Should we go for long term no cost emi or short...

Should we go for long term no cost emi or short duration?

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Deal Cadet
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Should we go for long term no cost emi or short duration? I mean 3,6,12 months no cost emi on Amazon, Flipkart etc.plz reply

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Deal Subedar
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i bought my max pro m1 under 0 cost emi for 1.5 yrs so i pay my emi plus around 20rs gst every month…

only this gst will vary if you opt for 3,6,9, 12 months that’s it..

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Deal Cadet
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suppose i buy same phone for same price with 0 cost emi for 3 or 6 months, am i supposed to pay same 20 rs every month for 3 or 6 months?

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Deal Subedar
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suhailbashir wrote:

suppose i buy same phone for same price with 0 cost emi for 3 or 6 months, am i supposed to pay same 20 rs every month for 3 or 6 months?

Yes ur emi amt plus d gst which will be applied.. I did transact with hdfc cc

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Deal Cadet
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More the tenure, more amount you pay in terms of GST. Opt for lowest tenure.

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Blogger
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Long time is always beneficial, longer the better. Tax on interest part is nothing compared to the repayment window you get, imo.

EOD, it’s ones personal choice to take the shorter ones fearing few hundred bucks or longer one for the ultimate comfort of accommodating more stuff in that same purchase bracket. wink

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deb3l wrote:

Long time is always beneficial, longer the better. Tax on interest part is nothing compared to the repayment window you get, imo.

EOD, it’s ones personal choice to take the shorter ones fearing few hundred bucks or longer one for the ultimate comfort of accommodating more stuff in that same purchase bracket. wink

What the effects on your CIBIL/EQUIFAX etc Scores is it worth going for higher EMI so short periods or LOWER EMI on longer periods

This is really the case for non CC new to credit users who have TAKEN EMI on DEBIT CARD/NO CARD EMI

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mrKool_JJ wrote:

Yes ur emi amt plus d gst which will be applied.. I did transact with hdfc cc

What the effects on your CIBIL/EQUIFAX etc Scores is it worth going for higher EMI so short periods or LOWER EMI on longer periods

This is really the case for non CC new to credit users who have TAKEN EMI on DEBIT CARD/NO CARD EMI

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dranupt wrote:

What the effects on your CIBIL/EQUIFAX etc Scores is it worth going for higher EMI so short periods or LOWER EMI on longer periods

This is really the case for non CC new to credit users who have TAKEN EMI on DEBIT CARD/NO CARD EMI

I don’t understand how cibil is gonna affected by the duration, as long as my repayments are in order without miss. Rather, it will be an added one imo.

Yes, non CC guys can go for long emis if it’s there for them. It will definitely add some credit points in their report and will help them when they really apply for one. innocent

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deb3l wrote:

I don’t understand how cibil is gonna affected by the duration, as long as my repayments are in order without miss. Rather, it will be an added one imo.

Yes, non CC guys can go for long emis if it’s there for them. It will definitely add some credit points in their report and will help them when they really apply for one. innocent

Leverage is a factor wherein if 100 Rs is you credit capability based on your income, if you take credit upto 90%ie 90 Rs you are near your full leverage, while if you accumulated more than that you are over levaraged(Only assumptions as it is subjective)

Now coming to the short /long term phenomenon where if you want to decrease your credit tenure you need to pay more EMI so you may be considered as near full levaraged or over levaraged then you’re going to be over stretching your credit
So this is a part of the credit score accrual mechanism

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dranupt wrote:

Leverage is a factor wherein if 100 Rs is you credit capability based on your income, if you take credit upto 90%ie 90 Rs you are near your full leverage, while if you accumulated more than that you are over levaraged(Only assumptions as it is subjective)

Now coming to the short /long term phenomenon where if you want to decrease your credit tenure you need to pay more EMI so you may be considered as near full levaraged or over levaraged then you’re going to be over stretching your credit
So this is a part of the credit score accrual mechanism

Yes, I am completely agreed with the leverage factor. This definitely affects the credit score and the long term planning as well.

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