The Buzz world of EMI

Early morning if you have the habit of reading the Newspaper, you will find whole lots of Adds on variety of products, which has huge discounts and offers. Especially if it is a Festive season. You might have noticed another side of it also, which is, you can buy the same products with EMI. The buzz word is EMI (equated monthly installment). The Time has changed now. Everyone I know has a loan. Today, you can buy everything on EMI - a house, a television, an i-Pod, a handycam, and laptop and so on. In fact I know of someone who just bought a fancy BMW 3 series on EMI, instead of buying a cheaper car outright with cash. The situation of getting a loan might be tough now, but still the EMI has made the life so easy to go ahead to buy your needs. Of course one has to have a clear view of EMI over their Incomes. I wonder what not you can buy with EMI in future.

Well they call EMI as Easy Monthly Installment (EMI) to please and convince them rather than Equated Monthly Installment.

A thumb rule: Keep EMIs within 35 to 45 per cent of your monthly income