Harsh Saini, 45, is a resident of Delhi, who stays with his family that includes his wife and two teenage sons. Five years ago, he and his wife together, earned a combined annual income of Rs. 20 lakhs that has risen to Rs. 25 lakhs presently. In the last five years, their household’s discretionary spending involved purchase of electronics, apparel, and jewellery, all on EMI basis, apart from food and consumer durables. Clearly, their standard of living has risen along with the rise in income levels.
Over the last decade, Indian consumerism has been on a rise with the country’s vast population offering a large consumer base for most consumer goods ranging from electrical appliances and electronics to personal care and apparel. According to a 2019 report findings released by the Boston Consulting Group (BCG) on Indian consumption patterns, domestic consumption over the last decade has increased by three and a half folds, from Rs. 31 trillion to Rs. 110 trillion, 43 percent of which is spurred by aspiring and affluent households with annual incomes between Rs. 5 lakh and Rs. 20 lakh. This figure is further estimated to reach Rs. 335 trillion by 2028. The new Indian consumer, is evidently cautious, not just about his savings but also his appearance and social status that reflect his standard of living.
What is a Standard of Living?
A Standard of Living indicates the level of wealth, comfort, material goods and necessities available to a certain socioeconomic strata or a certain geography measured by parameters such as incomes, GDP, economic growth, socio-political and economic stability, etc. It can be determined by comparing two geographical areas like India and China, or two distinct points in time, such as the present with a decade ago. The standard of living of a country does have a bearing on the quality of life.
While rising incomes and robust economic growth have ensured that Indians splurged on retail consumer goods and services like never before, brand consciousness is another factor that has driven Indians to splurge on luxury goods and step up their standard of living. Today, they do not mind shelling out a few rupees extra for a product that has an extra feature or utility for comfort. However, for the strugglers and the next billion households that have incomes below Rs.5 lakh, expenses are high as compared to their incomes, and the needs are making it difficult to afford consumer goods within their slim monthly budgets. This is where the EMIs are useful to improve the household’s standard of living.
How can EMIs increase your standard of living?
EMIs allow you to avail a product or service upfront while the payment can happen later in parts, without putting any added pressure on your financial savings. Here are the advantages of utilizing the EMI payment options that can increase your standard of living or afford the lifestyle you desire:
Extra buying power: On festive occasions or during sale season, you might be tempted to shop more for consumer durables and luxurious goods. By choosing an EMI payment option, you can either buy multiple products or a high-end product with upgraded and better features without overshooting your budget.
Tackling Inflation: Inflation rates rise year on year, and the consumer products and services will only keep getting expensive. In such situations, you can afford your desired lifestyle or buy the comforts that you need either with a hefty bank balance or by availing the EMI payment options. To balance the liquidity in these times, EMI payment option can undeniably be your saviour.
Cheaper interest rates: If you want to buy an expensive electronic gadget or dishwasher by availing the easy EMI option, you shall be charged with a minimum interest rate and processing fee by most lenders. However, you can shop for the latest smartphones, buy flight tickets, holiday packages, and a host of lifestyle appliances using the Bajaj Finserv EMI Card available on Finserv MARKETS at easy EMIs, cheaper interest rates, and nominal processing fees. You can also enjoy a high pre-approved loan limit upto Rs. 1.5 lakh on availing the Bajaj Finserv EMI Card. EMIs can be repayable within a flexible tenure that you may choose ranging between 3 to 24 months, without any foreclosure charges. The EMI card can be used online on e-commerce platforms such as Bajaj EMI Store, Amazon and Flipkart, as well as offline in any of the partnered retail stores.
Similarly, you can use the Future Group Bajaj Finserv EMI Card available on Finserv MARKETS to shop from any of the Future Group Stores like Big Bazaar, Central, Brand Factory, eZone, FBB for your favourite apparel, footwear, cosmetics, jewellery, and more on easy EMIs repayable within a tenure of 3 or 5 months without any foreclosure charges.
Applying for the Bajaj Finserv EMI Card and Future Group Bajaj Finserv EMI Card on Finserv MARKETS is easy with minimum documentation, and the process is completely online.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!