How Much EMI Will You Pay on a ₹60,000 Smartphone?

Buying smartphones, laptops, tablets, and other gadgets through EMIs has become common as device prices continue to rise with new technology upgrades. An EMI calculator helps buyers plan purchases by showing the monthly instalment, total interest cost, and total payment over the loan period. This allows consumers to balance affordability with gadget upgrades without disturbing their monthly budgets.

Why Use an EMI Calculator for Gadgets?

An EMI calculator allows buyers to estimate repayment obligations before committing to a purchase. It helps compare financing options across banks, NBFCs, and online platforms offering gadget financing.

Key benefits include:

• Understanding monthly repayment burden
• Comparing loan tenures and interest costs
• Planning purchases within budget limits
• Avoiding financial stress due to high EMIs

This tool is particularly useful during festive sales or product launches when EMI offers are widely promoted.

Example EMI Scenarios

Example 1: If you purchase a smartphone using a loan amount of ₹60,000 at an interest rate of 12% per annum for a tenure of 12 months, you would pay an EMI of ~₹5,331 per month. Over the loan period, you would pay around ₹3,971 as interest, making your total payable amount roughly ₹63,971.

Example 2: If you finance a laptop costing ₹1,20,000 at an interest rate of 14% for 24 months, your monthly EMI would be about ₹5,700. During this period, you would pay ~₹18,000 as interest, bringing your total repayment amount close to ₹1,38,200.

Tips for Smart EMI Planning

Buyers should consider device necessity, monthly income, tenure flexibility, and available no-cost EMI schemes before choosing financing. Shorter tenures reduce interest costs, while longer tenures lower monthly EMI burdens.

Also Read: How an EMI Calculator Helps You Choose the Right Loan Tenure?

Conclusion

Using an EMI calculator for smartphones and gadgets ensures better financial planning, helping buyers upgrade technology while keeping monthly expenses manageable and predictable.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.