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Ekra Siddique

EMI Economy: Unpacking the Real Debt Burden of Consumer Loans

Equated Monthly Instalment / EMI: What used to be a niche facility offered by a handful of finance companies for large, planned purchases has, over the last decade, expanded into an everyday payment option offered at practically every checkout: in electronics showrooms, on e-commerce platforms, at hospital billing counters, pharmacies and even at restaurants. The reasoning behind its wide acceptance into consumer lifestyle is simple: EMI is a simple and attractive way to, pay for the product over time, in small, manageable pieces, and in many cases without paying any additional interest at all.