No Cost EMI SCAM in Telugu | EMI SCAM | No Cost EMI | in Telugu

Summary

In this video, the speaker discusses financial awareness related to 'No-Cost EMI' schemes often used during sales on platforms like Amazon and Flipkart. He explains how banks sometimes add hidden charges under processing fees and taxes on interest, which could increase the final amount paid. The speaker advises caution when opting for No-Cost EMI and suggests ways to avoid these extra costs by understanding bank loopholes and carefully reviewing transaction statements. The video aims to educate viewers on saving money and avoiding potential scams in financial transactions.

Takeaways

• 🔍 The video is a detailed analysis of the 'No Cost EMI' schemes offered by banks and financial institutions.
• 💡 It cautions viewers to be vigilant as these schemes may not always be as beneficial as they seem, with hidden charges.
• 📈 The presenter explains that customers opting for 'No Cost EMI' might end up paying more due to the interest accumulated over the duration of the loan.
• 💰 The video mentions that banks may charge a processing fee, which is an additional cost that customers should be aware of.
• 📉 It discusses how 'No Cost EMI' can lead to a higher effective cost than the actual price of the product due to the interest converted into EMIs.
• 🚫 The script advises against directly purchasing through 'No Cost EMI' without comparing the total cost.
• 🏦 It highlights that private banks like HDFC, Axis, and Kotak are known for their 'No Cost EMI' offers but may have extra charges.
• 📊 The presenter shares a personal example, calculating the actual cost of a product with 'No Cost EMI' versus the total amount paid after interest and taxes.
• 📝 The video script emphasizes the importance of understanding the terms and conditions, including the processing fee and interest rate, before opting for 'No Cost EMI'.
• ⏰ It suggests that viewers should wait for offers or discounts directly from banks to get the best deal on 'No Cost EMI'.

Q & A

What is the main topic discussed in the video?

The main topic discussed in the video is the concept of 'No Cost EMI' and its implications on consumers, particularly focusing on hidden charges and how it affects the cost of products.

What are the potential issues with No Cost EMI as mentioned in the video?

The video highlights that No Cost EMI may come with hidden charges, and customers might end up paying more than the actual cost of the product due to interest and additional charges.

How does the video suggest consumers should approach No Cost EMI offers?

The video advises consumers to be vigilant and understand the terms and conditions of No Cost EMI offers, including any hidden charges, before making a purchase.

What is the role of banks in No Cost EMI transactions as discussed in the video?

Banks play a role in No Cost EMI transactions by providing the credit facility and charging interest on the outstanding amount. However, they may not always disclose the extra charges clearly.

What are the additional charges that customers might encounter with No Cost EMI?

Customers might encounter additional charges such as processing fees, GST on interest, and other bank charges that are not always clearly communicated.

How does the video explain the difference between actual cost and the cost after availing No Cost EMI?

The video explains that the actual cost of a product might be lower than what customers end up paying through No Cost EMI due to the accumulation of hidden charges and interest.

What is the suggestion for customers who are considering No Cost EMI for high-value products?

The video suggests that customers should compare the total cost of the product with and without No Cost EMI to understand the actual savings or additional costs they might incur.

Are there any specific banks or financial institutions mentioned in the video that are known for transparent No Cost EMI practices?

The video does not specifically name any banks or financial institutions but encourages consumers to check with their banks for transparent No Cost EMI offers.

What is the advice given in the video for consumers to save money while using No Cost EMI?

The video advises consumers to negotiate for better deals or discounts before availing No Cost EMI and to be aware of all charges to save money.

How does the video address the issue of tax on interest for No Cost EMI?

The video addresses the issue by explaining that there is an 18% tax on the interest charged for No Cost EMI, which is an additional cost that customers need to consider.

What is the final message or call to action for viewers in the video regarding No Cost EMI?

The final message is for viewers to be cautious and well-informed about No Cost EMI offers, to compare costs, and to negotiate for better deals to ensure they are not paying more than necessary.