New Delhi, April 18 -- Buying smartphones, laptops, air conditioners, or home furniture on low-cost EMIs? This may seem like an easy option to many, but in the long run, it could burn a big hole in your pockets.

Many people assume that paying a small EMI over a longer period wouldn't put much of a burden on their shoulders. But not many calculate that lower EMIs mean the borrower pays less immediately but loses many benefits in the long run.

Paying small EMIs for a long period means paying more interest. I asked ChatGPT to explain this with an example. Here's what it said:

Let's say you take a loan of Rs.10 lakh at 10 percent annual interest.

Option 1: Higher EMI, shorter tenure

Tenure: 5 years

EMI: ~ Rs.21,247

Total paid: ~ Rs.12....