Help!! EMI problem

Help!! EMI problem

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Deal Cadet
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I bought a mobile, a month ago. I paid the down payment of 2311, n took the mobile, i thought everything was done, but then the dealer called me today asking to pay 700rs additional (marked in the table as dealer interest subsidy value) .
I have never bought anything on loan before, is down-payment is the only thing we need to pay or they could demand extra charges like this?

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11 Comments  |  
8 Dimers
Baba ji
Deal Lieutenant
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Following this thread.
I have never bought anything on EMI… subscribed this thread to see what fellow members have to say.

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Deal Subedar
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I bought through BF once!
I don’t think it levied any such charge!
They did charge me 800 as a one time charge For First Time Account opening or something.
Will try to find if i have this DO

15359988
Tech Guru
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BubbleBoyChickenLittle wrote:

@Roushh @alienteck may help
Also please tag people who you think would know

I dont know the specifics.. But RBI has told the banks they can not give out 0 interest loans hence the banks consider the loan as a service and hence charge you GST on it. But from what I understand the total cost ends up around the same as having your money in a savings account. So you can either take the EMI or leave the money in your savings account and end up pretty much the same. This is also called conditioning.. Like you throw the dog some good bones with lots of meat on it.. After a while it will just be the bone..

People can be trained and conditioned too like Pavlov found out..

woof woof…

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Deal Subedar
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alienteck wrote:

I dont know the specifics.. But RBI has told the banks they can not give out 0 interest loans hence the banks consider the loan as a service and hence charge you GST on it. But from what I understand the total cost ends up around the same as having your money in a savings account. So you can either take the EMI or leave the money in your savings account and end up pretty much the same. This is also called conditioning.. Like you throw the dog some good bones with lots of meat on it.. After a while it will just be the bone..

People can be trained and conditioned too like Pavlov found out..

woof woof…

Just to correct a bit, As per RBI loan cannot be offered as zero interest.
Hence what they do is charge you interest as per normal rate, and rather give you an upfront discount of the total interest calculated.
Hence, no cost emi works.
They charge gst on such interest/discount, which i have no idea why, because gst is neither levied on interest (except for credit card or penal interest) nor on discount! grin

15359988
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Awake wrote:

Just to correct a bit, As per RBI loan cannot be offered as zero interest.
Hence what they do is charge you interest as per normal rate, and rather give you an upfront discount of the total interest calculated.
Hence, no cost emi works.
They charge gst on such interest/discount, which i have no idea why, because gst is neither levied on interest (except for credit card or penal interest) nor on discount! grin

And the bone?

Yea thought it was some thing like that. All I know is these banksters sucks.. They get you somehow hence its better not to play their game. Some of the smartest conniving crooked crooks work in the industry and YOU are their target audience….

But I suppose if you are working and dont have enough money right now to buy that expensive gadget and already down a kidney, using this is better than selling some thing else to get it.

Yea I hate banksters with a passion. It is an evil we have to live with and put up with but dont expect me to like them or deal with them. Seen a lot of evil in this world but these people are the worst.

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Deal Lieutenant
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pls upload the img so that it can be magnified
unable to see hushed

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Deal Lieutenant
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BubbleBoyChickenLittle wrote:

@Roushh @alienteck may help
Also please tag people who you think would know

Can’t help bro.

I have never bought anything on EMI so far. So I have no knowledge of this and how this works.

So it’s better if I leave this to people who actually knows about it.

Cropped75770540910922727
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Purchasing thru Consumer EMI is usually tedious than the online ones. I’ve had one such experience once (when cc was not handy) but have never purchased thru Bajaj finance. Some other maybe.. That showroom guy asked for cheques and pan card. That’s it. And there was debit from my saving account for the whole tenure. And interesting part is, that’s the only loan which is showing in my cibil report.. while other ones from CC are not. 🤔

Here as I can understand from your post, Interest Subsidy is by definition, “The value of the tax deductions of an individual’s or company’s earnings resulting from interest payments on its debt over the course of a year. Some interest may be deducted from one’s taxable income, depending on the type of loan or how it was borrowed.”

And may be this has brought to shopkeeper’s notice recently, after audit of last FY. And, as usual, he is asking you now to pay him.

I can advise you to clear this issue with the help from any of your CA friend (here) or elsewhere whether you are liable to pay the same or the shopkeeper (as that may be refunded to him after proper tax returns). Else, you can ignore it for sure! grin

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