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The EMI schemes for the purchase of different smart phones, falling in the premium category, have been doing the rounds for quite some time now, but its performance has not been conclusive evidence of its effectiveness
Financial assistance comes as good news for everyone in the world, irrespective of the condition that he/she may be in. The option of having a financial support by one’s side always proves to be satisfying, as it assures the person of monetary security in case something goes wrong. To borrow for the fulfillment of luxurious aspirations on the other hand, has never been considered good, as the effects can be adverse to say the least.
Although the concept holds good in most avenues, there have been a few segments where it has seemed to irrelevant in the recent past, with one of the most prominent one being the smartphone market. Huge 4-6 inch screen touch sensitive phones have taken the world by storm, and every young individual aspires to have one in the current context, irrespective of the pricing point. The companies as a result have flooded the market with low cost options as well, that provide the same functionality as the higher end ones, but in a less sophisticated manner. While some users are utilizing this option, the others are particularly submissive, and are on the lookout for new ways to acquire the higher end ones. The business organizations cum technology companies, have given them yet another way of doing that, and that too supposedly without paying any kind of extra money.
A number of manufacturers being led by the mobile industry stalwarts, Samsung and Apple, have introduced EMI schemes for their top phones, in order to increase sales of their products. The options provided are zero interest ones with the repayment period ranging anything from 6 months to an entire year. The schemes are interestingly designed and give the individual an efficient way of owning the device of his dreams. What can be tricky though is the timing of the introduction of the schemes and the clauses covered, as they can make a big difference to the profitability of the plan. A simple way to understand is through a simple example. An EMI scheme for a phone that has already been in the market for the year could actually put the user at a loss, as the repayment period of a year would mean that by the time the user actually owns the device, it would practically be outdated.
On the other hand, some schemes introduced in the market have been very cleverly framed, and can confine the consumer to unwanted boundaries of a particular network operator, only to benefit the company in the longer run. It is important to understand the basic idea behind the introduction of the EMI schemes, which is to earn higher sales figures, and the consumer should take a decision solely on merit after considering all possible aspects, so as to ensure proper use of the opportunity.
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