Got new phone and this time with EMI

Is it? And what is the benefit? I don't know about this because never used credit card so far.

@akp100 ..Sigh ...if I give the lecture in college, I will get paid for the day. lol. Anyway...it is like this. Your credit score is based on how prompt you are in paying your debts. It may be small debt or big debt. If you have bought something from a big mall, like Reliance or shoppers stop, and are paying by EMI, there is a record of it. Promptness of payment improves credit score, and that helps in getting home loans, vehicle loans, etc. If your credit score is bad, then chances of bank refusing to give you loan increase. That will force you to borrow from lenders who charge higher interest rates on those home loans. You have indirectly given him a gift because EMI for cell phone will be low, and anyway you are paying it. So his score is going to be good. If you do not ever borrow monies, your credit score will be bad. LOL. That is the irony of it all. lol

@vandana7 That's surely nice explanation. Otherwise I don't understand the things that easily. Its like mini article reading. Well, no problem, as I don't have any credit card for now, I don't think there was any other option. I will take care of payment so I don't make his score bad at least.

I have to manage. I mean I am not good in saving. So I have to put that money apart from other spending.

Equated monthly installments. I did take it first time through it so different experience. And yes I am enjoying it.

I guess many people have same questions. And I have already answer them in other response. Thanks.

@cttolledo It was about installment, so I have to pay fixed installments for my phone not the full payment.

@akp100 haha Okay, I'll check your answer.

Lol, I am surely not that rich as you are imagine. Also I have left my job and went to agriculture field for farming. I guess I can make better in this section. So now farming and online job. That's it. Oppo F5 is surely a good phone. I got vivo v7 plus. Though I am not that satisfied. Which phone you exchanged that you got 4500INR for it?

@akp100 yes it's good with 6GB RAM. I exchanged one of my old phones MI NOTE LTE which was useless for me. You can check this deal at Flipkart.

That's bad. Surely this will reduce trust on anybody in future. Glad that I completed my EMI and free up my friends card.

@akp100 yes

Yes we both are good friends since child hood. So he let me use without any doubts.

I don't have credit card, and this is the first time I tried it out, just to know the process. Otherwise in past I have done in cash only.

Its Equated monthly installments. I have already mentioned about it in other response when other members also raise the same question. I have to paid monthly installment for the phone instead of full payment.