Ban on 0% EMI not to hurt sales

New Delhi: Consumers durables manufacturers are upbeat of about having good festive sales despite RBI's ban of interest free installment saying purchase of products through such programmes account for a only a small part of the overall offtake. However, Consumer Electronics and Appliances Manufacturers Association (CEAMA) and Whirlpool of India agreed that sales of high-value products could be hurt to some extent due to the ban. “The impact would be marginal as zero per cent EMI schemes account for only 6 to 10 per cent of the total sales depending on the company. Industry wou-ld come with some better option,” CEAMA vice president (north) Manish Sharma said. Expressing similar views, Whirlpool of India vice president corporate affairs & strategy Asia South Shantanu Dasgupta said: “Only a small percentage of our sales comes from such (interest free) schemes. The withdrawal will therefore not affect our Diwali sales.” More than hurting festive season sales, a Samsung India spokesperson said the ban would affect consumer sentiments. “We expect that it will impact the consumer buying sentiment if we look at the positive response that the EMI schemes have garnered over the past few months,” the Samsung India spokesperson added. Sharma of the CEAMA said since the sector has just been hurt by the impact of rupee depreciation against US dollar, the ban could “dampen the spirit” to an extent.