top of page

By:

Sayli Gadakh

11 November 2025 at 2:53:14 pm

Life on EMIs: Convenience or Financial Pressure?

Financial freedom is not about owning everything today; it is about the ability to choose tomorrow. Bharath, a 34-year-old salaried professional in Pune, earns Rs 85,000 a month. On paper, he’s doing well. He owns a 2BHK apartment, drives a decent car, recently upgraded to a premium smartphone, and his home is filled with modern appliances. But by the 25th of every month, his bank balance is close to zero. Where does the money go? A closer look reveals the answer: EMIs. Rs 32,000 for a home...

Life on EMIs: Convenience or Financial Pressure?

Financial freedom is not about owning everything today; it is about the ability to choose tomorrow. Bharath, a 34-year-old salaried professional in Pune, earns Rs 85,000 a month. On paper, he’s doing well. He owns a 2BHK apartment, drives a decent car, recently upgraded to a premium smartphone, and his home is filled with modern appliances. But by the 25th of every month, his bank balance is close to zero. Where does the money go? A closer look reveals the answer: EMIs. Rs 32,000 for a home loan. Rs 11,500 for a car loan. Rs 4,000 for a personal loan taken during a family function. Rs 3,200 for a smartphone on EMI. Add to this a couple of credit card minimum payments, and over 60 per cent of his salary is already committed before he even begins to spend on groceries, fuel, or utilities. Bharath’s story is not unusual; it is the new normal for many middle-class families. Over the last decade, easy access to credit has transformed consumption patterns. With just a few clicks, you can “afford” things that once required years of savings. Zero down payments, no-cost EMIs, and instant approvals—these offers make purchases feel light on the pocket. But what often goes unnoticed is the long-term burden they create. From a chartered accountant’s perspective, the problem is not EMIs themselves. In fact, certain EMIs, like a reasonably planned home loan, can be part of healthy financial planning. The issue arises when EMIs start funding lifestyle rather than assets. There is a fundamental difference between productive and consumption EMIs. A home loan, if within budget, builds an asset. An education loan can enhance earning capacity. These are investments in your future. On the other hand, EMIs for gadgets, vacations, or luxury items often depreciate in value the moment you buy them—yet you continue paying for them long after the excitement fades. This is where many middle-class earners fall into what I call the “EMI illusion". Because the monthly payment looks small, the purchase seems affordable. But affordability should not be judged by whether you can pay the EMI; it should be judged by whether it fits sustainably within your income and goals. A simple rule many financial experts recommend is this: Total EMIs should ideally not exceed 30–40 per cent of your monthly income. Beyond this, your financial flexibility starts shrinking rapidly. In Bharath’s case, crossing the 60 per cent mark has left him vulnerable. One unexpected medical expense or a temporary loss of income could push him into a debt spiral. Another common oversight is committing to EMIs without building an emergency fund. Equally concerning is the role of credit cards. Many individuals treat the “minimum amount due” as a safety net. In reality, it is a costly trap. Interest rates on unpaid credit card balances can go as high as 30–40 per cent annually, silently compounding the burden. So, is an EMI-driven life a convenience or financial pressure? The answer depends on discipline. EMIs can certainly make life convenient. They allow you to access necessities when needed and spread out large expenses. But without boundaries, they quickly turn into financial pressure, restricting your choices, delaying your savings, and increasing stress. For middle-class families aiming for stability, a few practical steps can make a significant difference. Before taking any EMI, ask whether it is a need or a want. Ensure you have at least three to six months of expenses saved before committing to new debt. Avoid taking multiple small EMIs simultaneously, as they add up faster than expected. Prioritise closing high-interest loans, especially credit card dues. Most importantly, focus on building savings and investments alongside repayments. Financial freedom is not about owning everything today; it is about the ability to choose tomorrow. Bharath has now started reassessing his finances. He has postponed further purchases, begun prepaying his high-interest loans, and is working towards creating an emergency fund. The journey may take time, but the direction has changed. And that, perhaps, is the real takeaway. Because in the end, the goal is not just to live a comfortable life but to live one that is financially secure. (The writer is a Chartered Accountant based in Thane. Views personal.)

Lost on Everest: A Century of Unsolved Mystery

Updated: Oct 21, 2024

Lost on Everest: A Century of Unsolved Mystery

More than a century ago, a man was asked a question at a lecture he was giving in the United States. The answer to that question defined the closing stages of the golden age of adventure and exploration. The question was ‘Why climb Everest?’. The answer was ‘Because it’s there’. The man who gave this answer defined future generations of mountaineers and gave birth to one of most enduring mysteries of the 20th Century - one which still endures in the 21st, and more importantly remains unsolved.

Lost on Everest: A Century of Unsolved Mystery

The man was George Leigh Mallory, who, along with his young climbing partner Andrew ‘Sandy’ Irvine attempted in 1924 to summit Mount Everest from the treacherous North Face on the Tibetan side. They were seen for the last time on June 8, 1924, a few hundred feet short of the summit. According to Noell Odell, the man who saw them, they were going strong. Then the clouds rolled in and Mallory and Irvine were never seen again.


In 1999, an expedition was launched to try to find the bodies of Mallory and Irvine and the camera carried by Irvine, which carried a roll of Kodak film. Kodak believed the film, preserved by the extreme cold, could still be developed, potentially solving the mystery of whether they reached Everest's summit 29 years before Hillary and Norgay's successful ascent in 1953.


American mountaineer Conrad Anker, part of the team, made an astounding discovery - the body of Mallory sprawled on the


. Although Mallory’s remains were remarkably well preserved, the expedition failed to find the clue that could solve the mystery - the camera. However, other clues suggested Mallory and Irvine were able to summit Everest.


Mallory’s snow goggles were in his pocket, which suggested he (and possibly Irvine) were on their descent. But here, a significant clue was missing - a photograph of Mallory’s wife Ruth. He had promised Ruth if he made it to the summit, he would place her photograph there.


Last month, exactly 100 years on, another expedition came across a foot on the slopes of the North Face. A closer examination of that revealed a name tag - A. Irvine. It was Sandy Irvine’s foot.


The tale of Mallory and Irvine’s 1924 expedition to Everest has continued to fascinate and flummox mountaineers and historians. Mallory was perhaps the best climber of his generation. The 1924 expedition was his third Everest foray. Mallory first visited Everest in 1921, where he discovered a potential route to the summit. In 1922, he and his team reached 27,000 feet - the highest altitude achieved at that time - but a monsoon thwarted their ascent. The expedition ended tragically when an avalanche struck during their descent from the North Col, claiming the lives of seven climbers - the first fatalities on the mountain.


In 1924, Mallory was 37, and he knew that this would be his final chance to conquer Everest. He chose the inexperienced 22-year-old Irvine as his climbing partner. Mallory knew that supplemental oxygen would be key for a successful summit. Irvine was just the man for the job as he knew how to work the rather primitive oxygen apparatus. After going through the motions of establishing camps along the way the pair finally reached the camp from which they would make the final assault. In their path lay the second step - a hundred-foot cliff which they would have to free climb. The second step was the crux of the climb. Today climbers scale it with the help of a ladder. But Mallory and Irvine had to do it in a free climb at 28,000 feet with 7,000 feet drop to the bottom of the mountain. And there lies the heart of the myth (or mystery) - did they do it or not?


But what is it that drove that generation to take these incredible risks? Why do it in face of such overwhelming odds? Why be away from one’s family and home for months and months? The answer perhaps lies in the gruesome experience that the First World War, of ‘The Great War’ of 1914-18 had offered such men. An entire generation had been wiped out in the trenches of Europe and the far-flung corners of the British Empire. For the survivors, it was perhaps a sense to make the most of what life had to offer. Mallory had served in the trenches of the Western Front and saw the carnage of the Somme. The quest for Everest offered a final frontier, a higher purpose. Wade Davis, in his monumental book ‘Into the Silence,’ suggests this pursuit of transcendence was what propelled Mallory and others from his generation.


Mallory and Irvin1e till this day lie on the North Face. But the mystery still demands a final answer.


(The author is a practising advocate at the Punjab and Haryana High Court, Chandigarh and a military history enthusiast. Views personal.)

Comments


bottom of page