An iPhone EMI should never become a matter of life and death. Yet that is precisely what makes the Maharashtra tragedy so disturbing.

In Chhatrapati Sambhajinagar, a family of three died after an argument reportedly triggered by an iPhone bought on EMI. The 18-year-old son had apparently been struggling to pay the instalments and was asking his parents for money. After the argument, he went to a hilltop and threatened to take his life. His parents followed him in an attempt to bring him back. What happened next ended with all three falling to their deaths.

It would be simplistic — and unfair — to say that an iPhone or an EMI caused three deaths. There were clearly deeper emotional and psychological issues at play. But the incident should nevertheless force us to confront an uncomfortable question: when did consumption become so important that people are willing to borrow for things they cannot comfortably afford?

The EMI has changed the psychology of buying in India. A ₹1 lakh phone no longer looks like a ₹1 lakh purchase. It looks like ₹4,000 or ₹5,000 a month. A car becomes a monthly payment. A holiday becomes a monthly payment. A television, phone, furniture or even a lifestyle can be converted into an instalment.

The problem is that EMI hides the price of consumption.

Credit has democratised access to products once considered unaffordable. That is not necessarily bad. Responsible borrowing can improve lives. But easy credit can also create the illusion that if you can pay the monthly instalment, you can afford the product.

You cannot.

Affordability is not whether you can somehow squeeze an EMI into your monthly budget. It is whether you can buy something without compromising your savings, emergency fund and financial security.

The deeper problem is consumerism. Social media has turned possessions into status symbols. The latest phone is no longer merely a device; it can become a marker of success, aspiration and social standing. For a young person, being unable to own it can feel like being left behind.

And lenders, retailers and fintech companies have made the process frictionless. Buy now, pay later. No-cost EMI. Instant credit. One-click checkout. The psychological distance between wanting something and buying it has almost disappeared.

That deserves far greater scrutiny.

India’s consumption story is real and important. But an economy cannot build sustainable consumption by encouraging households to borrow endlessly for discretionary purchases. The danger is particularly acute among young borrowers who may have little income, little savings and a rapidly expanding appetite for consumption.

The Maharashtra tragedy is therefore more than a heartbreaking family incident. It is a grim reminder of where the collision between aspiration, easy credit and financial reality can take us.

We need to teach young Indians something that the EMI industry has little incentive to teach them: just because you can borrow for something does not mean you can afford it.

An EMI makes the purchase smaller.

It does not make the price smaller.