A Study on the Increasing Growth of EMI Usage Among People and Its Socioeconomic Impact in Mumbai Suburban Region

EMI, or Equated Monthly Installments, have been one of the best methods for Consumers to buy commodities in instalments rather than paying all the money at once. This research, therefore, reviews this recently increased tendency and impact of EMI on society. The main goal of this survey is to identify the motives for the increased use of EMI by people in the Indian context, its consequences on different income groups, and consumers' perceptions about these instalment choices. The study also explores how financial institutions assist in popularizing and administrating EMI plans. The methodology used in this paper is a quantitative approach based on a structured survey questionnaire concerning the various demographic groups across India. Captured during the survey were the consumers' usage patterns toward EMI, motives for choosing an EMI, the socio-economic characteristics of the consumers, and the financial impact of EMI plans. Descriptive statistics were used to analyse the data to understand the essential findings regarding the adoption and consequences of EMI schemes. The findings show that the level of EMI is higher, especially in buying high-priced items such as electronic gadgets and home appliances. These schemes would enable people to buy high-priced goods and give the needed convenience in terms of payment, but could also build up household debt and monetary problems for some. This research puts into light both the positive and negative sides of EMI schemes by pointing out some benefits and possible downsides.