Every time I return home to Kerala, a painful and complex reality becomes more and more visible; our society is getting deeply entangled in an ever growing dark web called EMI.
What was once a rare step for Indians, taking loans to buy a home, vehicle, or luxury item has now become common even normalised. In many families today, it’s not the elders but the children who influence such financial decisions. Without understanding the long-term consequences, people fall into EMI traps, lured by festival offers, so-called “no-cost EMIs,” and easy approvals. We now see a generation that desires an iPhone without having a steady income. Even before they learn to earn, they are encouraged to borrow and satisfy their wants. This culture of debt before discipline is slowly and silently taking over.
Ignoring the instability of life, most people take huge loans simply because of social pressure. And the reason? A distorted mindset: “I need to show others that I’m successful… I must prove I’m living a rich life.” But this is not pride, this is pretense. And deep down, they know it. Yet, they continue to chase it; misinterpreting the age-old saying “you must run with the times.”
A Culture Shifting from Savings to EMIs
Our grandparents built homes only when they had savings. They bought things after much thought. They lived a full life, without EMIs, without credit cards, without debt.
But today, according to RBI data, India’s household debt as a percentage of GDP has risen from 32.5% in 2019 to 40% in 2024, and Kerala is among the top states in per capita household borrowing. In 2023, the average EMI burden per household in urban Kerala stood at ₹17,300/month, while the average monthly income of many families remains between ₹25,000–₹35,000.
Many Keralites now buy ₹50–60 lakh apartments on loans, ending up paying nearly ₹1 crore over 15–20 years, most of it just as interest. And in the process, they spend their best years paying the bank, not building their own lives.
Mental Stress is the Hidden Cost
The financial strain caused by EMIs is not just monetary, it is emotional.
- Couples fight over missed payments.
- Mental health issues are rising.
- Children grow up watching their parents fight over finances.
- People fear losing their homes or vehicles to repossession.
- Parents unable to pay the school/college fees of their children.
Every month becomes a cycle of survival, not growth. From June 2022 to May 2024, over 2.1 lakh housing units across India were declared as non-performing assets (NPAs) by banks. In Kerala alone, there was a 19% rise in personal loan defaults in the last two years.
Consumerism Disguised as Growth
Social media has added fuel to the fire. Everyone wants the latest phone, designer clothes, Instagram-worthy furniture, even if it’s through credit. The illusion of “luxury” has overtaken the value of stability.
Festive ads shout:
- Zero Down Payment!
- EMI Starts at Just ₹2,999!
- No-Cost EMI for 24 Months!
But what they don’t say is:
- You may lose your peace.
- You may lose your sleep.
- You may lose your freedom.
We are not living for ourselves anymore. We are living for a bank, an EMI schedule, and a pretend social image.
Is it really worth it?
A car we drive for pride, a house built to impress relatives, or gadgets that become outdated in a year, are they worth a lifetime of pressure?
Our culture was once known for living within means, for investing in education, and for long-term planning. But that legacy is fading. What are we teaching our next generation, status over savings?
The Way Forward
We need to rethink our priorities. As individuals, families, and society.
- Let’s talk about financial literacy in schools and families.
- Let’s normalise living in rented homes till we’re financially ready.
- Let’s question offers and “no-cost” lies before jumping in.
- Let’s teach children value over price.
- Let’s support each other in living simply rather than showing off.
It’s not wrong to dream big. But dreams should not come at the cost of mental health, family harmony, and financial freedom.
Escape the Trap, Before It’s Too Late
Come out of this trap. Escape this virus called EMI , before it consumes your life, your peace, and your purpose.
Let’s reclaim a life of meaning, stability, and wisdom. Let’s not work for the EMIs, but for our families, passions, and real progress.
Let Bharat be known once again for its intelligent living, not its EMI-driven lifestyle.
Who Is Truly Rich?
So, who would you call truly rich?
Is it the person living in a luxury flat, driving a premium car, flaunting the latest gadgets, but constantly battling the mental burden of EMIs, deadlines, and repayment anxiety?
Or is it the person living a modest, peaceful life, without the pressure of debt, with a few lakhs saved or invested, and the freedom to make choices without fear?
Real wealth is not about what you show, but what you own without stress. It is about having control over your life, your time, and your peace of mind.
Unfortunately, in our society, many who live simple, sensible lives often feel inferior when they see others who appear “successful” , even if that success is built entirely on credit. This leads them to mimic a lifestyle they can’t sustain, falling into the very same trap. That’s why I called this an epidemic , a psychological and financial virus spreading quietly but dangerously.
So pause for a moment and ask yourself honestly:
Which group do you want to belong to?
The truly free? Or the falsely flashy?
Let’s not just work for EMIs. Let’s work for our lives. Think before you leap.
And now, let’s connect this to the bigger picture, to our nation.
Every decision you make as an individual , how you spend, what you value, whether you chase trends or live mindfully , is not just about you. Each financially wise, emotionally strong, and debt-free household contributes to a healthier city, a stronger state, and ultimately, a truly prosperous nation.
This is how transformation begins: at the micro level.
Change the home → you change the community → you change the nation.
India does not need to blindly follow the current “developed” nations whose GDPs often lag behind their national debts. We must build something better, something more meaningful.
Viksit Bharat is not just about being “Developed India.”
It is about becoming a new model for the world, a self-reliant, peaceful, prosperous Bharat, where growth is balanced with joy, values, and emotional well-being. A Bharat where progress is measured not just in GDP, but in the happiness and dignity of every Indian.
Let’s redefine success, not through status or consumption, but through simplicity, strength, and sustainability.
Let Viksit Bharat begin with you.
