Why we are BUYING MORE & MORE on CREDIT (India's CREDIT addiction) | Akshat Shrivastava

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  • Опубликовано: 29 окт 2024

Комментарии • 578

  • @AkshatZayn
    @AkshatZayn  Год назад +9

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    • @lonewanderer8414
      @lonewanderer8414 Год назад

      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.

    • @shock-t3768
      @shock-t3768 Год назад

      school mai teachers ko v yahi kehte they kiya jab fees dene ka time ata tha? @harshA-wk7zy

    • @computerrelated390
      @computerrelated390 Год назад

      sir which platform you use to invest in bonds

    • @percussionistsouvik
      @percussionistsouvik Год назад

      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?

  • @acx_venom3678
    @acx_venom3678 Год назад +442

    "The Happiest socities are the ones that do not define themselves with excessive materialism and they spend within their means". Thank you Akshat.

    • @randomstranger7989
      @randomstranger7989 Год назад +2

      Great line by Akshat. Noted in my phone

    • @mayankjain2690
      @mayankjain2690 Год назад

      Dubai is also total materialistic. Are they considered good or bad ?

    • @vivekm7971
      @vivekm7971 Год назад +1

      Jai Bhim Jai Savidhaan

    • @niggaasingh609
      @niggaasingh609 Год назад

      @@mayankjain2690it’s good until they have a source of money without working (oil) after that they will be sheapherds again

    • @deepakjain2845
      @deepakjain2845 Год назад

      Chaaadar dekh kar pair failaao...

  • @ajithsharma1296
    @ajithsharma1296 Год назад +23

    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.

    • @chopraraghav2180
      @chopraraghav2180 11 месяцев назад +1

      I use credit cards exactly like this.

    • @kirans2300
      @kirans2300 11 месяцев назад

      most of the people use credit card like that only

    • @aashyaa123
      @aashyaa123 10 месяцев назад

      There comes the time when you are short of paying in full and end up paying exorbitant interest rates.

  • @sohamkatheria2495
    @sohamkatheria2495 Год назад +27

    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.

  • @ivinitmittal
    @ivinitmittal Год назад +43

    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 🤦🏼‍♂️

  • @sarthakmangal7232
    @sarthakmangal7232 Год назад +26

    You know what Akshat.. you have taught summary of "Rich dad Poor Dad" book in like 20 mins. Kudos !

  • @AmandeepSingh-ln5yo
    @AmandeepSingh-ln5yo Год назад +51

    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 ❤

    • @BuzzCraze-e4l
      @BuzzCraze-e4l Год назад +1

      Nothing comes free in a cruel world. 😅😅😅

    • @AmandeepSingh-ln5yo
      @AmandeepSingh-ln5yo Год назад +2

      @@BuzzCraze-e4l 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.❤️

    • @pramugamenon7711
      @pramugamenon7711 Год назад

      Sure membership ka 160 deke free me toh samjhayenge hi na!

    • @specializedbalaji
      @specializedbalaji 11 месяцев назад

      How is it free, you have paid for subscription

    • @AmandeepSingh-ln5yo
      @AmandeepSingh-ln5yo 11 месяцев назад

      @@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....

  • @geraldkhasi1006
    @geraldkhasi1006 Год назад +52

    I love my minimalist life. I get a high when i keep pushing my discretionary income into my investment portfolio

    • @train_xc
      @train_xc Год назад +2

      Are you sure you’re going to live long?

    • @gabbbbbz
      @gabbbbbz Год назад

      ​@@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

    • @gabbbbbz
      @gabbbbbz Год назад

      I hope you're taking a balanced approach with debt and equity then, market crashes/corrections can cause a lot of pain otherwise

    • @controversial_
      @controversial_ Год назад

      We all need this drive 😅

    • @superfitcs4005
      @superfitcs4005 Год назад +3

      “I love my minimalist life” coming from the guy paying for this membership 🤡

  • @kishoreramesh301
    @kishoreramesh301 Год назад +74

    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.

    • @onceajordan
      @onceajordan Год назад +2

      No cost emi :
      199+18% gst
      Plus 18%gst on interest amount.
      Only interest gets subsidies as discount

    • @sobhanbabu1883
      @sobhanbabu1883 Год назад +5

      ​@@onceajordanAccumulate the required money for purchase, invest this money and purchase the product at no cost EMI.

    • @onceajordan
      @onceajordan Год назад +1

      @@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.

    • @Vikrum_
      @Vikrum_ Год назад

      Full payment is always desirable

    • @vivekkandeyang6175
      @vivekkandeyang6175 Год назад

      Have you done the maths 👀 ?

  • @shubhamsingh515
    @shubhamsingh515 Год назад +12

    Thanks Akshat for making us recall our Indian traditional way of spending, keep up the good work!!

  • @ankursinghal6341
    @ankursinghal6341 Год назад +33

    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 :)

  • @sumitchaudhary343
    @sumitchaudhary343 Год назад +5

    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.

  • @harrispanakkal8317
    @harrispanakkal8317 11 месяцев назад +3

    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.

  • @pratiksakhare1543
    @pratiksakhare1543 Год назад +3

    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

  • @ashutoshaggarwal2391
    @ashutoshaggarwal2391 Год назад +64

    Can you prepare a video on vauld there are some withdrawal Mails to us unable to understand the same

    • @Nitish-Bharadwaj
      @Nitish-Bharadwaj Год назад +4

      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

    • @prashantbhoite2687
      @prashantbhoite2687 Год назад +2

      ​@@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 .

    • @harsh2945
      @harsh2945 Год назад

      ​@@Nitish-Bharadwajhe is very " Credible " Person😂😂😂😂😂😂 he is only money minded person!!!!

    • @sanchitsharma007
      @sanchitsharma007 Год назад

      He is too scammer 😅

    • @controversial_
      @controversial_ Год назад

      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

  • @Prashanthbentley1
    @Prashanthbentley1 Год назад +3

    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...

  • @Trilok22
    @Trilok22 Год назад +2

    TRUTH -> Selfless, Unfiltered, Motivational, Informative ❤❤❤👍👌👏

  • @RahulBendu
    @RahulBendu Год назад +4

    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!

    • @gunagohan9561
      @gunagohan9561 Год назад +1

      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?

  • @manishathreya7044
    @manishathreya7044 Год назад +5

    Thank you for making this video!! This video is much needed for todays generation

  • @ashokembd
    @ashokembd Год назад +6

    Very good advice to youngsters. I wanted to tell these to many people I know

  • @MrAniks222
    @MrAniks222 Год назад +11

    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!

    • @onceajordan
      @onceajordan Год назад

      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?

  • @BeardedRedDevil
    @BeardedRedDevil Год назад +2

    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.

  • @sumandey6808
    @sumandey6808 Год назад

    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!!

  • @harryjohn825
    @harryjohn825 Год назад +4

    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....

  • @samueljoy6122
    @samueljoy6122 Год назад +20

    the price is the same even if zero intrest emi is used. So why not use it, if you can inteligently manage cash flow

    • @letsaryan41
      @letsaryan41 Год назад

      10:30

    • @onceajordan
      @onceajordan Год назад

      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)

    • @SirMonk
      @SirMonk Год назад +1

      It mentions there in terms and conditions that the banking partner may charge processing fee and other applicable charges.

  • @gentech21
    @gentech21 Год назад +3

    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

  • @rp10304
    @rp10304 11 месяцев назад

    The key is to live minimalistic and have a healthy lifestyle. We need to pass on this to our next generation.

  • @yashmhatre810
    @yashmhatre810 11 месяцев назад

    This needs to be highlighted. Its a grave and dark future we are looking at!

  • @modellocomotiveworks2215
    @modellocomotiveworks2215 Год назад +8

    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

  • @callmemansu
    @callmemansu Год назад +2

    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.

  • @Chethangowda10
    @Chethangowda10 11 месяцев назад

    We always SUPPORT this kind of content 😊.. very TRUTH that no one reveal expecially government...

  • @niteshkumargupta4470
    @niteshkumargupta4470 Год назад

    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

  • @_GMP_
    @_GMP_ Год назад +3

    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 .

  • @varad4165
    @varad4165 Год назад +6

    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

    • @ArunBhat-d4t
      @ArunBhat-d4t Год назад +3

      It is money , he made his money , and many have lost theirs . He is just a person on RUclips here to make money . I don't buy any products youtubers recommend .only download and use those that you need

  • @ankitkore5442
    @ankitkore5442 Год назад +1

    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.

  • @anandavelan
    @anandavelan Год назад

    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.

  • @sonaladbhai8684
    @sonaladbhai8684 Год назад +8

    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?

    • @TanujbabuTanuj90000
      @TanujbabuTanuj90000 Год назад +4

      First you save, then buy using a credit card and then pay the bill.

    • @er404
      @er404 Год назад +1

      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!

  • @nitienanand5116
    @nitienanand5116 Год назад +5

    Good overview of debt trap👌 stuff they don’t teach or discuss in school or within family.
    Good debt vs Bad debt 👌

  • @nagarajhombali6378
    @nagarajhombali6378 Год назад

    This video is really an eye opener for everybody who keep buying items they don't need from the money they don't have.

  • @dhanvershchandran1725
    @dhanvershchandran1725 Год назад +6

    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

  • @niranjanhy
    @niranjanhy Год назад +1

    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 ??

  • @sanjay441
    @sanjay441 Год назад

    Akshat I thought you will speak on behalf of govt..but you are true gem of an informed citizen..God bless u😊

  • @shameekd9192
    @shameekd9192 Год назад +2

    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.

  • @brain_station_videos
    @brain_station_videos Год назад +6

    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

    • @aditya-ml6km
      @aditya-ml6km Год назад

      Why purchase an item at Croma? Croma is a rip off.

    • @swapnilg1621
      @swapnilg1621 Год назад

      They don't charge interest but they charge good amount in the name of processing fees.

  • @saurauuuu
    @saurauuuu Год назад +4

    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.

    • @nitesh0071
      @nitesh0071 11 месяцев назад +1

      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.

    • @amangarg3812
      @amangarg3812 11 месяцев назад +1

      When one runs out of content they end up making such content, aur fir paid promotion of one score bhi to banana hai

  • @pbvnpk
    @pbvnpk Год назад +1

    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.

  • @sanketarway
    @sanketarway Год назад +1

    It's good that people buy on emi.... Sales growth is high... Economy will grow and stock market 📈

  • @onceajordan
    @onceajordan Год назад +1

    No cost emi still have:
    1. 199+18% gst
    2. 18%gst on interest amount
    Only interest amount gets subsidies as discount

  • @i_m_moya
    @i_m_moya Год назад +1

    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 👍🙏🏻

    • @Luckyily
      @Luckyily Год назад

      Not sure that our ICAI taught us not to buy a house on home loan 😊

    • @i_m_moya
      @i_m_moya Год назад

      @@Luckyily that is why i use term 'luxury ' 🤗

  • @Viveksharma0071
    @Viveksharma0071 Год назад

    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

  • @maheshray123
    @maheshray123 Год назад

    Highly recommended video for young college going generations and there can not be a better example than iPhone :)

  • @robertblak5790
    @robertblak5790 Год назад +8

    The SMSs we get for small personal loans has increased like crazy, they should be charged a good amount of tax per ad SMS

    • @0xAshish
      @0xAshish Год назад

      they do in a way. sms companies are also making crazy profts. something like route mobile ltd. many more.

  • @rajarshighosh8813
    @rajarshighosh8813 Год назад

    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.

  • @soubhagyasaha
    @soubhagyasaha Год назад +1

    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 🙂

  • @castertroy8850
    @castertroy8850 Год назад +2

    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.

  • @mohammedgouse665
    @mohammedgouse665 Год назад +2

    Akshat, thanks for your genuine and ethical presentation whole heartedly. It is amalgamation of economics and business concepts. I learnt in B School. Hope viewers can understand 😊. Don't get your self hated by e commerce goons 😂.

  • @ashishlh786
    @ashishlh786 Год назад +2

    Phone kharidna hai, PEN kharidna hai😂😅 typical Akshat dialogue.. avid fan, following him since last 2 years❤

  • @BikerBoyArunava
    @BikerBoyArunava Год назад +1

    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.

  • @oksweetie5515
    @oksweetie5515 Год назад +1

    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.

  • @AnshuGupta-tf7uh
    @AnshuGupta-tf7uh Год назад

    अक्षत जीअगर ये बात आजकल कि generation समझ जाये तो फिर क्या कहने, लेकिन इस के लिए "कुछ" social media influencer भी बहुत ज्यादा जिम्मेदार हैं। और card money (upi, Paytm etc..)का इस्तेमाल जिस हद तक भारत में हो रहा है वो परिस्थिति भी एक बड़े खतरे की ओर इशारा कर रही है।

  • @gaurangsolanki4386
    @gaurangsolanki4386 Год назад +1

    Akshat jiii thank you so much for helping us not to think in a linear way.

  • @SarathC
    @SarathC Год назад +3

    Can you help me to understand how your sponsor makes money by giving away credit scores and how the data is used?

  • @sathya_0317
    @sathya_0317 Год назад +2

    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

  • @Akash-jo6oo
    @Akash-jo6oo Год назад

    The thumbnail is enough knowledge for me. This is the Instragram generation. Just like our parents generation that cared a lot about caste, bureaucratic jobs or FD, our generation cares about being cool.
    My introverted brain shuts down looking at what the majority of people consider as important.

  • @casaurabhjathar_finance
    @casaurabhjathar_finance Год назад

    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.

  • @sumitchawla6709
    @sumitchawla6709 Год назад +1

    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..

    • @RakeshGupta-tp3ds
      @RakeshGupta-tp3ds Год назад

      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

  • @HarpreetSingh1991
    @HarpreetSingh1991 Год назад

    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.

  • @VSKPS80
    @VSKPS80 Год назад

    Thank you Akshat. This is going to be an eye opener for many.

  • @tito98496
    @tito98496 Год назад +2

    Why do I feel like you are the only one in social media who understands reality !

  • @ajaykattige5755
    @ajaykattige5755 Год назад +1

    Bhai kya passion hai is bande me... He is getting genuinely irritated on the madness of people pulling themselves into bankruptcy due to excessive materialism. Thanks a lot for the educational videos.

  • @mayurshah8319
    @mayurshah8319 11 месяцев назад +1

    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?

  • @deivas1425
    @deivas1425 Год назад +4

    Great video shutout for current situation Akshat Bhai 🙂

  • @nsandeep49
    @nsandeep49 Год назад +1

    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!

  • @LifeUnlimitedExperiment
    @LifeUnlimitedExperiment Год назад

    You videos are great, my partner watches everyday. Only thing thats annoying when we listen to you regularly is the use of 'aggregate' instead pf 'accumulate'. Please 🙏 update scripts 😅. Great work Akshat, thank you!

  • @dipesharora8387
    @dipesharora8387 Год назад

    I feel one of the biggest reasons for using credit or emi's is the system itself. 20 years ago we did not have cibil so we only took out loans when we needed.
    Fast forward today we have cibil... And you need a good cibil score to get bigger loans so only way to improve your cibil overtime is to take smaller loans and repay them on time without any default.
    So the system itself is a problem.. It asks you to take loans and repay loans if you want bigger loans in the future.
    Earlier no cibil people had fewer loans.
    Today... We don't have an option we have to keep our cibil rating high.

  • @amittandon4453
    @amittandon4453 Год назад +3

    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 ?

    • @callmemansu
      @callmemansu Год назад +2

      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.

  • @aniruddhdas3172
    @aniruddhdas3172 Год назад

    Very informative.. thanks akshat sir. ❤️

  • @nutan302
    @nutan302 Год назад

    Very good explanation. Thank you very much

  • @pravindrakumarvarma3267
    @pravindrakumarvarma3267 Год назад +2

    Very insightful as always! Taking rather using one good debt and manage money and finance better is key to our financial wellbeing. Akshat thanks for providing the right directions 👏

  • @christopherjamescj1331
    @christopherjamescj1331 11 месяцев назад +1

    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

  • @rajivsinghal1863
    @rajivsinghal1863 Год назад +1

    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.

    • @DanishPachyala
      @DanishPachyala Год назад

      You still need to pay some emi conversion charges or GST, though it wouldn't be much

  • @shock-t3768
    @shock-t3768 Год назад +3

    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

  • @nelamangalachetan
    @nelamangalachetan 10 месяцев назад

    One popular formula that i adpoted and worked is "Buy it only when you can afford it twice"!

  • @middleclassmanithan
    @middleclassmanithan Год назад

    This is by far the best content ever seen in this year❤❤hurray akshay.

  • @backpropagation8365
    @backpropagation8365 Год назад +1

    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.

    • @MrSam00007
      @MrSam00007 11 месяцев назад +1

      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

  • @SMASH_REVIEWS
    @SMASH_REVIEWS Год назад +2

    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,

  • @sunilpatil1923
    @sunilpatil1923 Год назад

    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...

  • @imBalji
    @imBalji Год назад +1

    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
    ----

  • @joy52905
    @joy52905 Год назад

    Akshat, the one area you have majorly gone wrong is that leading in the past was very informal and not recorded. While growing up in Calcutta, I have witnessed several poor families buying saree, daily essentials, shoes etc on emi from almost every shops in New market area or neighbouring markets. You would not be surprised that Afghans were very popular in also leading money to small households informally. I personally know a lot of Sud-khor (a derogatory slang) people from the past who have made huge money. Thus, the culture of buying stuffs on loan is not new.
    What would be appreciated is that modern market is more enticing with huge options and people are getting drawn. American is a well suited term here.
    You can relook at the subject again and approach the large masses accordingly.

  • @daspragmatic2995
    @daspragmatic2995 Год назад

    Thanks akshat, nice awarness about financial status of individuals

  • @prateeksoni1798
    @prateeksoni1798 Год назад

    I figured it out on my own long ago. Managing my finance on my own. 😊

  • @common_investor
    @common_investor Год назад

    Finally someone said it:
    The happiest societies are the ones that do not define themselves with excessive materialism, and they spend within their means.
    I really hope the flashy genZ understands this.

  • @VenkateshVenkatesh-sz3wj
    @VenkateshVenkatesh-sz3wj 11 месяцев назад

    Respected sir your information all topi are very important so we are expect your videos every day l

  • @rishabhdubey374
    @rishabhdubey374 Год назад +2

    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.

    • @Gamerbhilai
      @Gamerbhilai Год назад

      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

  • @roysutirtha7941
    @roysutirtha7941 Год назад +1

    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.

  • @raspreetmahal572
    @raspreetmahal572 Год назад

    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?

  • @sidmoitra007
    @sidmoitra007 Год назад

    Hi,
    It is a great content. Don't worry, a majority will not listen to you but it is making an impact on me. You are making some impact on me. I absolutely agree with you and I'm against over stretched buying with easy line of credit attached with a very stiff interest rates.

  • @DigbijoyRockx
    @DigbijoyRockx Год назад

    Very useful video for youngsters.
    Live a minimalistic life.

  • @priteshmalani9182
    @priteshmalani9182 Год назад +1

    Another thing is people think that something which is worth 80K is available at 50K during sale so its a steal deal. So even though they couldn't afford even that 50K they still try to stretch.

  • @lonewanderer8414
    @lonewanderer8414 Год назад

    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.

    • @tirthanandi9623
      @tirthanandi9623 Год назад

      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