Slaves to our lifestyles

Neha’s loan for her phone got approved. She has to pay Rs1,700 every month for the next 2 years to repay a loan of Rs 41, 000. Earning a salary of Rs 11,000 per month, this phone is beyond her reach but she has chosen to overextend herself. It would now mean a lot of compromises but she does not mind. The loan brings with it the pride of owning a recently launched smartphone, not owned by many. The hefty price tag is the least of pains to endure for being the centre of attention.

Neha is not an exceptional case. This is the latest trend of youngsters in India, and mobile phone companies have tapped well into this market.

With interest free loans, zero processing fee and no down payment loans available for smartphones, electronic appliances and almost every other ‘luxury gadget’ these products have become an indispensable need for today’s youth. An average smartphone costs around Rs 25, 000 and the high-end phones cost over Rs 40, 000. But the consumers are lapping them up.

The newly launched Apple iPhone 5s that costs a whopping Rs 60, 000 sold more than 200 million units worldwide within three days of its launch. The Samsung Galaxy series, India’s current mobile phone market leader, offering phones in the price range of Rs 27,000-41,000, has seen a 24 per cent rise in sales.

The economy is in a slump and the rupee is not exactly the most coveted currency to earn in today. Rising costs and expenses have not helped, savings have dwindled but this has not deteriorated our purchasing power.

With easily available loans and interest free EMIs for purchasing the latest tech offered to everyone from collegians to businessmen the price tag doesn’t matter much anymore.

Some might argue, “What use is the use owning the latest technology if you don’t have the capacity to purchase it without a loan?”

The answer lies in the question itself.

It is the thirst of buying the latest smartphone, a high-end laptop, huge flat screen LCD and LED televisions, modern and trendy air conditioners and microwaves.

Price becomes secondary. It is pride of owning ‘the brand, the product’ which takes the primary position.

You may vehemently disagree or shake your head in disgust but the truth is there for all of us to see. The desire of owning a branded product, for use in our daily life has taken precedence over everything else and that’s why, banks are giving interest free loans liberally.

While home and car loans come with huge interest rates, personal loans for purchasing electronic and home appliances come with a zero or negligible interest rate.

And, the result – nothing is inaccessible for the common man anymore. Yes, today, greed is being redefined at a whole new level.