A : Equated Monthly Installment scheme is a boon. Middle class people who can’t dream of owning a home or even buying a two wheeler get the benefit.
B : How do you prove it?
A : Well, a person who earns 15,000 rupees a month is able to take a house loan. Shri Ram, Finance Investment company of Bajaj Fin Serve offers scooter, car loans on as low as 7% interest. So a man can avail the benefits first but pay later.
B : My dear friend you present the matter as if it is just easy. What happens if a medical emergency happens and if the person is unable to pay back EMI for housing loan or vehicle loan. Don’t you know a farmer was beaten by “Collection agents” for not . being able to pay back EMI arrears of just 50,000 rupees? The farmer, unable to face the disgrace committed suicide. Didn’t your read it in the news papers? EMI scheme is a bane.
A : My dear friends, such rare occurrence should not be blown out of proportion. For health emergency, one can join Prime Minister’s health insurance scheme by just paying 12 rupees a month. Besides, there are also Health insurance schemes by Tamil Nadu state Government which covers the cost of critical Health care upto 60%. I assert EMI scheme is a boon for all middle class people who keep EMI to less than 50% of their total earnings and have 10% for other unforeseen expenses. If one leads a planned life, EMI scheme, I reiterate is a bane.
Judge : Now both the teams have argued their case very well. Now team A has almost justified that EMI scheme is a boon.
B : Sir, I would like you to take a look at the notice released by all leading bank containing the list of housing property confiscated due to non – payment of EMIs.
A : Every middle class Indian has dream of owning a house. If one save money say for twenty years to purchase a land or a house the cost would definitely go up by 10 times. Save now and buy later doesn’t suit modem lifestyle. It is true that we should not speculate much. At the same time one can calculate earnings, future pay hike and keep the EMIs within payable limits – such a judicious spending will really make EMI schemes a great boon.
J : Listening to the arguments of both the team, I conclude EMI scheme is both a bane and a boon. Those who are always on a spending spree irrespective of their limited income, EMI scheme is a bane. For those who think twice before making a hasty purchase and narrow down their choice only to vital needs, definitely EMI scheme is a boon. Use EMI scheme wisely. Good luck.
