THE EMI LIFE by Mallikaa Chaaterjee

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THE EMI LIFE by Mallikaa Chaaterjee

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A guest post from a full time entrepreneur.

For non-Indian readers, EMI = Equal Monthly Installments.  EMI in another way can be to be “addition to easy credit” where the barrier of affordability is instantly bridged and instant consumption happens.

All EMIs are front-loaded with interest and is a legally enforced claim on the payer’s future earning (and labour) and the future may be 20-30 years for EMIs servicing larger borrowings. In ancient times, when average lifespan was smaller and 20-30 years and it was a time when slavery was rampant. So 20-30 years for a slave meant his whole life. If we are allowed to think so, paying EMI for 20-30 years, the situation is not fundamentally different. Things do change but…..

This promise on the part of the borrower is also based on the assumption : “past performance is indication of future performance.”

The story below narrates what happens when this assumption proves to be Utopian and not realistic.


One fine morning when I was sipping my hot cup of tea like any other day and was day dreaming of going to the Himalayas to beat the heat of summer, I got a call. My friend of past 18 years was calling me. Though it was my “me-time” and the time to avoid any calls but as it was one of my close friends and so I took the call and all I could hear was “sobs” and some swear words. It took me some time to calm him down and to console him by saying in next 30 minutes I would be there with him.

I drove to his flat which was in a high-rise complex. The flat was fully furnished with all modern amenities bought from all parts of the world. He was working with a TOP IT company of India and had spent most of his career abroad in different parts of world on various projects that the company had allocated him. He used to find projects by bidding to get into that team ( it is the rule of a company, while sitting in bench as reserve, it is employee’s duty to bid on various projects through company’s portal and if one can break through, I mean, if the order is acquired, then the employee will be made project lead or manager of that project and he/she will be sent to that location).

Almost all the people of our country study with this single dream in mind, “One day I shall join this XYZ or ABC company and will soon fly to the USA, the UK or Australia and my life will be set.”

Anyway, coming back to the present situation: I went up to the 9th floor where my friend stayed and knocked at the door. His 9 years old daughter opened the door and I was shocked – my friend, his wife were crying like baby rolling over the floor. I thought that some serious accident had happened. When I asked them, he showed me a letter; well it was a pink slip or in short it was a termination letter from the company. I became quiet while looking at the letter and allowed them cry for some time as it was needed and I went on thinking while seeing beautiful water land from their balcony.

How things change with time ! Every seed of destruction gives birth to a new creation and vice versa. It started with introducing computer in late 80s, when many people who were not ready for change lost their jobs but a huge number of jobs were created for younger generation and almost for 2 decades huge employment has taken place in these IT companies. Now after two decades we are standing in front of the same mirror but in a more horrific condition.

As for myself, I never chased white collar IT job. Instead I wanted to make difference in the society we are living in. So, I tried out something else. I never had credit card, I don’t buy anything in credit, my needs and wants are realistic. My friend who is crying today, bought a very high end car in just two years after joining an IT giant, but became prematurely bald, bought designer furniture but was diagnosed with high BP, bought two flats within 7 years and was diagnosed with diabetes, kidney problem, eye problem and was diagnosed to be suffering from mild depression. His attitude also indicated the same. He used to party every week-end, sometimes used to take me but my life style didn’t allow much of this and so I avoided it as much as I could. Long tours, short tours etc were very common to them but he used to look always lost. I wanted to ask him many times but didn’t “You have everything but where is that sparkle in your eyes when you were in college ?”

Today I came to know the reason; his life was going on EMI, house EMI, Cars EMI, all electronics gadgets EMI, Parties, outing, tours, travelling, and birth day parties – all were on EMIs. Now with pink slip he doesn’t know how to breathe because his breathing was on EMI !

It was a bubble that had been forming for two decades and that had to burst some day or the other, and it did. Today people who are so used to urbanization and high-end life style that they forget the thin line of difference between Reality and Utopia. It’s good that the bubble has burst, let the cry grow louder so that everybody can face the reality and take a route to live life fully without selling one’s very soul to EMI.

Job cuts are natural phenomenon which had happened earlier, will continue to happen. One has to choose the right path, one has to have a right vision, the right motive to live life realistically. Grow from inside and not from outside.

Mallikaa Chaatterjee, Guest Writer for Wordsmith University Press ( ,


[A full time entrepreneur by choice with MCA degree to back my knowledge base and industry experience of 9 years to back my skill who gave birth to GOOD CAUSE TECHNOLOGIES; a 360 degree tech company catering across the globe. A full time mother and also a full time wife define me as a person and as a business woman too.]


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