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  • Today, The Reserve bank of India has put an end to 'Zero percent interest scheme' which are offered by banks for their customers who are purchasing goods through their credit cards. This action of reserve bank of India can make decline in sales of high priced mobile phones in India. Certain mobile companies offer 'zero percent EMI (equated monthly installment)' for certain credit cards.

    On the other hand, this action of reserve bank of India will stabilize of economy. This will create uniform processing charge and interest rate.

    In customer point of view, Is this ban is beneficiary?
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Replies

  • Sarathkumar Chandrasekaran

    Member • Sep 26, 2013

    It will be a great dissappointment to customers but they have to bear with it for goodness of RBI.As said by you the sales of various products may experience a light setback.
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  • Anoop Kumar

    Member • Sep 26, 2013

    why??? 😕
    This was the one the motivation to buy goods without any extra penny.
    Can anyone explain the logic of stabilize of economy ?
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  • aarthivg

    Member • Sep 27, 2013

    SarathKumar Chandrasekaran
    It will be a great dissappointment to customers but they have to bear with it for goodness of RBI.As said by you the sales of various products may experience a light setback.
    I feel that the reserve bank of India is trying to reduce the import of goods, their by making the stable economy. RBI wants the customer to reduce the stacking of debts.
    ianoop
    why??? 😕
    This was the one the motivation to buy goods without any extra penny.
    Can anyone explain the logic of stabilize of economy ?
    Economic stability of a nation, can be said as there will be only minor fluctuation in the growth of the nation.

    @#-Link-Snipped-#, I am not sure whether I took your question correctly.
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  • Anoop Kumar

    Member • Sep 27, 2013

    My question is if they will ban 0% EMI how it will help to economy.
    Consumers have to pay more or seller might sell their product including EMI (If no EMI then you have to pay less).
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  • Anand Tamariya

    Member • Sep 29, 2013

    ianoop
    My question is if they will ban 0% EMI how it will help to economy.
    Consumers have to pay more or seller might sell their product including EMI (If no EMI then you have to pay less).
    The point is 0% EMI is misleading - banks recover the cost from the merchant by having customer pay MRP (which is higher than a bargain price). The idea is to promote transparency.
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  • Satya Swaroop Dash

    Member • Sep 29, 2013

    Anand Tamariya
    The point is 0% EMI is misleading - banks recover the cost from the merchant by having customer pay MRP (which is higher than a bargain price). The idea is to promote transparency.
    I agree with you.
    I would also like to add the fact that the companies put additional processing charges while giving things on EMIs. This processing charge adds up to the interest that would have been asked from the buyer. For understanding this process, I would like the readers to read an article on Financial Express #-Link-Snipped-# that gives a detailed explanation on the process and how the ban on Zero percent EMI will help the common man.
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