The one word we’ve always shied away from is credit! We’ve often heard of advertisements about buying products on credit in the western world whereas in India, products are bought outright. What do we really mean by credit? Buy now, pay later!

Hypothetically, let’s suppose that you wanted to buy the iPhone 12 Pro. Shelling INR 1,20,000 might be a big blow to the pocket and may not be feasible because of the hefty sum to be paid all at once. So, you opt for the instalment purchase at 3% interest per annum. The instalment is broken down into 12 monthly payments coming up to INR 10,300 per month along with the interest. Now, the pinch doesn’t seem too hard, does it? 

But in recent times, companies have launched the concept of no interest rate through Equated Monthly Instalment (EMI). 0% interest fee for the product you just purchased should you choose to convert this purchase to an EMI. I bet it sounds enticing! NO INTEREST ON CREDIT PURCHASES and that’s exactly how I got myself in this situation.

I, for one, am a staunch believer for paying for products upfront. The concept of debt just doesn’t bode well with me and yet, I bought my first credit purchase. Why, you might ask?

Well, for various reasons:
1. I’m a materialistic girl
2. There was an ongoing sale
3. December included Christmas, secret santa, NYE – ‘tis the season truly albeit, it was locked and loaded with expenses.
4. A zero% interest seemed appealing
5. Why not?

So, what did I buy and how much did I pay?

Okay, neither was this a futile purchase nor was it an impulsive one. This product has high utility for me. Breaking the suspense, it’s a yoga mat. Why would I need to buy a yoga mat on credit? Aren’t they affordable anyway?! No, the yoga mat I wanted is from Kosha Yoga and it costs INR 6000. Also, I should mention at this point, I practice yoga on a daily basis.

Why the new Kosha yoga mat? It’s this plush yoga mat made with Pu Rubber, anti-slip and
sustainably made. I had to get it. It’s been on my list since a good year now. #NoAD

Kosha Yoga has tied up with Sezzle to make credit payments seamless and oh boy, is the process seamless. (No, this article isn’t sponsored by Kosha or Sezzle, I wish it was)

I had contacted Kosha Yoga a while ago to ask them about Sezzle and the process but managed to convince myself that I did not need the mat. It was still at the back of my mind every day! I told myself that on any small achievement, I’ll gift myself the mat.

The conversation was a week before the purchase. Lately, in order to reduce my shopping obsession, I add the product I want to my cart and sleep on it for over 3-5 days. Sometimes, even months. In this case, a year.

On a fine Saturday lazy afternoon, on Instagram I spotted a sale on Kosha Yoga and the rest is history. What’s noteworthy? For the first time, my bank account wasn’t too sad or happy.

Getting down to the numbers and credit instalments: (in INR)

Cost of the mat – 6,000*
December Discount – 10%
Then the cost of the mat – 5,400
Sezzle Payments – 1,350 spanned over 4 instalments

*numbers are rounded up for representation purpose

I should also mention that I read plenty of articles about Sezzle and whether it is actually a good financial idea or not. After much deliberation, the pros outweigh the cons. In case you want a short guide on Sezzle, this article is one of the many I read. Click here to read another insightful article.

In my experience, there were no setbacks with opting for Sezzle payments. I availed of my discount and I could pay for my mat at 0% interest. A win-win-win!

To conclude, I really liked the idea of not paying INR 5,400 at one go and yet buying the entire product at once. But, I have promised myself to keep this as my first and last credit payment. I don’t want to go down the rabbit hole of purchasing more and more products simply because once you’re used to buying products on credit, the shopaholic in you would accumulate a bunch of monthly instalments to be cleared. I’d rather not go down that road.
As for my purchase, this was something on my list for a while and hence, I got it. But to buy expensive products on the notion of ‘buy now, pay later’ isn’t good for my financial goals.

However, if you’re more disciplined than I am and if you can curb your shopping, a credit card or 
credit payments have rewards that are unparalleled. That’s a conversation for another day.

For now, here’s where I’m going to leave you, hoping to hold a downward dog on my new yoga mat for 10 minutes!

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