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Longer-tenure EMIs, buyback guarantees, and other sweeteners are driving sales of automobiles, consumer durable, and electronic goods in India. The Reserve Bank of India has increased the risk weight on consumer credit, including credit card receivables and bank loans to NBFCs by a fourth, potentially forcing banks and non-banks to set aside more capital, which can potentially increase lending rates.

For televisions and appliances, the share of no-cost EMI scheme-led purchases shot up to 60-65% in metro markets while in upcountry locations, it was 40-45% this calendar year till Diwali. For smartphones, market tracker Counterpoint Research said the share of such transactions now accounts for 33% of all transactions, up from 28% last year, with brands offering no-cost EMI schemes for ₹10,000-plus smartphones this year as compared to the usual ₹20,000-plus.