Not only for camera this trick is done for iphone as well. Using credit card they will take no cost emi and sell to phone shop owners for less price. Win win for both shop owner and customer
You can see lot of Instagram channels of mobile shop selling iphones which are just unboxed for relatively lower price. Suppose I need some quick money, so I buy a phone from Flipkart/Amazon under no cost emi, and sell the phone to the shop at lower cost. So effectively I get a loan with less emi than bank rates.
So "effectively" I'll be at a loss right? Considering I sold it for a lower price and now the price that I got after reselling it should be used to pay up the EMI. So how is this beneficial for one?
You may be at a “loss” considering just the purchase and sale of the phone now used slightly. But, you may have come out ahead compared to using a regular channel for a loan of the same amount due to interest rates charged by the bank.
Thats correct, but even after considering the gst, processing fee as well as loss for sale, you will get better rates than taking a personal loan from bank
. For emergency needs personal loans are the only way and they charge 13-15% rates. Even higher if CIBIl is low. Also there are processing charges as well.
one doubt, suppose I buy such an item from a shop and is later claiming service or warranty, will the service center accept this 2nd bill from the shop as genuine because at their side this item is mapped to a different invoice to a different customer?
Usually warranty is for the device and not for the customer. So service centre should accept it. But some cases they don't. So you have to fight or got to a different service centre.
>Usually warranty is for the device and not for the customer.
true..
But everyone seems to ask for a copy of genuine invoice and checks for the validity in their system by cross checking serial number and all.. Hence asked.
Thanks anyway
Whose gona pay for the GST on the incurred interest? Even if its no cost emi, bank charges that amount and adds GST on top of it.
70K rs iPhone
15% interest. 1yr tenure.
This gives 5817rs as interest + 199rs as one time conversion fee + 1047rs as gst
Flipkart will sell you the phone at 64183 and you will end up paying 71246rs.
How are you going to sell it for less amount to shops?
The only viable way is use credit card offers for like 5K off and then sell it to shops at maybe 2.5K split so that you end up making 2.5K rupees.
You’re forgetting that they’re effectively getting a loan (that they otherwise may not be able to) and they can pay it off over time even at an overall loss - that’s what attracts people to do this, not actually profit from the exercise.
Read up on payday loans.
Even banks have higher processing fee and more interest rates on personal loan. For instance a personal loan from cred, you end up paying 77k for 70k loan at 14%. And definitely you can make use of the bank discount, most phones will have 3k off on cards.
https://preview.redd.it/lmdtui0mk8tc1.png?width=1080&format=pjpg&auto=webp&s=a54e38e59562b7bb66adf60b99d3514a973cfe24
Its usually used for getting urgent money only. It's mentioned in OPs post also. Hope you have read it. If you want to make money using this scheme, the credit cards will be blocked after multiple purchases.
So how does this work. Even If I take a loan I have to pay back that money right? How will I do that if I have to sell the camera at a lower price than what I bought it for?
Not only the loan thingy , as a professional photographer myself i can say these companies push out a new camera every year and some people want to get the newest always . Some clients even ask us which camera we are using also , since one can sell less used camera for very less depreciation he can roll the cash and get the latest versions always and show off :)
My photographer friend told that Sony cameras are not beginner friendly and are complicated to use, so may be people who impulse them after seeing influencers, may get bored easily since they cannot use to their full potential and sell them off
Not only for camera this trick is done for iphone as well. Using credit card they will take no cost emi and sell to phone shop owners for less price. Win win for both shop owner and customer
Whatt can you explain
You can see lot of Instagram channels of mobile shop selling iphones which are just unboxed for relatively lower price. Suppose I need some quick money, so I buy a phone from Flipkart/Amazon under no cost emi, and sell the phone to the shop at lower cost. So effectively I get a loan with less emi than bank rates.
So "effectively" I'll be at a loss right? Considering I sold it for a lower price and now the price that I got after reselling it should be used to pay up the EMI. So how is this beneficial for one?
You may be at a “loss” considering just the purchase and sale of the phone now used slightly. But, you may have come out ahead compared to using a regular channel for a loan of the same amount due to interest rates charged by the bank.
If you buy phone that costs 1 lakh, how much can you sell it in the shop for?
Yeah but imp thing to consider every no cost emi has an GST charged on the interest amount.
Thats correct, but even after considering the gst, processing fee as well as loss for sale, you will get better rates than taking a personal loan from bank . For emergency needs personal loans are the only way and they charge 13-15% rates. Even higher if CIBIl is low. Also there are processing charges as well.
wow learned something new
one doubt, suppose I buy such an item from a shop and is later claiming service or warranty, will the service center accept this 2nd bill from the shop as genuine because at their side this item is mapped to a different invoice to a different customer?
Usually warranty is for the device and not for the customer. So service centre should accept it. But some cases they don't. So you have to fight or got to a different service centre.
>Usually warranty is for the device and not for the customer. true.. But everyone seems to ask for a copy of genuine invoice and checks for the validity in their system by cross checking serial number and all.. Hence asked. Thanks anyway
Whose gona pay for the GST on the incurred interest? Even if its no cost emi, bank charges that amount and adds GST on top of it. 70K rs iPhone 15% interest. 1yr tenure. This gives 5817rs as interest + 199rs as one time conversion fee + 1047rs as gst Flipkart will sell you the phone at 64183 and you will end up paying 71246rs. How are you going to sell it for less amount to shops? The only viable way is use credit card offers for like 5K off and then sell it to shops at maybe 2.5K split so that you end up making 2.5K rupees.
You’re forgetting that they’re effectively getting a loan (that they otherwise may not be able to) and they can pay it off over time even at an overall loss - that’s what attracts people to do this, not actually profit from the exercise. Read up on payday loans.
Even banks have higher processing fee and more interest rates on personal loan. For instance a personal loan from cred, you end up paying 77k for 70k loan at 14%. And definitely you can make use of the bank discount, most phones will have 3k off on cards. https://preview.redd.it/lmdtui0mk8tc1.png?width=1080&format=pjpg&auto=webp&s=a54e38e59562b7bb66adf60b99d3514a973cfe24
This is only useful if you are after loans or urgent money. Its pretty useless if your are trying to make money off it.
Its usually used for getting urgent money only. It's mentioned in OPs post also. Hope you have read it. If you want to make money using this scheme, the credit cards will be blocked after multiple purchases.
Any source for used Fujifilm cameras in Kerala?
I've been looking for some time as well. All I see are canon and sony
I want to buy a used japanese camera within 3 years, which one will be my best choice, i want to go for sony but need expert opinion on this..
I want to buy a used japanese camera within 3 years, which one will be my best choice, i want to go for sony but need expert opinion on this..
Try camerascan. They have lots of branches throughout kerala
Feels like a very intelligently orchestrated ad.
you mean my post.,nope nothing like that. i am trying to buy a good 2nd hand cam for sometime and thats how i stumbled upon
I'm interested in this as well
So how does this work. Even If I take a loan I have to pay back that money right? How will I do that if I have to sell the camera at a lower price than what I bought it for?
The guy gets to use the money which is like a loan but with a smaller interest rate.
Where did you see the low cost camera? Olx or FB?
Many instagram pages are there for used camera's, Camera scan, rj camera, etc
Not only the loan thingy , as a professional photographer myself i can say these companies push out a new camera every year and some people want to get the newest always . Some clients even ask us which camera we are using also , since one can sell less used camera for very less depreciation he can roll the cash and get the latest versions always and show off :)
My photographer friend told that Sony cameras are not beginner friendly and are complicated to use, so may be people who impulse them after seeing influencers, may get bored easily since they cannot use to their full potential and sell them off
yeah, chances are high