving away credit scores and how the data is used?
The overall video is eye-opener and very informative.
But I have another point to add on reduced savings now in Indian economy. This is basically because of very high inflation. How much the grocery has increased within 3 or 4months . So buying more and more debt is one side on another side very high inflation also a problem. But rbi say 6 or 7% which is so funny. The real inflation as of now would be close to 10 to 11% minimum
Buying land, house or other property with loan. The value increases with time and value of money drops. We save less money and pay debt carefully. Take debt to buy asset.
The calculation is incorrect. Zero cost EMI is good. The example given is correct only in few cases. But mostly even after considering the procuring cost and retailing cost, we still get at discounted price only, and on the top of it additional discounts during the festive season, plus card discounts. it’s done mostly to push volume sales and not cheat customers. However in this people end up buying things that are not required and that is not good. Totally agree. But it’s not the same cost… there’s no hidden cheating that’s happening.
Consumer finance companies that are listed through Amazon or flipkart or Bajaj n many other sources, they don’t call anyone randomly from your phone and harass. It’s loan taking apps that do.
Over all it’s never good to buy things that are not necessity n you shouldn't buy something unless u can buy it twice or thrice without feeling burdened .
Just pointing out some inaccuracies as per me.
Sir i admire your videos but actually i deny this concept since if we use to buy with full down payment also we have to pay 15000 for a mobile that u showed as example..
And my POV : use credit card only for the things u have prior money and get some handfull of cashback which might be usefull for an fresher .
Once u have grown to a level where those cashback dont matter a lot then u can stop using credit card still then.. Credit card is useful and can become a two sided knife use it wisely
Good overview of debt trap👌 stuff they don’t teach or discuss in school or within family.
Good debt vs Bad debt 👌
Very informative and with genuine concern for people who fall into the trap of zero emi and sales pitch. I joined your member community and following you for more than a year. Really happy the simplified way you teach complex economy with a motive of helping people grow and save their wealth. Thanks a lot Akshat.
but Akshat bhai... why the product sold on 0% emi final price is lower than
non emi purchase option..
Consumer would buy a credit card and still take the lower price option Right
----
the 15k product comes at 15k cash or 15k no cost emi, so the explanation doesn't stand. Yes the product is already marked up to 15k from 12k, but you are buying at 15k only whether cash or emi.
The SMSs we get for small personal loans has increased like crazy, they should be charged a good amount of tax per ad SMS
they do in a way. sms companies are also making crazy profts. something like route mobile ltd. many more.
Akshat jiii thank you so much for helping us not to think in a linear way.
We always SUPPORT this kind of content 😊.. very TRUTH that no one reveal expecially government...
Akshat I thought you will speak on behalf of govt..but you are true gem of an informed citizen..God bless u😊
If the price of a product is 15000 & no discount is provided even when you pay 100%, why not take the 0 EMI route?
The price remains the same in both case.
You still need to pay some emi conversion charges or GST, though it wouldn't be much
Buy on credit because buying on cash or debit card is stupid. No need for a hour long video. Now buying stuff which are not needed, that's a different issue.
Rightly said. This whole process of push selling generates more waste. in the world of circular economy, reusing & recycling is the key, price of new product will go up significantly and the cheap fast products will be removed eventually. The more u buy and dump ur old products it becomes waste. It effects the earth and ultimatly yourself. So buy responsibly with a mindset of using it as long as it last.
This video is really an eye opener for everybody who keep buying items they don't need from the money they don't have.
True.. Banks, Lenders, Schools, Hospitals noone is leaving us from loot. It's only n only savings which will be helpful to keep ours pockets healthy
Can you please explain how is interest component passed on consumer? Consumer is paying around Rs. 199 only. For your kind information iphone are not selling on 0% interest EMI. Apple doesn't need to do it. People who are paying full amount are getting instant 10% discount and people who can not afford are getting on EMIs so what is your problem? I don't understand. What per capita income has to do with this thing?
Credit cards are unsecured loans and provision is 100% and deliquencies are on the rise trouble brewing for credit card companies
Why do I feel like you are the only one in social media who understands reality !
One popular formula that i adpoted and worked is "Buy it only when you can afford it twice"!
Ncemi is good . Offcourse u wont get 0% duh . For a 50k product , yes the interest is given as upfront discount , 199 processing fee, and gst on interest component every month . So u end up paying additionally 600-800 .which is like 1.6% interest so buying essential things if its a good smartphone like iphone that u r gonna use for 3-4 yrs , ac fridge washmach , tv . Its absolutely a good tool . Like anything if u decide to abuse it it will haunt u
I think this is a bit misleading.
If the phone is available at the price of 12750 if you pay in full, and it's available for 15000 at no cost EMI, then it makes sense to say that the discount of 2250 is added to the total cost in case of EMI making the total as 15000 as opposed to paying in full (12750).
However, if paying in full is still costing you 15000, and paying with no cost EMI is also costing you 15000, then it doesn't matter if the retailer got it for 12750 and added 2250 to make it 15000 for EMI. Because there was no real way for me to utilise that discount. That phone cost me 15000 in both the cases. In the case, the EMI is really at zero cost. Because you had to pay 15K in both the cases.
In that case, EMI would be a better option for me since instead of spending 15000 at once, I can pay it in installments over a long period. And the money will remain with me. In that period if I invest that 15K money, I can get returns on it which I wouldn't have gotten if I had paid 1K at once. And I will be easily able to pay the smaller EMI amount.
I think it's misleading because the real problem is that you may end up buying something that you don't even need because it's available to you on EMI.
100% truth.
Yahi dekhne ke liye Maine comment section mein newest mein click kiye. Kitni impractical hawa hawai baat kar rhe hain akshay bhai
I think the motive is to curb credit culture and to stop people getting indebted
which is noble in itself
But why be intellectually dishonest saying factually incorrect stuffs.
The bigger pt nobody liked your comment yet
Thank you Akshat. This is going to be an eye opener for many.
@Akshat Shrivastava
Can you explain the narrative behind the recent trending discussions between many influential youtubers and Robert Kiyosaki where he mentions about his million dollar debt which he leverages to make around 12 to 15K properties.
I know for a fact that the property market and the debt works quite differently in US v/s India which has been highlighted in the videos as well, but is it justified to invest so much money into single asset class.
Great video shutout for current situation Akshat Bhai 🙂
Very informative.. thanks akshat sir. ❤️
Very good explanation. Thank you very much
The point explained is valid that 0% emi is actually 14% emi on a discounted price.
But hear me out, if you don’t avail the 0% emi, you end up paying the inflated amount only.
So there’s no point in paying 100% upfront.
Bought a dji action cam in the big billion days, the price was roughly 35k for instant payment, and 31.5k for the so called 0% emi.
So instead of paying 35k from my bank balance, and making a dent in my reserve, I opted to pay 12k a month, which makes sense to me, as the bank at least gives me 6% interest on RD.
This way I’m gaining .5% each month on my 36k in RD.
Isn’t that better?
Artificial Intelligence is starting to show effects on USA job demads,
Infosys is just the start,
25000 people already lost jobs this year from top-5 companies,
I like to use credit card ( I avoid EMI), it helps me get miles on my travel and towards end of the month I get to know what I have spent throughout the month. Any opinions ?
That's an intelligent way of making use of credit card . You should stick to not taking emi if u don't have twice the amount of money of your emi in your bank account.
Thanks akshat, nice awarness about financial status of individuals
This approach might be helpful. I pay all my Credit Card & other monthly expenses through my Net Interest Income(NII)!
This way almost all my expenses are covered. Moreover with this, I am able to maintain my “Principal Amount (Fixed Savings)” and Monthly Salary is there as well.
Furthermore inorder to diversify my financial risk, i have made Long Term Investments in Stocks, Gold Bonds, LT insurance policies and NPS.👍🏻
Thanks for sharing this information news 👏
Even if I buy product without opting for EMI, I have to pay the same amount, then why not take the EMI and invest the money for the time period to earn some returns ?
An average autowala in Bangalore earns more than what I earn right now, after working for 3 years full time and 6 years of total experience.
I come from Arts background and have an education loan which I took for studying journalism at a fancy college.
There is no way I can afford living in this city without EMI, loans, and credit cards.
This is the exact reason why I bought Bajaj Finance and SBI cards. Kiya yaar Akshat.. Aise educational videos bannaoge toh hum loog paisa kaise kamayeenge.. xd
You pinpointed the issue. I am a finance professional and I can relate the consumer finance bubble by observing my clients. It's very painful to see a person not even making 3L p.a. and buying couple of mobile phones in a year on EMI @ 28-36% interest rate. And they don't even know the underlying interest rate.
Ur 100 % right, indian economy going into spending economy from saving economy, in the long run it is very very very dangerous...every one go into debt trap including country like USA...
There's no price difference if someone pays the amount upfront or opt for zero percent EMI so upfront users are getting scammed by this logic.
You are WRONG
Example
Samsung Galaxy S6 Lite Tab costs Rs.21408 on Amazon.
Option 1 : If I were to buy it in full, then Rs.21408 gone from my bank account instantly.
Final Cost Rs.21408.
Option 2 : If I were to choose EMI, then I keep that Rs.21408 in the bank account.
But pay Rs.1784/month for 12 months ie Rs.21408 plus the interest in this case it's Rs.1740 (15.99%pa)
Final Cost Rs.23148.
Option 3 : If I take No Cost EMI, then I keep Rs.21408 in the bank account.
Pay Rs.1784/month for 12 months ie Rs.21408
And the interest of Rs.1740 is given as discount.
Final Cost Rs.21408.
So No Cost EMI wins. We can use this extra cash in bank account for other purposes.
You end up spending the no cost emi savings on other things.
Net net, you end up spending more than you would normally spend otherwise, which will eat into your savings coefficient
Hi, there is nothing wrong in being aspirational which will drive you to fix better aims or targets in life. There is always comparison of investment in equity between India & US, without consumer spending picking up, it could be difficult to achieve higher GDP. Financialization of economy is taking place against physical assets, its good for India.
If someone want to buy a Iphone for 1.5 lakh and if he has it in cash, invest that money sensibly in good stocks or Index funds and buy the Iphone on EMI even if the discount is nil. It will be like funding your interest with returns from equity (investing period be >3 years) and enjoy your aspiration..
No philosophy or person is perfect, need a good favourable balance
Though I invested in SBI Cards at 790, it has great future I believe😀
I don't understand why "finfluencers" bad mouth the 0 cost EMI. They try to say that Interest has already been added to the cost, but then if I purchase it with full cost even then I am paying interest without EMI, this is just absurdly crazy and everyone is just trying to tell you something different then you think thats all. I agree with the point that 0 cost EMI pushes you to go over your budget, but implying that 0 cost EMI are have already calculated interest is absurd.
Respected sir your information all topi are very important so we are expect your videos every day l
You are correct on many points but let me tell you one thing i wanted to purchase a fridge for my house for cash and shop keeper was also a family member he himself said if you buy on cash i will not be able to give you bank discount price was 50k for cash and 45k when you buy from credit card so it makes sense to buy on card instead cash as the economy turned from cash driven to credit.
Generally electronics items are cheaper online with a great discounts and after this discounts these are available at EMI. So all the time it z not a matter of loss. Spend responsibly!